A majority of real estate buyers on foreign shores comprise people who are looking for a second home or a place to holiday in, and for those whose children are studying abroad. Photo: iStockphoto
Back in the 1990s, owning a house or even an apartment in south Mumbai meant serious wealth. For the new rich, or ultra high networth individuals (HNIs) of today, to whom no place is too far to go and no price too high to pay, that address is pretty much passe.
"Some of the fanciest districts in the world, such as Kensington, Belgravia or Holland Park in London or prestigious locations such as the Burj in Dubai and Nassim Road in Singapore are among the most popular global locations for Indian ultra HNIs to own luxury residential properties," Kotak Wealth Management and Crisil Research said in a recent report.
Indians were among the top five international real estate buyers in the US in the year ended March, according to the US National Association of Realtors. Indians, along with buyers from Canada, China, Mexico and the UK, accounted for some 53% of international property buyers in the US in the year ended March, according to a survey by the association.
The global financial crisis and recession that followed the collapse of Wall Street investment bank Lehman Brothers Holdings Inc. in September 2008 opened up the foreign real estate market to Indian buyers. As European and American home owners struggled to repay their mortgages, and property prices plunged, Indians who had the means pounced on the opportunity.