Singapore has been named one of the top destinations for Indian property buyers in a list which includes Malaysia, Dubai, New York and some UK cities, according to property consultancy Jones Lang LaSalle.
A major reason is that the property markets in those countries provide lucrative investment opportunities. In some cases, Indians buying overseas property can also become a citizen of the host country – a factor with significant aspiration value for many, noted Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India
Moreover, rising property prices in various Indian cities and higher interest rates on bank loans have forced Indians to seek properties abroad.
Comparatively, the interest rates of local banks in Singapore, London or New York are relatively lower than in India.
Most Indians looking to purchase overseas properties are business owners, high-net-worth individuals (HNWIs), mid-to-top level company management and professional property investors. Parents with children studying abroad also comprise a large proportion of buyers.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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