Rightmove Overseas reports that India is moving up in its search statistics thanks to more foreigners who are looking for property in the country. The western side of India is drawing the most attention and experts believe much of the traffic may be being driven by non-resident Indians who are searching for property in the area. There are also many searches occurring from those within the country who may be looking for new homes, second homes or vacation homes. Like some of their foreign counterparts, many may also be looking for investment properties. For more on this continue reading the following article from Property Wire.
Some 52.65% of overseas property locations on the Rightmove Overseas real estate portal saw an increase in search activity last month, according to the latest monthly report from the firm.
The data also shows that 47.3% of locations fell in search activity while 0.05% of locations stayed the same in search activity.
There has been an increase in searches in western locations in India and users continue to show a keen interest in ski resorts.
Overall there has been a higher demand for long haul destinations as the cold months in the UK draw in but Thailand dropped one place due to increased interest in India.
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European summer holiday destinations continue to see a fall interest and many locations in France were less popular as users become interested in the Alps.
‘The west side of India saw a huge increase in searches this month. With the Hindu Festival of Lights, Diwali taking place at the beginning of November, it appears as though this has spurred many non-resident Indians to search for property in this area,’ said Shameem Golamy, head of Rightmove Overseas.
‘However, what we have found particularly interesting is the amount of traffic we received by users already based in India. In November, users in India ranked 20th in terms of our user location, an indication that buyers are looking to relocate within their own country or are looking to purchase property for investment purposes,’ he explained.
‘This month, we have seen a fall in interest for traditional summer holiday destinations. This is a trend we continue to see year on year as users start to think about their skiing holidays during this time. Some 16 of the top 20 locations in France saw a decrease in searches as the Alps dominate in France,’ he added.
According to Charles Purdy, managing director of Smart Currency Exchange, with the Indian Rupee above 100 to the pound it is no surprise that there has been great interest in Indian property.
‘In the first few months of 2013 the exchange rate fell below 80 which means that sterling has strengthened by over 25%, which makes the cost of an Indian property to a sterling buyer 25% cheaper and therefore the cost of entry for an investor so much more enticing,’ he explained.
‘We have also seen a period of sterling/euro strength in the last month with sterling strengthening to above 1.21 at one stage. This has also helped sterling buyers by reducing the cost of that much dreamed chalet by nearly 6% from the lows of 2013. So all round it has been a better time for sterling buyers of overseas property as sterling has seen a resurgence in the last few months and long may it last,’ he added.
This article was republished with permission from Property Wire.