Clearly laid out legal rules concerning the London residential property market
are making the sector an attractive prospect for a large number of foreign investors, Savills has claimed.
The comments come as the consultant revealed that Indian buyers are now the second largest group for top-end, prime real estate in the city.
Indeed, while the most active buyers in the market tend to be from Europe, especially Russia, Savills revealed that Indians have bought property to the value of GBP 290 million in the city's areas of Mayfair, Belgravia, South Kensington, Chelsea and Holland Park last year.
It means that Indian investors now account for 7.3 per cent of all sales in London's GBP 5 million-plus residential property. This puts India ahead of buyers from the Asia-Pacific region (7.2 per cent) in the city's real estate market.
"Indians are a force to be reckoned with this year as they continue to buy prime residences in London. India's historical ties, the city's cosmopolitan vibe as well as clearly laid out legal rules make the city attractive," Yolande Barnes, head of research at Savills, said.
- Thursday 27 January 2011