India has been one of the rising stars in the world economy in recent years, booming in industry, IT, filmmaking and numerous other ways, one of the two big beasts, along with China, of the developing world.
The property market has been booming alongside this overall development in various ways, be it real estate as new building takes place, or the buy-to-let that is made possible by the growth of the middle class and the popularity of many areas with tourists.
Spurred on by its young working demographic and economically active population, India’s extensive IT and outsourcing industries are just part of the increasing demand for real estate.
Progressive attitude
India is Asia’s fourth largest economy and its property industry is offering great prospects for smart gains with its high growth curve, corporate governance and the robustness of the stock markets.
The government’s progressive attitude and the great demand for housing developments and commercial establishments are contributing to the real estate boom. And it is not only the affluent that are playing the game. The newly rich middle class is also participating in great numbers. Foreign investors who seek high returns are also coveting India’s potential real estate market.
Nick Booker, Managing Director of Assetz India comments: “Property investment and property prices in India are booming. Before the Industrial Revolution, India had the largest economy in the world. Economic reforms, the IT revolution and access to investment capital has resulted in new opportunities for employment and rising standards of living.
“The transformation that has taken place in India over the last few years has been phenomenal. The economy is currently growing at 9 – 10% per annum – the equivalent of doubling every seven years. As a result, an increasing number of property investors are looking to capitalise on India’s emerging prosperity, with fast growing IT and retail sectors set to drive up the demand for more housing in a number of India’s key cities.”
A ‘golden age of tourism’
Thanks to successful government-backed efforts to promote the country to holidaymakers, tourism in India is booming like never before. The resounding success of the Ministry of Tourism’s 'Incredible India' campaign has seen a massive increase in Indian vacations, exemplified by the stunning increase in visitors to India's Andaman islands, where tourist numbers jumped from 32,000 in 2005 to over 100,000 in just one year.
Indian tourism and culture minister Ambika Soni recently revealed to India’s parliament that £8 million had been spent in the last fiscal year to promote the country abroad, with 80 per cent of the money spent on advertising in foreign markets.
Ms Soni stated: "The government is putting greater emphasis on development of infrastructure at important tourist destinations and to promote and publicise various tourism products of India within the country and abroad."
Ms Soni also revealed that foreign tourist numbers have increased by a huge 45 per cent in the past two years. This drastic increase has forced island authorities to refurbish long abandoned wells - unused since World War II - to obtain enough water to service the increased demand.
In a recent interview with travel website Express Travel World, Ashwini Kakkar, vice-chairman of Mercury Travels and chairman of flight Raja, stated enthusiastically that India is currently experiencing "the beginning of a golden era in tourism, aviation and hospitality"
With the amazing beauty of the landscape and multiplicity of different cultures, combined with a strong British influence, India is a superb choice for the buy-to-let investor looking for an exotic home away from home.
Other risers and fallers
Cyprus, Spain and Turkey rose steadily this month, with Spain (up 1 to 2nd place) snapping at the heels of France, which maintained its top dog status. New Zealand shot up an impressive 25 places to 15th place, after languishing in the 40s for a few months. German (up 1), Slovakia (up 7) and Argentina (up 22) also attracted a lot of interest from TheMoveChannel visitors.
Countries which fared less well this month include Bulgaria (Down 7 places to 9th), Morocco (down 6 to 11th) and Greece (down 5 to 21st).
To view current opportunities in the India property market, go to:
http://www.themovechannel.com/
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