- One of five of India’s UHNWIs plan to buy a new home in 2021 compared to one of ten in 2020. The report ascribes the UHNIs a net worth of $30 million and above
NEW DELHI: The coronavirus pandemic has made people look for bigger houses and away from crowded locations. Not only that, the ultra-high net worth individuals (UHNIs) are also looking to upgrade their houses or buy a new holiday home as per Knight Frank’s wealth report 2021.
According to the Attitudes Survey, conducted by the company as part of its wealth report 2021, one of five of India’s UHNWIs plan to buy a new home in 2021 compared to one of ten in 2020. The report ascribes the UHNIs a net worth of $30 million and above.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “The year 2021 looks promising for real estate in the Indian market. With several government reforms, the residential market started to show recovery in the last two quarters of 2020. Knight Frank believes that as the government continues to announce positive policy changes, global investors will be favourably disposed towards real estate.”
The preferred buying locations are largely concentrated in the domestic market, followed by preferences in international markets of the US, the UK, Singapore and the UAE, as per the report. UHNIs seem to prefer locations near the coast or in areas with resorts such as Goa, Alibagh etc.
Indian UHNWIs have 17% of their wealth allocated to property investments compared to 21% globally.
In terms of attributes, while choosing a new home, UHNWIs will looking at transport linkages, internet connectivity, and leisure facilities within the home or development close by.
https://www.livemint.com/news/india/more-ultra-hnis-planning-to-buy-a-new-home-in-2021-says-report-11614158384887.html
