Wealthy Indians are among foreigners investing over £3bn every year in London’s prime property market.
Research by Savills says there are more buyers coming from India and Pakistan than China – and they are spending more.
It is this group that Savills identifies as most important to the London market among the emerging economies.
The research entitled ‘World in London’ analyses international buyer activity in the prime London market since 2007.
According to the research, buyers from the Indian sub-continent continue to be an under-reported and important force within the market, constituting 9% of all buyers in the £5m to £15m price bracket, with a quarter of all Savills buyers from India spending over £5m on property.
Yolande Barnes, head of Savills research , said: “We think Indians will be among the most important buyers from the emerging countries in the future.”
Last year, Indians bought residential property worth £290m in Mayfair, Belgravia, South Kensington, Chelsea and Holland Park.
The properties are reported to be second or third homes for the rising number of wealthy Indians. Some of the properties are used by their children who are studying in London.
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Comments
Thanks, Dan - Bang on topic as usual.
I'm glad to see this article - been saying this for a while now, as most people still think the Chinese are on top. Indians are investing all over the place right now, this has been on the cards for a long time...it will get even bigger.
Probably best to put your 3 bed semi in Swansea on the market for what you paid for it in 2007, plus about £75k. Forget the first time buyers you might sell it to an Indian Steel Tycoon or Chinese Hedge fund manager.
You never know!