Indians prefer UK and US to buy properties outside of India
Australia is the destination of choice for Asian Ultra-High-Net Worth Individuals (UHNWIs) who plan to buy a new home overseas or invest in property in the coming year, based on a Knight Frank survey of 600 private bankers and wealth advisers who between them manage over US$3 trillion of wealth for
Published -
Mar 7, 2019 6:03 AM
Australia is the destination of choice for Asian Ultra-High-Net Worth Individuals (UHNWIs) who plan to buy a new home overseas or invest in property in the coming year, based on a Knight Frank survey of 600 private bankers and wealth advisers who between them manage over US$3 trillion of wealth for UHNWI. For Indian UHNWIs, United Kingdom (UK) with 74% preferring to purchase in that country while 39% responded favourably to United States (US). Both these places are of high interest for the India ultra – rich from business as well as leisure and lifestyle purposes. These also remain the top choices of investment or self -use purchase for the coming years.
According to the Attitudes Survey in Knight Frank’s Wealth Report, 25% of Asian UHNWIs, plan to buy a home outside their country of residence by 2020, higher than the global average of 22%. 18% Indian UHNWIs showed affinity towards purchasing homes outside of their domicile country. Of those, 45% indicated they would buy in Australia, 33% say UK and 32% chose Canada. These buyers are mostly from China, Hong Kong, Malaysia and South Korea, with one in three indicating their interest to buy a residential property overseas this year or next.
Less than 1 in 20 in Australia and New Zealand plan to buy a home internationally, and 39% indicated they would buy in Australia, according to the survey responses from the wealth managers. Australasians largely prefer to buy in their home country rather than overseas. “The ultra-wealthy are becoming increasingly strategic in their destination choices, a natural response to global uncertainty and political upheavals. As a result, they are investing in additional homes in cities and countries where they see greater levels of stability,” says Victoria Garrett, Head of Residential, Asia Pacific. “Australia continues to draw significant interest from both domestic and overseas buyers, ticking all the boxes not only for stability, but also lifestyle, education, wealth preservation and capital growth,” Garrett adds.
In which country or territory are your clients most likely to buy a new home in 2019-20?
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