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India tourists 'love to spend'

28th March 2007 | back to article listings BACK    print this article PRINT

India is increasingly attracting interest from property investors and tourists alike. And although it may be a little further away geographically than France and a million miles away in terms of culture, it seems that businesses and property investors may be boosted by the news that tourists in the country are more inclined to splash the cash, new data has revealed.

According to a recent FICCI study, tourists in India spend an average of Rs 65,085 (£768), compared with Rs 37,570 (£444) for those heading to France. Reasons for this extra expenditure are attributed to tourists wanting to spend more time in the country and take in the wider variety of entertainments which the country has to offer, reports the Financial Express.

While these statistics may not impact directly upon the average buy-to-let investor, the accompanying warning that the country does not have enough cheap holiday accommodation to cope with the increase in demand which the India is experiencing may. A large number of foreign property investors use their second homes for a few breaks a year, but then rent them as holiday accommodation to garner an income at other points. These individuals may be able to take advantage of this tourist trend.

The FICCI study claims that as Bangalore grew into an IT mecca, hoteliers were desperate to maximise profits from the number of business and pleasure travellers making their way to the eastern city. These spiralling prices have left a large number of visitors priced out and looking for a reasonably-priced alternative - potentially leaving an ideal gap in the market for someone with a second home to exploit.

Indeed the Indian government could be helping matters along in this regard, as some Rs 691.9 million has been spent in attracting tourists over the current financial year, according to tourism and culture minister Ambika Soni. Authorities are keen to capitalise and improve upon the hefty 45 per cent increase in tourism which has been experienced over the last two years.

'While priorities have not changed, the government is putting greater emphasis on development of infrastructure at important tourist destinations and to promote and publicise various tourism products of India within the country and abroad,' explained Ms Soni.

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