London property market continues to remain one of the preferred destinations for wealthy Indians.
Property buying has witnessed an 11 per cent year-on-year (YoY) increase in the number of Indian homebuyers in prime London markets in the 12 months to June 2019.
The most prefered areas of interest for Indian homebuyers are: Mayfair, Belgravia, Hyde Park, Marylebone and St John’s Wood.
“An effective discount of about 20 per cent, taking into account the currency and price movements in prime central London in the period between the EU referendum and October 2019, has benefitted Indian buyers,” said property consultancy Knight Frank in its London Super-Prime Sales Market Insight-Winter 2019.
The report highlighted that the profile of wealthy Indian buyers are becoming younger, with those kind of investors keen to spend time in other areas of the world including London, rapidly coming up.
“The average age of super-prime buyers in London is falling, with some 73 per cent of super-prime buyers below 50 in the year to September 2019, which was up from less than half at the start of 2015,” pointed out Knight Frank in its London Super-Prime Sales Market Insight-Winter 2019.
As revealed in the Knight Frank Wealth Report 2019, which was released earlier this year, 21 per cent of Indian UHNWIs showed affinity towards purchasing homes outside of their domicile country, out of which 79 per cent are looking to make property investment in the United Kingdom (UK), higher than both the Asian and Global average.
Shishir Baijal, Chairman & Managing Director of Knight Frank India, said, “London has always been a hotspot for Indian investors due to its economic and political importance. Despite the recent political and economic developments, the long-term economic fundamentals for the market has remained strong and is therefore continuing to generate interest amongst Indians looking to purchasing properties outside of the country. When compared to investments in Indian markets, the yields for both capital and rental are higher. As the domestic economy hits a slow block, we can expect Indians to continue the momentum of investments in a mature market such as London that offers higher returns and relatively shorter hold period.”
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.