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Where Do Wealthy Indians Buy Overseas Property?
Many cash rich, wealthy Indians are buying overseas properties in increasing numbers over the last 4-5 years. India has a fast growing economy and tens of thousands of Indians have become multimillionaires in recent years. Like the Chinese rich, the Indian rich too are keen on buying properties abroad.
While the Indian overseas investment is still nothing compared to that of the Chinese, it is certainly picking up. Indeed, if you’re looking to sell overseas property in select regions such as Dubai or New Jersey in the US, you should make it a point to target cash rich Indian buyers.
As Mona Jalota of Knight Frank India says, "The investors are successful businessmen, entrepreneurs and those whose children are studying abroad. Sometimes, the attraction is the high returns these properties can provide.”
So where are wealthy Indians buying overseas properties? That would depend on what they are buying it for. For the purpose of investment, Indians prefer Sri Lanka, Malaysia, Singapore, Mauritius, Switzerland, and Dubai.
As Anuj Puri of Jones Lang LaSalle India, a top property advisory says,
"Singapore, Malaysia, New York, Dubai and some cities in the UK, predominantly London, have been preferred by Indian buyers for years."
For the purpose of holiday homes, wealthy Indian prefer the usual destinations of the US and the UK, as well as other popular overseas destinations in Europe. Shveta Jain of Cushman and Wakefield India, a real estate advisory says, "In the holiday-home segment, which is picking up momentum after a crash, Switzerland, Spain, Greece and Italy have become attractive destinations."
So who are these investors? Why do they want to buy overseas property? Mona Jalota of Knight Frank India says, "The investors are successful businessmen, entrepreneurs and those whose children are studying abroad. Sometimes, the attraction is the high returns these properties can provide."
But that’s not the only thing. Indian rich are also attracted by the prospect of residency permits. Many countries in Europe have a Golden Visa scheme, wherein they grant residency to buyers if the investment made in properties in that country is over a certain threshold.
Spain, for example, grants residency status to investors from non-European Union nations who buy properties worth 500,000 EUR in that country. Cyprus, Portugal, Ireland and Hungary have similar schemes as well. Even some Middle Eastern countries such as Oman have the “Golden Visa” scheme, which they offer as an incentive to attract Indian overseas investment.
As Ms. Jalota explains, "Cyprus, the gateway to Europe, offers residency permit on a minimum investment of Euro 300,000. In Oman, an investment of $200,000 or more, gets the investor a residency permit that gives him access to all the Gulf Cooperation Council countries."
So which are the most popular investment options for cash rich Indian investors? London holds the top spot because of the lifestyle, safety, culture and great education.
Singapore is popular too because of the world class infrastructure and quality of life. Spain is another overseas property destination which is being increasingly favoured by Indians.
Spanish regions such as Madrid, Barcelona, Balearic Islands, and Marbella are much admired. Many high net worth Indians like the Algarve in Portugal. Dubai is another top destination for Indian overseas investment.
Contact us today to sell overseas property fast to cash rich Indian Investors.