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Chennai is doing a
Rajinikanth in the global real estate market. And it, definitely, is going to
get a good fan following.
A research report has
identified the South Indian city as one among twelve (12) global cities that
would see residential real estate prices appreciate in the next few years as
ultra high net worth individuals flock to invest in.
And it is no mean
feat, as the city is the only Indian in the list. Its wealthier and mightier
Indian counterparts Mumbai, Delhi & Bangalore seem to have failed to make
the cut.
It only adds to the
glitter that Chennai has been featured among well established cities like
Chicago, Miami and Mebourne.
You can view the
entire list here. The research has been conducted by Candy & Candy, Savills
World Research and Deutsche Asset & Wealth Management.
According to the
report these 12 cities are more accessible an offers attractive yield to
discerning investors as the prices here are generally much lower than in the
other global cities. The prices will appreciate in these cities as they become
more fully invested in the next few years, the report has said.
Nick Candy, CEO,
Candy & Candy, notes in a press release that for many ultra high net worth
individuals real estate has become a unique asset class. However, they have
been focused on investing in prime property in the top tier world cities which
have shown record market growth.
“Real estate will
continue to play an important part in global investment with investors now
looking beyond established safe havens and prime world cities,” Nick Candy
said.
These super rich
investors are becoming more adventurous in their quest for returns & thus
turning to cities such as Tel Aviv & Chennai, said Yolande Barnes,
Director, Savills World Research, who conducted the analysis.
“This more
adventurous approach is likely not only to provide higher income returns but
also the opportunity for significant capital growth. Real estate values will
grow as new cities all over the globe rise on fortune’s wheel," Nick Candy
said.
Barnes expects
property rents and values to rise in line with new and growing economic
strength of these cities.
A Times of India
report said termed this as the first global recognition for the South Indian
city and attributed its rise in global stature to strong English speaking
skills of its population and the presence of a wide mix of industries.
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