Super Rich Indians make huge property investments in London
Even though the British ruled India for more than 200 years, the Indian sentiments are still there for the British Capital. Indian billionaires invested nearly 1 billion pounds into buying up luxury homes in the heart of London over the last 18 months alone and have become the second only to Britain-based buyers. A UK luxury property agent Wetherell is expecting more income from the Indian super rich in the British Land.
These Indian mega-rich are expected to spend another 500 pounds million on the redevelopment of these properties in the next five years. It is not very definite to state why this surge has happened in the last few months; however the industry experts feel that due to the sluggish real estate market in India, the Indian ultra-high net worth (UNHW) individuals resolved to buying up super-flats, estates and hotels in London.
This group of investors, second only to British-based buyers, spent almost £450 million purchasing 221 residences in prime central London in 2013, with the top three most popular locations being St Johns Wood, Belgravia and Mayfair.
Now this data is extremely fascinating that the British buyers accounted for 30 % of property in Mayfair, while wealthy Indians have taken up 25 %. This clearly states that even though the British ruled us, we Indians are no longer a weak race.
Source- The Financial Express
domestic and foreign investors, Foreign investment, foreign investment in realty sector, Foreign investors, less foreign investments, UK luxury property agent, ultra high net worth
