India?s rich and famous consider London their second home and a safe haven for real estate investments, besides, of course, an option to beat the summer heat. Wealthy Indians emerged the second biggest buyers of central London residences three years ago, only behind the British.
"The combination of lower prices and devaluation of the pound should draw in Indian investors looking to acquire assets in the UK," said Shishir Baijal, Chairman and MD of Knight Frank (India). "London has always been a favourite destination for Indian property buyers and it augurs well for Indian investors to make their move now. For both residential and commercial property, there will be short-term volatility. Potentially, and selectively, pricing could come under pressure," he added. After Brexit, Cushman & Wakefield India MD Anshul Jain believes individual purchasers of properties in the UK may not see any major impact in terms of properties already bought, especially in economic centres of London, Glasgow and Edinburgh. How these macro factors would play out on London?s real estate is unpredictable, with many local agents screaming about a 20 per cent fall in real estate prices across the UK.
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