Ultra high net worth Indian property purchasers, investors and developers purchased more than £1bn of luxury homes, estates, hotels and leisure outlets in the last 12-18 months.
According to a report by Mayfair estate agent Wetherell, Indian purchasers are now the largest group of overseas buyers in Mayfair, comprising 25% of all purchasers – second only to British-based buyers. They are well ahead of Asian and continental European buyers (19% of all purchasers) and Russians and Middle Eastern buyers, which now comprise just 13% each of all buyers.
Wetherell estimates that at the height of each British summer, some 3,000 ultra high net worth Indian families make Mayfair their summertime address, living in their London homes, renting property or staying in luxury hotels.
Figures from the Land Registry show that last year, overseas-based Indian buyers spent almost £450m purchasing some 221 homes in prime central London with the top three most popular locations being Mayfair, St John’s Wood and Belgravia. Indian buyers will typically spend anything from £1m to £20m on purchasing a home in Mayfair, with 70% buying a flat or penthouse and the balance acquiring a mansion, townhouse or mews property.
Super-prime developers owned by UK or overseas based ultra high net worth Indian families are also set to undertake over £500m of new residential development in Mayfair over the next five years.
Annabel.Dixon@estatesgazette.com
