Rich Indians flocking to buy houses in London
Many rich Indians are among foreigners investing over 3 billion pounds every year in London's prime real estate market as the metropolis continues to attract the world’s super-rich, latest industry figures show.world Updated: Jun 12, 2011 14:32 IST
Many rich Indians are among foreigners investing over 3 billion pounds every year in London's prime real estate market as the metropolis continues to attract the world’s super-rich, latest industry figures show.
Several estate agents have highlighted the fact of rich Indians flocking to buy property in London, thanks to a booming economy, favourable foreign exchange rates and increasing numbers of children of rich Indians studying here.
Property in most areas in Britain have fallen substantially in the last three years, but foreign capital continues to buoy real estate prices in London.
Latest research by estate agent Savills says, "There are more buyers coming from India and Pakistan than China – and they’re spending more.
It is this group that Savills identifies as most important to the London market among the emerging economies".
The research, titled 'World in London', analyses international buyer activity in the prime London market since 2007, and estimates that a total of 16.5 billion pounds will have been invested over the five-year period by the end of this year (2011).
This cash injection means that prime London values now move more in line with other global real estate, commodities and investment markets than domestic UK housing markets, it says.