Mark Collins, managing director of Harrods Estates, says that most often Indians are looking for big lateral spaces, as opposed to the traditional duplex or triplex kind of homes available in the UK. “We now have whole floors in buildings for sale,” says Collins. Besides that, he says, Indians also appreciate the concierge services Harrods’ homes offer, where tickets for theatre and travel as well as reservations at restaurants, and shopping help can all be arranged. “We increasingly see Indian buyers who are based in India but also have homes in the south of France and London,” Collins says.
Tyler Randell, a property consultant with UK’s Ready2Invest, says Indians make up half of the visitors at similar property shows in London. The firm has “a lot” of UK-based Indian clients, Randell says. “And we’ve noticed that if we do one good deal for them, Indians will come back to do more,” he says.
To attract more buyers, there were seven international property agents at the Extravaganza show, from the UAE, UK and France. Some, such as France-based Burger Sotheby’s International Realty, which specializes in luxury properties in St Tropez, Cannes and Cap Ferrat, have had no Indian buyers. “We’ve come to this show to change that,” says sales manager Sandrine Palmier.
Dubai is still the most preferred destination. Ishu Rupani, partner at Blue Water, Dubai, who is selling apartments in Dubai’s most luxurious properties such as Palazzo Versace and the Pentominium, says the real estate business took off in 2002. Till then expatriates could only lease homes.
After recent changes in regulations, Rupani says, anyone can buy property outright in Dubai. “The biggest buyers are expat Indians. They go back and tell people at home how easy it is, and so we have a substantial number of Indians, as well as Americans of Indian origin, buying in Dubai,” he says. “All you need is a chequebook and a copy of your passport.”
Morya Housing Ltd, the Indian representatives for Dubai Properties, has done around 40 deals in the past three years. Prices have risen more than 400% for some of these homes. “It’s easy to lease a home and get a return of about 12% compared to 5% in India,” says Divya Rao, head of marketing at Morya Housing.
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Seagarden Resort
Location: Kotor Bay, Montenegro
Specs: There are one-bedroom (an average of 530 sq. ft) and two-bedroom (an average of (785 sq. ft) apartments with exterior walls created out of locally-sourced stone, and finished with mosaic tiled bathrooms, oak wood details and terracotta tiled roofs. The apartments have views of the water and surrounding mountains.
Price: Starts at $334 per sq. ft. and goes up to $421 per sq. ft. Add a compulsory $22,500 for the compulsory parking space.
Perks: The Unesco-protected Kotor fjord (steep mountains rise up from deep waters) restricts over-development, so supply of property is exclusive and limited. Currently, the Seagarden Resort is priced 16% under market value. And even though mortgages for foreign owners are very rare, one of Montenegro’s largest banks, Hypo Alpe Adria, will provide mortgage finance on the final valuation price.
Contact: www.ready2invest.co.uk
The Super Penthouse, Millharbour
Location: Canary Wharf, London