London, a diverse and thriving economic hub, continues to attract foreign investment despite the challenges posed by the COVID-19 pandemic and Brexit. Factors such as the stability of the British pound and the historical strength of London’s real estate market, with prices in prime central London doubling in the last decade, make it an attractive option for investors.
To assist potential buyers in navigating the London real estate market, Acquist, a Mumbai-based venture, acts as a bridge between buyers and sellers. As part of the Global Network of Marketing and Sales partners of Berkeley Group, Barratt London and Taylor Wimpey in South Asia, the company utilises the same tools and strategies as developers to identify potential buyers in India for London properties.
Acquist’s Founder, Sanjay Guha, explains that the company began their London real estate journey in 2018 with the goal of offering London as an investment destination to Indian buyers who were not fully familiar with the nuances of buying real estate in London. Now, four years later, the team at Acquist is fully equipped to guide Indian buyers through the process in a seamless and transparent manner.
Priyank Lakhia, Founder & Director of 5Bay Group, London, adds that despite a gloomy macro outlook, London’s central property market is still buoyant due to healthy overseas demand and reduced outbound migration from London. He also highlights that a recent survey voted London as the best city to live in 2023, and with tourists returning to the city, the new year has begun on a positive note.
However, for those who are planning to invest outside India, it is important that they immediately use the 2 FY windows available between now and March and April till June end as The Union Budget 2023 proposes a Tax Collection at Source (TCS) for foreign outward remittance under LRS (other than for Education and medical purpose) of 20% applicable from July 1, 2023. This will come into effect after the bill is passed. Before this proposal, the TCS of 5% was applicable on foreign outward remittances above INR 7 lakhs.
It is important to note that as always, it’s essential to conduct thorough research and consider personal financial circumstances before making any investment decisions.