Affluent Indians Buy High-End Properties In London

Vanessa Doctor

13 February 2011

Affluent Indians are setting their sights on London for potential high-end real estate investments, a report by The Link shows.

Citing a research by realty agent Savills, the article said that Indians are the second largest foreign buyer into London's high-end residential market, where every house is worth at least £5 million ($8 million). The biggest investors are the Europeans, while the Chinese come in third.

"Indians are a force to be reckoned with this year as they continue to buy prime residences in London," Yolande Barnes, head of research at Savills, told the publication.

Some of the more preferred residential properties are located in the prestige areas of Mayfair, Belgravia, South Kensington, Chelsea and Holland Park. To date, wealthy Indians account for around 7.3 per cent of all sales in the £5 million and above real estate market in London, the study said.

In the Global Wealth Report issued by Credit Suisse in 2010, Indians were recorded to compose 170,000 of the world's 24 million high net worth individuals, with China recording 800,000. Although China emerges as having more wealthy people than the South Asian country, India's proximity to Europe is likely a reason why there is more Indian investment in the continent.