Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Sat
Nov 01st
Lost Password? Register
Home arrow News arrow Asia arrow Indian property investors buying 'bargain' real estate abroad

Indian property investors buying 'bargain' real estate abroad

Saturday, 03 January 2009
Indians buying real estate abroad
Indians buying real estate abroad

Affluent Indian property investors are buying property abroad as they see the global real estate slump as an ideal time to snap up bargains, according to industry agents.

Dubai is proving extremely popular as is the UK. In both countries prices have dropped and the markets are regarded as being full of opportunity, a London based broker has found.

'The property slump is not just confined to India. Prices have crashed considerably in the US, the UK and the Middle East and many Indians are seeing this as an opportunity to buy property there,' said Rajesh Goenka, chairman of Axiom Estates, the London based provider of property services in India.

He believes that high net worth Indian property investors are spoilt for choice. 'Dubai is the hottest destination. Real estate prices were so steep that very few could afford property there. Now as the slowdown has hit the Dubai realty market also, rates are down by 30 to 50%,' Goenka said.

Syed Mazaz, the Mumbai representative of Dubai-based real estate brokers Better Homes has also noticed an increased number of inquiries from Indian investors. 'Buying property in Dubai attracts no government tax and even if you put your property on rent, the income is completely tax-free,' he said.

According to him, property prices in Dubai are comparable to those in Delhi or Mumbai. 'I'm getting many more enquiries and about one-third of them end up buying a home in Dubai,' Mazaj said.

In Europe, Britain is the favourite destination for Indian property investors. 'We alone are receiving at least 100 queries for the UK every week,' Goenka said. Two bedroom apartments are proving the most popular.

Countries such as Singapore, Mauritius, Thailand and Malaysia where prices have dropped up to 40% in recent months are also attracting Indian investors. Some are buying for children who are studying abroad but according to Jaideep Singh, head of the India desk at global property consultant Knight Frank there are more who are buying second and even third properties as holiday homes.

'People are buying property abroad because these are even cheaper than in India, which makes it perfect for getting a second, or a third home,' he explained.

This story relates to: dubai  foreign investment  india  property market  uk  [SEE ALL]


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
Related News
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






West Tower

West Tower

Car park

West Tower

home rental guide

Barratt Homes

West Tower

Asia: Top Headline

Falling property prices in Singapore expected to dive next year by up to 20%Falling property prices in Singapore expected to dive next year by up to 20%Singapore's private residential property prices experienced steady declines in September, according the latest quarterly data from the Urban Redevelopment Authority.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Design of largest research complex in Seoul unveiled

Design, architecture, engineering and planning firm HOK has unveiled plans for the largest research complex in South Korea for clients LG Group which will act as the centre for its next generation of research and development.

Finance Update

Nationwide resumes access to Help to Buy for home movers

Nationwide Building Society has announced that it is resuming access for home movers looking to participate in the government’s Help to Buy equity loan scheme from Wednesday, 24 September 2014.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Asian property and real estate news feed (RSS)