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Indians dominate international buy-to-let property markets
Buyers from India represent nearly a tenth of all prospective buyers looking to purchase real estate in UAE, surpassing buyers from Great Britain and the U.S.
Representative Image / Unsplash
Indians between the ages of 24 and 40 are the most active investors of any nationality in the buy-to-let residential property market in major international markets such as Dubai, London, and New York.
According to a study conducted by Housearch, a global online residential property search platform, Indians have been the most interested investors in residential real estate in the UAE over the past year. They make up almost 10 percent of all potential buyers, surpassing buyers from Great Britain (7 percent) and the U.S. (5 percent).
Two-thirds of these prospective Indian buyers are viewing properties only with the intent of wealth accumulation, with only 35 percent looking for homes to live in. They are majorly from metropolitan Indian cities and states including Mumbai, Pune, New Delhi, Bangalore, Hyderabad, and Chennai, the study found.
Indian buyers by the regions in India / HousesearchNotably, millennials make up 74 percent of the group. The group’s interest primarily lies in apartments, with over half seeking 1-2 bed properties well-suited for buy-to-let schemes. It is estimated that by 2026 Indian homebuyers could account for 15 percent of residential property purchases in London, according to a London-based real estate developer, as highlighted in Housearch’s blog post.
In May 2022, it was reported that metro cities in India bounced back after a pandemic-induced slowdown and recorded huge salary hikes. Mumbai recorded the highest average salary hike with 18 percent and Bangalore trailed closer behind with a 15 percent hike, while a 12 percent hike was observed in New Delhi.
The Indian economy is also projected to see a huge boom as per the country’s finance ministry. India can aspire to become a US $7 trillion economy by 2030, and the country is expected to become a US $5 trillion economy, the third largest in the world, by 2027.
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