From UK to Cyprus, Indians are flocking to buy homes across Europe; here's why

If you are in love with the London weather, cherish the wide variety of its eateries and can spare Rs 3.5 crore, then your second home could well be in the historical city that attracts millions from across the globe every year. Once the power centre of the world that continues to be a major global financial hub, London is witnessing increasing number of Indians purchasing affordable housing units - thanks to leading developers who are out to lure homebuyers in India.

Take Barratt London, for instance. The affordable homes developer from Barratt Developments group - one of the largest residential property developer from the UK - is aggressively betting on high net worth individuals (HNIs) from India for its new projects in the vicinity of the metropolis. According to Stuart Leslie, Sales and Marketing Director for Barratt International, the number of Indians purchasing residential properties in the region has seen rapid growth in the past 3-5 years. 

“We’ve seen that Indian buyers’ habits have changed post-Covid with the need for a good work life balance being more important than ever before,” he says. According to Leslie, area like New Malden, Surrey’s gateway, from where one can reach London with a 30-minute train journey, demand is growing fast. Apart from Indians looking to spend a significant amount of time in and around London, HNIs with their kids studying in London are one of the major buyers of such properties. Leslie says, one can purchase an one bedroom unit in the outskirts of London, in one of Barratt London’s projects at Rs 3.5 crore. While the price goes up to Rs 4.5 crore for a 2-BHK and Rs 5.5 crore for 3-BHK units.

“Parents who sent their kids to study in and around London are purchasing properties in the region as well. This, not only offers their children a home like environment but is an investment opportunity as well,” he says. According to him, the share of Indians purchasing properties in London has surged to 5 per cent of the global homebuyers and is growing steadily. Barratt London has built 52,000 properties in the last 40 years in London.

It is not just London. As Indians look for newer markets to invest their money into residential properties, developers from other countries are shifting their focus on them. Leptos Estates - a property development company based in Cyprus - is witnessing growing number of Indians purchasing luxury homes in the country. Cyprus an island country located in the eastern Mediterranean Sea and that makes it an attractive destination for homebuyers.

Pantelis Leptos, Co-President of Leptos Group of Companies tells BT that in the recent past number of Ultra High Net-worth Individuals (UHNIs) from India have surged in its portfolio. Unlike Barratt London, Leptos offers properties in the luxury segment - prices between US$ 300,000 (Rs 25 crore) to US$ 1 million (Rs 83 crore). Despite its steep price tag, Leptos says, most Indians are opting for homes priced around US$ 500,000 (Rs 42 crore).

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