Indians Are Buying More Properties In London

Fri Nov 15 2019 16:59:22 GMT+0530 (IST)

London property market continues to be one of the most favoured destinations for wealthy Indians. The number of Indians buying real estate in London in the twelve months to June 2019 increased 11 per cent compared to the same period last year, according to a report by Property Consultant Knight Frank.

Older people are more interested in real estate purchases in London. But now they are getting younger, buying houses. The average age of homebuyers in London is less than 50 years. According to the Knight Frank Wealth Report, 2019 released earlier this year, 21 per cent of Indian wealthy people are interested in buying homes in other countries. Of these, 79 per cent preferred the UK.

Shishir Baijal, chairman and managing director, Knight Frank India said, London has always been a hotspot for Indian investors due to its economic and political importance. Despite the recent political and economic developments, the long-term economic fundamentals for the market has remained strong and is, therefore, continuing to generate interest amongst Indians looking to purchasing properties outside the country.