Popular countries where Indians can buy home abroad (2024)

As per recent reports, rich Indians are investing in foreign lands at record numbers. The Reserve Bank of India (RBI), in the financial year 2021-22 reported that Indians invested roughly $1.7 billion in equity, debt, foreign bank deposits and overseas properties. This number is a jump of approximately 40 percent from the FY 2020-21 figures. Also, in FY 2014-15, this number was just $292 million. It seems that the COVID-19 pandemic and its uncertainties in the homeland have boosted the trend of overseas investment among elite Indians. Some foreign cities that allow Indians to buy homes are Toronto, Sydney, Dubai and London, among others.

United Arab Emirates (UAE)

One of the most preferred property investment destinations for High Networth Individuals (HNIs) is Dubai, UAE, due to its proximity to India (about 3.5 hours flight away). What helps Indians invest in UAE's real estate is that India has DTAA (Double Taxation Avoidance Agreement) with many countries, including UAE. DTAA is a tax treaty signed between India and other countries so that taxpayers can avoid paying double taxes on their income earned from the source country as well as the residence country. The realty trend in Dubai has witnessed greater traction post-pandemic. Ease of doing business, excellent infrastructure, tax benefits, and residency visa options have been the most popular reasons that have been luring Indians to Dubai. Besides, the new Golden Visa rules have also stimulated the demand for residential real estate in the region.

As per 99acres listings, property prices in Dubai, the most popular emirate among Indians, start at around Rs 80 lakh for a 2 BHK unit in areas like Meydan One, Dubai Creek Harbour and Business Bay.

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Canada

With many people moving for higher education, Canada allows Indians to buy homes. The most popular areas to buy homes in Canada are New Brunswick, Ontario and Manitoba. Home values in these areas start from around Rs 4 crore and range up to Rs 7 crore. Also, as per the 2022 Global Peace Index, Canada is one of the most peaceful and safest places to live in the world, holding 12th position among 163 countries.

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Thailand

In Thailand, land can only be yours for a maximum lease of 90 years. Typically, the maximum lease is 30 years term, which can be extended for another two terms. The country is known for its exquisite beaches and tourism industry. Property prices for a 3 BHK home in Pattaya, a popular beach city, are approximately Rs 70 lakh. In the capital city, Bangkok, a 3 BHK home could cost approximately Rs 80 lakh. However, property investment rules for individuals and foreign-owned companies are different.

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Australia

The Foreign Investment Review Board (FIRB) approvals are required before making a property investment in Australia. In Sydney and Melbourne, over 35 percent of Indian residents are ready to pay above Rs 4 crore to buy a home, as per reports. Melbourne also features in the list of the most liveable cities in the world. According to 99acres, 2 BHK configurations are the most popular in Australia, with prices starting at around Rs 1.5 crore.

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Singapore

Singapore's real estate market is highly expensive, and government clearance is needed if a foreigner wants to own ‘land’ with the property. Usually, it is easier to buy apartments than land in Singapore. Home values in Singapore hover around Rs 32-70 lakh for a 2 BHK unit, the most popular among residents. Most of the units come with amenities like concierge services, parking, and recreational zones.

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United States of America

The USA allows non-citizens to buy a property with an ‘Individual Taxpayer Identification Number’. California, New York and Florida list high as locations where Indians prefer to invest in the USA. As per multiple reports, Indians are listed as one of the top five nationalities investing in real estate in the country. Property rates in the cities mentioned above in the USA start from around Rs 3 crore for a 3 BHK configuration.

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Malaysia

Malaysia ranks among the most business-friendly nations in South-East Asia. However, it has a few restrictions on foreign ownership of land when compared to its neighbours. Foreigners can easily buy properties here, and the property markets are well-regulated. However, heritage properties or colonial homes are off-limits for foreign investors in Malaysia. A 2 BHK home in Malaysia can be acquired for around Rs 80 lakh.

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Portugal

Portugal has a residency visa scheme where if you make an investment starting EUR 5,00,000 in a property, you will be eligible for a Golden Visa. If the investment is carried out for over five years, a person can also apply for a permanent residency scheme. A Portuguese visa is deemed beneficial as it gives direct and easy access to other European Union Nations and the Schengen region. Home rates in Portugal hover around Rs 2.2 crore for a 2 BHK unit. Generally, villas and apartments are the most popular residential options in Portugal.

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Experts speak

99acres reached out to a few experts for insights into property investment by Indians abroad. Here is what they shared -

Ajay Sharma, Founder, Abhinav Immigration Services, shares, "Buying a house abroad makes sense, especially for Indians desperately looking for a backup plan or a second home. Many affluent and upper-class Indians prefer to invest overseas due to stable currency value, higher returns on investment, favourable real estate policies, residency options, and high-quality life.

Most buyers of these properties are businessmen, industrialists, traders, renowned celebrities, working professionals, and self-employed personnel. Many buy homes for their children when they move abroad for further studies. As economies worldwide bounce back, many countries have been offering hefty discounts and incentives to foreign buyers. So, now is the right time to invest in properties abroad and widen your investment portfolio. Further, investing in property can also get permanent residency/citizenship in some well-known countries."

Rahul Hingmire, Founding Partner, Vis Legis Law Practice, shares, "Buying homes outside India is not new for NRIs or Indian citizens willing to settle or in hopes of price appreciation. Although many countries allow foreigners to buy property, they have individual regulations and due diligence processes that one has to refer. Additionally, it is important to be aware of the foreign investment laws in India as well as the destination country. Also, check inheritance, succession and taxation rules. Home prices in Europe have risen by almost 45 percent since 2010, especially post the lockdown. But, the United Kingdom, Germany, Cyprus, Hungary, Portugal, Ireland, Italy, Greece, and France, are some countries where Indians can buy homes in Europe. Asian countries like Sri Lanka, Malaysia, Mauritius, Bhutan, Singapore, and Thailand are liked because of their easy access. Foreigners are generally subject to the same laws as nationals in South Africa and can buy property."

Nish Bhatt, Founder and CEO, Millwood Kane International, adds, "India has robust bilateral relations with several nation. Indians are also offered visas on arrival by multiple countries. Because of these strong relations with many countries around the globe, Indians can buy properties in many foreign nations. A few countries where Indian can buy properties with some conditions include Dubai, Mauritius, Thailand, and the UK. Indians and the NRI community make huge investments in the UK, especially in the London real estate market."

As per an industry report, about 50 percent of all High Networth Individuals in India own properties on foreign shores. Property investments on foreign shores could be ideal for HNIs looking to diversify their portfolio. In some cases, the property can cost less than a luxury home in Mumbai or Delhi, and may assure better returns.