World,Apart

　　Explorers such as Pytheas from 4th century BC Greece and Ibn Battuta from 14th century Morocco spent years on ships or with caravans during their travel to other countries. Now, as faster travel brings people closer, those looking to make good money do not limit their investments to one country. Indians are no exception. As economies the world over try to revive their real estate industries, they are offering incentives to buyers from other countries. That’s why it may be the right time to invest in properties abroad, say experts.
　　 BEYOND BORDERS
　　“As land, property and construction sectors become interwoven as a consequence of globalisation of business and financial sectors, overseas property investments are becoming more convenient and lucrative, with relatively low risk,”says Sachin Sandhir, managing director, RICS (Royal Institution of Chartered Surveyors) India, an organisation for qualifications and standards in real estate.
　　Buyers’ preferences depend on factors such as economic stability, cost of ownership and taxes.
　　“Singapore, Malaysia, New York, Dubai and some cities in the UK, predominantly London, have been preferred by Indian buyers for years,” says Anuj Puri, chairman and country head, Jones Lang LaSalle India, a property advisory.
　　“The investors are successful businessmen, entrepreneurs and those whose children are studying abroad. Sometimes, the attraction is the high returns these properties can provide,” says Mona Jalota, chief associate, international project marketing, Knight Frank India, a property consultancy.
　　The choice of location depends on buyers’ objectives. For investment, Malaysia, Sri Lanka, Singapore, Switzerland, Mauritius and Dubai are popular. Those looking for a place to live prefer a coun- try with family members and business interests. In this, the UK and the US are the preferred destinations. Some go for holiday homes.
　　“In the holiday-home segment, which is picking up momentum after a crash, Switzerland, Spain, Greece and Italy have become attractive destinations,”says Shveta Jain, executive director, residential services, Cushman and Wakefield India, another real estate advisory firm.
　　 REALTY CHECK
　　While doing a property deal abroad, study the rules that will govern the transaction. Resident Indians are allowed to remit up to$200,000 (Rs 1.1 crore) out of the country per financial year from their own funds.

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