Indians are capitalising on the rupee’s strength by buying more overseas properties.
Buying property overseas is nothing new. Many look to other markets to capitalise from potential growth or for a second home. Indians are no different. They have been avid purchasers of property across the globe but mainly for investment purposes. Their international shopping sprees have recently ramped up due to the strength of the rupee.
According to recent data revealed in the report ‘Looking beyond Borders’ by Knight Frank India and the International Real Estate Expo, Indians spent USD 112 million on overseas property in the last fiscal year. A hike of USD 23.6 million if compared to the previous year and looking further back an increase of nearly 60 times from 2005 to 2006.
Recently property has become more affordable and within easier reach for many Indians than even just one year ago. With property in Malaysia the cheapest option. The report also stated that over three-quarters of Indian investors look for property that costs less than USD 1 million. Plus 63 percent of Indians prefer property which is less than 1,500 square foot. Thus making Malaysia a favourable place to snap up real estate due to wide range of options available.
Malaysia and India have a longstanding healthy relationship that is a contributing factor too. Malaysia has been long home to many Indian immigrants and the two countries have strong trading connections.
Dubai, Cyprus, and the UK are other markets that Indians have been investing in thanks to the strength of the rupee against the local currencies. Whereas investors have been steering clear of Australia which has become more expensive.