Real Estate: Who are these Indians looking for property in New York, London, Dubai and Lisbon?
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New Delhi: Not only us and you, even those with a lot of money consider investing in real estate as a better investment destination. They say that this sector will do well in the next two to three years. Also, the returns from this sector will be able to beat inflation. That’s why these people are investing heavily in high rise apartments, farm houses and holiday homes. This has been revealed by the Annual Luxury Outlook Survey 2023 of India Sotheby’s International Realty.
what do rich people like
The outlook survey states that real estate remains an attractive investment destination for 61 per cent High Networth Individuals or HNIs and Ultra High Networth Individuals (UNHI) in the year 2023-24. Of these, 34% people prefer to invest in high-rise apartments and 30% in farm houses and holiday homes. 23% of the wealthy people who participated in the survey also preferred commercial real estate offering good rentals. They say that if given a chance, they would like to invest in it.
How much property do you want to buy
HNIs most prefer to invest in properties in the range of Rs 4 to 10 crores. Around 65% of the survey participants said that they are looking for properties within this range. Whereas, 33% HNIs and ultra-HNIs are willing to spend more than Rs 10 crore for a suitable luxury property. 13% HNIs ready to spend more than Rs 25 crore if they find the right property
Last year 34% HNI bought luxury property
The survey also revealed that at least 34% HNIs and UHNIs have purchased luxury real estate from April 2021 to December. Since it takes time to find the right property and then close the deal, ISIR believes that many HNIs and UNHIs are still in search of affordable luxury homes. As soon as they get the property of their choice, they will immediately deal with it.
What is the main reason for buying luxury property
Amit Goyal, CEO of India Sotheby’s International Realty, says that a person buys a property only when there is an increase in his capital. Next comes the lifestyle upgrade. Looking at the year 2023-24, lifestyle upgrade remained the main reason for buying property. Interestingly, 12% of the wealthy surveyed chose real estate as an asset class to build multi-generational wealth. He can also transfer it to his family members.
Where Dhan Kuber wants to buy luxury property
Delhi NCR, Mumbai, Goa and Bengaluru continue to be the top 4 cities for the wealthy to buy luxury real estate, according to the survey. Another interesting statistic is that 11 per cent of India’s wealthy are looking for real estate overseas. Whereas, there was little interest in overseas properties when India Sotheby’s did a similar survey at the end of 2021. As the pandemic scare subsides and global travel opens up, affluent Indians are looking to buy luxury apartments in gateway cities like New York, Miami, London, Dubai and Lisbon.
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