10% of UHNWIs plan new home in 2022

New Delhi: A survey conducted by the property consultancy firm Knight Frank found 10 per cent of India's ultra-high-net-worth individuals (with a net worth of $30 million and above) plan to buy a new home in 2022.

Indian ultra-high-net-worth individuals prefer to invest in properties in the domestic market, followed by international markets such as the UK, UAE and the US, the consultant said. Globally, 21 per cent of the ultra-wealthy are expected to purchase a home in 2022.

The report further highlighted that on an average an Indian UHNWI owns 2.3 homes and 32 per cent of the Indians under the mentioned category have rented out their second homes during 2021, it said.

Further, it said 22 per cent of the investable wealth of the ultra-high-net-worth individuals was allocated towards direct purchase of commercial property (including rental property, offices), while 8 per cent towards indirect purchase of commercial property (including REITs, funds). Additionally, the survey conducted by the consultant found 8 per cent of the property portfolio was held overseas.

"Investment in the real estate sector in India has grown in recent times, especially in the wake of the pandemic as real estate was viewed as a safe and tangible investment option amidst the economic volatility," said Shishir Baijal,