Wealthy Indian buyers are taking advantage of Brexit chaos to secure ‘sweet deals’ in the UK property market – so says a report in India’s Economic Times.
The report adds that Indian buyers are being attracted to the London market as prices represent better value than prime property in India. It says that mid-sized apartments in what it calls ‘posh’ London locations such as Liverpool Street, Oxford Street, Bond Street and Baker Street are selling for around £1-1.5m which is half of what similar properties would sell for in Lutyen’s Delhi or South Mumbai.
It adds that apartments in ‘upcoming areas’ including Reading, Maidenhead, Slough, Taplow and Canary Wharf are being sold for nearly £550 per sq ft – the same as the going rate in upscale Mumbai suburbs.
The report claims there has been a 15-20% increase in the number of Indians buying property across England. Sanjay Guha, founder-MD of Acquist Realty comments: “Very wealthy Indians prefer buying property in central London. These are mostly for personal use – like a holiday home or a transit residence while on business trips.”
With the predominance of Middle Eastern buyers Indian interest in the London market has seemed barely significant in recent years. However, given the growing number of wealthy Indians – it is estimated by QZ.com that India will have 950,000 millionaires by 2027 – it will be interesting to see if and how this emerging source of buyers develops.