Indians Are Bigger Property Owners In London Than The English!

According to a luxury outlook report published by the real estate consultancy firm, Sotheby’s, most of the ultra-high net worth individuals from India have come out as some of the highest number of property buyers in London throughout 2022.

The crowd is led by those Indians who have been living in the United Kingdom for generations, NRIs, investors who have been living all over the country, and students. Goes without saying, that with such a high influx of people moving into the country, they have turned out to be the biggest group of property owners in London, followed by the English.

Due to the economic boom in India, and the general well-off nature of the people, they are willing to fork out anywhere between GBP 290,000- 450,000 for a single, double, or triple-bedroom apartment. Needless to say, London has always been a top favorite destination for Indian UHNWIs (ultra-high net worth individuals) when they think of investing in any form of overseas real estate asset and have been amongst the highest number of property owners in London. 

The Favored Locations Aren’t Cheap Either

Most of the preferred locations have been Mayfair, Baker Street, Marylebone around Portman Square, and around the Oxford Circus, according to Akash Puri, Director of India Sotheby’s International Realty. As it stands, the explosion in one’s personal wealth does translate to an influx of luxury buyers- along with an increase in price points- especially in high-end property markets across the globe. 

The interest in purchasing any form of property outside the country also coincides with the fact that close to 35% of the UHNWI Indians did see their wealth increase by around 10% in 2022. According to a report by Knight Frank, a real estate company, the wealth of around nine out of every 10 ultra-high-net-worth individuals increased in the country. This is exceedingly more than double the global average where around four individuals in every 10 enjoyed a growth in wealth. 

The report also noted that a UHNWI in India, who would subsequently turn out into property owners in London, owns 5.1 homes, which is far higher than the global average of 4.1. Around 37% of the wealth of the Indian UHNWIs has been allocated to primary and secondary homes. This is also higher than the global average of 31%. 

The Growth Of Economy Directly Correlates With The Growth Of Property Owners In London

But the question that stands is- why has there been a boom in property owners in London, courtesy of an explosion in personal wealth? According to Flora Harley, Partner, Residential Research at Knight Frank, real estate has been one of the top cited opportunities among 46% of the survey respondents of the real estate company, whether for certain attributes like an inflation hedge or due to the many benefits of diversification. 

When one invested directly, real estate would enable far greater control and value-added opportunities. One in ten respondents even went on to cite that they were looking for attractive valuations and distressed opportunities. According to the Sotheby’s International Realty 2023 Luxury Outlook Report, the globetrotting property owners in London are eager not just for spacious, ultra-luxury resorts and compounds, but also for creating footholds in a bunch of prominent international hubs. 

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