Indians record an increase in property investments abroad

 

Buying villaments and luxury second or third homes is passé.  The nouveau riche Indian is now expanding his property investments abroad. The number of people scouting for `a good piece of property abroad’ have grown remarkably in the last few months. “Till last year I was hunting for high-end properties mainly in Dubai, UK, Canada and rarely in Switzerland. The slump in the European and US economy, has spurred Indians to target places like the French Riviera and Monte Carlo to make their property investments,’’ observes Dieter Carvallo, an agent who scouts for property for his select list of clientele.
By and large the people looking for property abroad have traditionally been a very niche crowd. It is a fairly new concept and most people outside this circle were not aware of the possibilities and investment rewards in buying property outside India. But, with the number of cash-rich Indians on the rise, all that has changed. What is making these investments more attractive is the pricing. “A property in Spain today proves to be far affordable than a premium apartment in places like Delhi and Mumbai,” remarks Suresh Rangarajan, CEO, Artha. “The economic downturn in U.S.A and mainland Europe  have led to a sharp decline in property prices there, where Indians today prefer to dock their money. Thus if a heritage home in Goa, which can be worth crores of rupees, is too expensive for you, an old villa or cottage with a sprawling garden in a serene village in France, Italy or Spain seems to be a better option. 
“Specific pockets in the  international property market offer themselves as a sound investment vehicle, irrespective of the overall economic situation – They are reasonably lucrative, stable and not volatile.
Thus it makes perfect opportunity for Indians to invest their money in these properties,” recounts Rangarajan. Indian investment abroad has reportedly doubled in the last couple of months. The key target customers are High-networth-individuals (worth about Rs.50 crore and above) in Karnataka, Andhra Pradesh, Gujarat and Punjab and Maharashtra (mainly from Mumbai). ‘We alone are receiving at least 100 queries for Europe every week,’ remarked Carvallo.