London/New Delhi, June 13: It seems that after earning huge money, large number of Indians are buying their properties in various parts of the world. Of course, London and Singapore are their favourite destinations.
Sources say that many rich Indians are among foreigners investing over 3 billion pounds every year in London`s prime real estate market as the metropolis continues to attract the world`s super-rich, latest industry figures show. The likes of Laxmi Mittal, Swaraj Paul,Karan Bilmoria have made London as their abode.
Dr.Devinder Gupta,CMD of realty advisory DGS, informs that Indians love to buy properties in London and Singapore in a big way. `We get lot of queries from big ticket Indians buying their homes and other properties outside India.This very trend is spreading very fast.”
Several estate agents have highlighted the fact of rich Indians flocking to buy property in London, thanks to a booming economy, favourable foreign exchange rates and increasing numbers of children of rich Indians studying here.
Property in most areas in Britain has fallen substantially in the last three years, but foreign capital continues to buoy real estate prices in London. Latest research by estate agent Savills says, “There are more buyers coming from India and Pakistan than China and they are spending more.
It is this group that Savills identifies as most important to the London market among the emerging economies”. The research, titled `World in London`, analyses international buyer activity in the prime London market since 2007, and estimates that a total of 16.5 billion pounds will have been invested over the five-year period by the end of this year (2011).
This cash injection means that prime London values now move more in line with other global real estate, commodities and investment markets than domestic UK housing markets, it says.
—Agencies