The Chinese and the Russians may have been hogging the headlines but it’s Indian Ultra High Net Worth Individuals (UNHW’s) who are cleaning up in London, according to a new report by luxury property agents Wetherell.
Indian billionaires splashed out nearly a billion pounds over the past 18 months alone, snapping up luxury homes and flats in the heart of London, second only to British buyers.
The same individuals are expected to spend a further half a billion pounds in the next five years on renovations and redevelopments, the report adds.
According to Wetherell, these investors spent nearly £450 million purchasing 221 residential properties in Central London in 2013 with St John’s Wood, Belgravia and Mayfair the most sought after locations.
Indian buyers snapped up a staggering quarter of all property in Mayfair the report said, double the number of “traditional” buyers from the Middle East and Europe, as the property market in India suffered as its economy slowed dramatically over the past five years.
Apart from these wealthy individual buyers, Indian developers are also staking their claims to the British capital.
The Lodha group, one of India’s largest residential developers, had recently purchased the Canadian high commission in Grosvenor Square for £306 million, aiming to convert the property into two dozen luxury homes.
Adam Challis, head of residential property at the real estate advisory firm JLL, told the Daily Telegraph: “It is not surprising that Indians are buying in London, their preferred postcode has always been Mayfair, and it fits with their resonance with British luxury brands.
“More interesting is the strategy by developers such as Lodha who are diversifying into international markets, and London is of course the first port of call.”