Indian Millenials are taking some bold new steps that their predecessors have not taken so easily. The new age cash-rich Millenials are exploring and buying property in foreign locations such as London, Dubai, Hong Kong and Singapore.
Breaking the norms, several young first-time home buyers are taking the bold step of buying property overseas. These buyers majorly include top executives flush with cash from the startup boom in the country over the past few years.
“The number of young people, who want to invest in apartments abroad is on the rise,” said Amit Goyal, CEO at India India Sotheby’s International Realty, a part of Sotheby’s global network recently, Times Of India reported.
Goyal further elaborated that several top executives of successful startups also wanted to invest abroad, such as Hong Kong and Singapore, because many of the new-age businesses are registered in these places. In fact, Sotheby recently rolled in PwC to help these executives to advise and guide these buyers on the intricacies of acquiring a property abroad.
Take the case of Grofers which is registered in Singapore. Flipkart and Droom are also registered in Singapore.
Apart from Hong Kong, Singapore, and London, Dubai is also emerging as a hot destination for Indians who want to buy a home outside India.
Meanwhile, some industry experts also believe that the trend of purchasing property in locations outside India is not that new. Most HNI buyers buy second homes in a foreign location to use it as a holiday home. Or if a family member is staying in a different country for education or medical treatment, such buyers end up buying a property in that country.