Indians Generating Demand for the UK Real Estate

May 30, 2007	(Be the first to rate this story!)  Loading ...
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Indians have emerged as the largest property buyers in the UK thereby contributing to economic development of the country, as per the data compiled by real estate firms and British Government research.

The group of prospective buyers also includes Russians, Arabs, and South Africans. Together, they are known to be the largest buyers of residential property in the past two years, says Sheetal Chantal Halai, heading the India Desk for realtors Savills in London.

The company has till now provided property solutions for Indian buyers narrowing down on deals ranging from $2 million to $40 million.

Indian companies in UK has pushed corporate activity to a great extent and the Reserve Bank of India (RBI) move to allow investments abroad to the scale of $100,000 are some major factors listed by broking firms.

In 2005-06, India emerged as the third largest investor after the US and Japan. The country move ahead to 2nd position with the $7.6 billion takeover of Corus Steel by the Tatas in October 2006.

Real estate projects from India increased to 76 per cent from mere 11 per cent thereby making India the UK’s third largest investor.

Today, the UK houses more than 400 Indian companies. Of this, around 23 per cent have begun their UK operations in 2006. Officials estimated that India’s business operations in the UK are now worth nearly $35 billion.

Parking money in London real estate is serving as a status statement for most successful Indian entrepreneurs, says Knight Frank India’s Chairman Pranay Vakil. Rich Indians prefer to invest in exclusive central London areas since its financial climate is more stable than India.

News Published Under:   Real Estate India |

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