Indians own more property in London than the English themselves!
Recent calculations by developer Barratt London showed that the number of Indians owning property in the heart of the UK has surpassed the number of English owners. These are mainly people who have lived in the country for generations, followed by undocumented Indians, investors domiciled in other countries, students and families who came to the former colonial power to get an education. The second largest group of property owners were the English themselves, with Pakistanis in third place.
Indian investors who are permanently resident in their home country or the UK are willing to pay between £290,000 and £450,000 for a one- to three-bedroom apartment in the capital.
Stuart Leslie, International Sales and Marketing Director at Barratt London, says that demand from Indian investors is currently quite high. These businessmen would like to buy property in London for the sake of its stable market that promises high returns in the long term. The majority of the company's sales in areas other than the capital are to UK nationals who are interested in properties bought to live in. Investors who buy exclusively buy-to-let properties in London for the sake of generating profit account for around 30% of property sales to foreign parties.
The British-led East India Company conquered and colonized many countries, including India. The British Raj in India is a dark and complex chapter. During the British Raj, which lasted from 1858 to 1947, the British attempted to erase Indian culture by destroying Indian heritage, drying up wealth, disrupting Indian industries, and imposing heavy taxes that led to famine, poverty, violence, and oppression. The British Raj is remembered as a painful chapter that included massacres and brutal oppression. Yet now, 77 years later, a large number of Indians in London, in the heart of England, are far wealthier than the native English.
London in particular has been a favourite destination for real estate investment and wealthy Indians have been investing in the sector for decades. According to reports, favourite locations for real estate investment include Mayfair and Marylebone in Central London and Oxford Circus in the west end of the city.
Factors that attract Indians to invest in the London real estate market include capital appreciation, stable rental yields and prices comparable to Delhi and Mumbai. The largest Indian communities in the UK live in West London.
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