Do you have an overseas property for sale? There is a good chance that you can sell it quickly at a good price to wealthy Indians, who are fast emerging as leading investors in the international property market.
Indians have invested heavily in global cities such as Dubai, London and Singapore and have been turning their attention to other overseas property hotspots such as Spain, Portugal, France, Greece, Cyprus and Italy. If you are looking to sell your overseas property online in any of these places, then you might want to read the rest of this article.
A recent Kotak Wealth Management and Crisil Research report said, “Some of the fanciest districts in the world, such as Kensington, Belgravia or Holland Park in London or prestigious locations such as the Burj in Dubai and Nassim Road in Singapore are among the most popular global locations for Indian ultra HNIs [high net worth Indians] to own luxury residential properties.”
It’s easy to see why so many Indian rich are looking to invest abroad. Apartment prices in some of the best areas in India where the rich would want to invest in real estate – such as South Mumbai or Juhu - are so high that it is actually cheaper for them to buy overseas property fast instead.
They are also keen to provide their children with a better quality of life, with superior infrastructure, cleaner environments, parks, playgrounds and a better education system.
A Knight Frank report explains why rich Indians are buying properties abroad: “What they really value…is the lifestyle that comes with an open, cosmopolitan environment and both personal and property security. The other important factor when choosing a second-home location was its potential to provide a long-term safe haven for capital.”
“Education- and business-related interests are the major drivers behind such acquisitions,” explains Mudassir Zaidi of Knight Frank India.
Indeed, Indians were among the top 5 international buyers of properties in the USA last year. They are the biggest investors in Dubai, and are very prominent in London and Singapore. Indians are literally everywhere and they are now looking at the more traditional overseas property destinations in Europe, as well as in the Caribbean and places like Phuket and Bangkok in Thailand.
Parikshat Chawla, a top executive at Homestead, a leading real estate developer says, “Consumer knowledge has grown tremendously and the Indians buying abroad are doing so with more information than ever.”
He adds that for the Indian rich familiarity with markets is the biggest factor to be taken into consideration. “Despite the many attractive options available widely, Indians still gravitate towards tried-and-tested markets mostly,” Mr. Chawla says.
Indian rich make their investments in properties abroad based not on emotional judgment, but on solid facts, backed up with their calculations. They invest only in countries where the property market is on the verge of breaking out and where they can expect a substantial appreciation in the worth of their assets a few years down the line.