SA investors eye real estate in India
Thématique :
inde,
sud afrique
JOHANNESBURG (October 23)
South African property investors are becoming ever more adventurous, straying far from the well-tried markets of the UK and Europe to explore exciting new opportunities in emerging powerhouses such as Dubai, Brazil, China and now India.
“And their aims are being furthered by increasing political and trade co-operation between SA and these countries, as evidenced by the India-Brazil-South Africa (Ibsa) summit recently held in New Delhi,” says Duncan Gray, CEO of the CENTURY 21 real estate group in SA.
“For example, we currently see much closer real estate ties developing with India, because of the historical connections with SA and also because trade between the two countries, already worth billions of rands a year, is growing at 50% annually. The Ibsa figures show that its trilateral trade should top R15bn by the end of next year.”
What is more, he says, India’s residential property market is very healthy – unlike many of those in the more ‘developed’ world. The country has a population of 1,1bn and there are millions of people looking to become first-time homeowners as the economy grows and their financial prospects improve. Home prices in India have been rising in earnest for the past two to three years, with key areas in Mumbai, Delhi and Bangalore registering increases of up to 55%.
Consequently, it is not surprising that there is an increasing demand among South African investors for properties in India to be used not only for holiday and business travel purposes, but also for permanent letting and capital growth. “However, as always, those who are buying property in a foreign country need to be aware that different legal frameworks may apply.
Gray notes that CENTURY 21 has recently signed a master franchise agreement for Greater India including the Bangalore, Chennai, Delhi, Hyderabad, and Mumbai regions, and expects to have 1 000 offices open in India within the next five years.
South African property investors are becoming ever more adventurous, straying far from the well-tried markets of the UK and Europe to explore exciting new opportunities in emerging powerhouses such as Dubai, Brazil, China and now India.
“And their aims are being furthered by increasing political and trade co-operation between SA and these countries, as evidenced by the India-Brazil-South Africa (Ibsa) summit recently held in New Delhi,” says Duncan Gray, CEO of the CENTURY 21 real estate group in SA.
“For example, we currently see much closer real estate ties developing with India, because of the historical connections with SA and also because trade between the two countries, already worth billions of rands a year, is growing at 50% annually. The Ibsa figures show that its trilateral trade should top R15bn by the end of next year.”
What is more, he says, India’s residential property market is very healthy – unlike many of those in the more ‘developed’ world. The country has a population of 1,1bn and there are millions of people looking to become first-time homeowners as the economy grows and their financial prospects improve. Home prices in India have been rising in earnest for the past two to three years, with key areas in Mumbai, Delhi and Bangalore registering increases of up to 55%.
Consequently, it is not surprising that there is an increasing demand among South African investors for properties in India to be used not only for holiday and business travel purposes, but also for permanent letting and capital growth. “However, as always, those who are buying property in a foreign country need to be aware that different legal frameworks may apply.
Gray notes that CENTURY 21 has recently signed a master franchise agreement for Greater India including the Bangalore, Chennai, Delhi, Hyderabad, and Mumbai regions, and expects to have 1 000 offices open in India within the next five years.
