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Eastern charm

3rd July 2008 | back to article listings BACK    print this article PRINT

India has long been a country that has charmed the British. From colonial days to present the UK has been fascinated by the rich culture and heritage of this Asian jewel. So much so, drinking tea and eating curries are ingrained into the British way of life, with many Brits now eager to visit India to find the origins of these day-to-day staples. Budget flights have accommodated an increasing number of holidaymakers to south Asia and the mystique of India is certainly attractive, not too mention the favourable weather and renowned landmarks. India certainly offers a unique holiday for Brits, but is it a savvy choice for property investors?

According to Les Calvert, director of Property-Abroad.com, the country offers many benefits for those looking to expand their portfolios in foreign markets. "Investors looking to get into the property market need to look no further than India," he said. He stated that prices are more favourable in the country compared to European alternatives. "The prices in India at the moment are still extremely attractive compared to European destinations and, certainly, the home market."

And Mr Calvert suggested that the Indian property market is no more complicated to become involved in than other nations. "It is relatively straight forward," he stated. In fact, investors who are familiar with the UK property market should certainly not be deterred from India's eastern charm, he remarked, adding: "Obviously, there are complications and implications, but there's no real difference from UK buying, nothing that's remarkable."

What really sets India apart from European countries in terms of property is its potential for the future. "I think India is looking at growth of around 700 per cent, which is phenomenal. It is certainly worth looking at," Mr Calvert stated. Such projections would be unthinkable in Spain, France or Italy but not so in Asia. In fact, the Association of Foreign Investors in Real Estate (Afire) recently ranked India in the top three global property markets alongside China and the US. The study by Afire also recognised the possibility of capital appreciation in India.

The Associated Chambers of Commerce and Industry of India has also posted promising figures for the development of the country. It stated that the real estate sector is set to record a 40 to 45 per cent year-on-year growth, although this may slow in the cities by 2010. Thus it seems that property investors must look east - and fast - if they are considering a move forward.

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