With India’s economic growth this year expected to surpass China’s, and its individual wealth increasing, local agents are forecasting cashed-up Indian buyers will soon look forward to buy real estate in other countries such as Australia.But the degree of impact and influence Indian money could have on Aussie property is as much a guess as a bet on a cricket match between the two countries.
And in London, Indian investors have long been ploughing billions of dollars into acquiring some of the city’s finest addresses.
India is projected to rank third for increase in ultra-rich residents over the next decade, behind the US and China, according to research for global real estate agency Knight Frank’s 2016 Wealth Report.
The number of billionaires in India in the past 10 years has rocketed by 333 per cent to 78 people, outpacing global billionaire growth, which was 68 per cent, Knight Frank found.
New Delhi’s only luxury home show is advertising for Australian property developers and marketers to exhibit at its October event, the International Real Estate Expo.
India-based organiser Global Media Network’s headline sell is: “tap the vast Indian market”.
Agent Ken Jacobs, the boss of Christie’s International Real Estate in Sydney, said inquiries from wealthy Indian clients had increased.
He said more were embarking on “due diligence” checks as they seek an international market to invest in, but it’s not translating to sales – yet.
Indian interest in Australian property is about five years behind the rate of offshore Chinese, Mr Jacobs said.
“Going back five or six years, I went to a presentation on India, invited by one of the banks. At that stage I didn’t really notice any increase in inquiry, but it is starting to surface though, although not to the same degree as Asian investment,” Mr Jacobs said.