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| Indians stake claim on prime properties in London |
| Monday, September 10, 2007 |
London is fast becoming a second home to rich Indians. It is no longer a metaphor but literally true - more and more Indians are buying homes in the British capital.
Last year 60 per cent of the £5 million-plus properties sold in Central London were bought by foreigners. While many of these were Russians and Americans, Indians were giving them a run for their money too. "My phone is ringing off the hook with Indians eager to buy property in London," said Jaideep Singh, head of the India desk at Knight Frank, real estate agents that specialise in properties in Central London.
"Two years ago there were hardly any Indians wanting to buy in London, except for those already living here. In the last year and half we have seen a phenomenal rise in interest," Singh told DNA.
Knight Frank's India desk is ten years old, but till now it had dealt mostly with resident NRIs. The interest from Indians has even forced Savill's estate agents, Knight Frank's main competitors, to set up an India desk and hold a roadshow of luxury properties in India.
"They want as prime as it gets," said Sheetell Chantel Halai, head of Savill's India desk. The most popular areas for purchase by Indians are the most exclusive areas of the capital like Belgravia, Mayfair, Knightsbridge, Oxford Street, Marble Arch, St. John's Wood and Kensington. There are also those who wish to buy in Ealing and Southall to be near friends and relatives who live permanently in West London.
Resource://dnaindia.com |
posted by India Properties @ 11:53 PM  |
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| 4 Comments: |
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Foreign people ownership ratio is increasing in London. Indians, Japanese, Chinese people came London to study or work. When they get property here they prefer to sell it or rent it for those who are London natives. This scenario makes a real estate market flutter.
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