A growing number of Indians is buying property
abroad. A study by Knight Frank looks at the top destinations and their
prospects.
Indians bought property worth $23.5 million in the first five months of the current financial year
The quantum of money sent through the
liberalized remittance scheme (LRS) to buy property abroad increased 59
times from $1.9 million in 2005-06 to $111.9 million in 2016-17.
The slow-moving domestic real estate market has pushed the resident Indian buyer to look overseas
Who are the buyers?
- 68% Businessmen and industrialists
- 21% Self-employed/Traders
- 7% Working Professionals
- 1% Others
- 3% Self-Employed professionals
- 1% Others
These segments have overseas touch points
like operating business, children studying or planning to study abroad
or interest is propelled by future plans to settle overseas.
Most Indians buy property abroad as investment, which is closely followed by the aspiration of having a second home.
Most Preferred Property Type
- 68% Condominiums and apartments
- 20% Villas
- 9% Duplex
- 3% Other
There is a clear preference of the Indian buyer for a more compact size when looking for a property abroad.
How Much are They Spending?
- 45% is spending less than $0.5 million
- 32% spending between $0.5 million and 1 million
- 16% is spending $1 to 1.5 million
- 7% is spending more than $1.5million
1 out 4 resident Indians prefer to spend more than $1 million for a house overseas.
Why it makes sense to buy a home abroad today.
Strengthening of the Indian Rupee against several
global currencies has made investments in overseas homes more affordable
than a year ago. Resident Indians buying homes in the UK, Cyprus,
Malaysia and Dubai today would find property cheaper than a year ago.
This is despite property appreciation in residential markets across
Cyprus, UK and Malaysia
Property prices & currencies have moved across markets
According to The Australian Bureau of
Statistics (ABS), Indians form the second largest group of migrants in
Australia after people of Chinese origin.
Investments in real estate are an easy route
to get citizenship in Cyprus. This citizenship grants the person the
right to live, work, study and invest in all 28 EU countries.
It is easy to settle in Malaysia. Malaysia My
Second Home an international residency scheme allows foreigners to live
in the country on a long-stay visa of up to 10 years.
Better infrastructure, quality education,
easy operations, sound real estate regulations, safety and uplift in
quality of life has wooed many Indian property buyers to the UK.
Dubai’s proximity to India is a factor that makes it a favourite destination among resident Indian buyers.
To Real Estate Projects in Thane or Know More about Builders and Developers in Thane Contact Us at 022 2580 6868
Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane
– 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane
– 400 604, Maharashtra, IndiaMobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
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