LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Strong rupee helps Indians buy homes in London for cheaper

Indian luxury home buyers found it cheaper to buy homes in London than the previous year.   

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Strong rupee helps Indians buy homes in London for cheaper
Luxury homes bought by Indians in London in the March ending quarter of 2017 were significantly cheaper as compared to the same period last year. Image Source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Thu, Aug 17, 2017
04:51 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Gold Price, Rupee and Equity Markets II Technicals explained Gold Price, Rupee and Equity Markets II Technicals explained
Currency Outlook: What all will support the new found strength in Rupee - Analysts' opinions Currency Outlook: What all will support the new found strength in Rupee - Analysts' opinions
This will strengthen the rupee during the upcoming week This will strengthen the rupee during the upcoming week
Gold Price, Currency and Equity Markets: All you need to know about Gold Price, Currency and Equity Markets: All you need to know about
Currency Watch! GDP boost, flow cushion to strengthen rupee Currency Watch! GDP boost, flow cushion to strengthen rupee
Key Highlights
  • Indians found London luxury homes cheaper by 14% than the previous year.
  • Property prices in London declined by 6%.
  • Indian investors had the second highest purchasing power for properties in London 

Strengthening of Indian rupee has made sure that Indian buyers pay purchase homes for 14% cheaper in London. 

A report by Knight Frank Global Currency report on Thursday said that luxury homes bought by Indians in London in the March ending quarter of 2017 were significantly cheaper as compared to the same period last year courtesy the strengthening value of the Indian Rupee (INR) against the Great Britain Pound (GBP). 

“A parallel analysis of property prices in London between January 2016 and December 2016 showed that luxury homes in the British capital was 20.4% cheaper for INR denominated investors,” the report said.
It attributed the strengthening of the rupee to Britain’s decision to break away from the European Union (EU) in 2016.

“The weakening pound in the wake of events such as Brexit made properties in London 14.1% cheaper for INR denominated investors. As a result Indian investors had the second highest purchasing power for properties in London only behind the Russian Ruble denominated investors,” the report said.

“Traditionally Indians have had a penchant for buying properties in London. Over the past couple of years the Indian currency has significantly strengthened against major global currencies on the back of some significant reforms. To top it up geopolitical developments in the UK starting from the Brexit had its bearing on the property market with decline in prices close to 6%,” said Dr. Samantak Das, chief economist and National Director, Knight Frank India.

The rupee was touching the Rs 66 mark against the dollar value in March this year; while the Great Britain Pound (GBP) was trading near GBP 1.2 against the US dollar, as per data from Trading Economics.

source: tradingeconomics.com

source: tradingeconomics.com

“Until the March-ending quarter of 2017 the Indian currency appreciated by 14.1% against the Pound Sterling in comparison to the same period last year. But when compared to June 23 2016, the day of the Brexit referendum, the Indian currency was stronger by 18.7% until Q1 2017. That explains why Indians now regard property purchases more attractive in London,” Das added.

Although the rupee is currently on a depreciating trend it had hit a ‘two-year’ high earlier in August amid heavy selling of dollars by foreign banks with the central bank decision to cut interest rates. It is currently hovering around Rs 64 against the dollar rate.

The dollar had briefly hit a 15-month low against the basket of major currencies on August 1.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
RupeeINRluxury homesLondonpound valueGBPGreat Britain PoundBrexitdollar valueEconomy
RELATED NEWS
Gold Price, Rupee and Equity Markets II Technicals explained Gold Price, Rupee and Equity Markets II Technicals explained
Currency Outlook: What all will support the new found strength in Rupee - Analysts' opinions Currency Outlook: What all will support the new found strength in Rupee - Analysts' opinions
This will strengthen the rupee during the upcoming week This will strengthen the rupee during the upcoming week
Gold Price, Currency and Equity Markets: All you need to know about Gold Price, Currency and Equity Markets: All you need to know about
Currency Watch! GDP boost, flow cushion to strengthen rupee Currency Watch! GDP boost, flow cushion to strengthen rupee

LATEST NEWS

PUBG update: Alert! PUBG Mobile India may release on THIS date? Here's all you need to know

UPMRC Recruitment Exam 2021: Lucknow Metro answer key is OUT; Check LINK and other details here

Odisha Class 10 Board Exam 2021 Cancel News: Matric exams cancelled in the state - check all details here

Tata Group to import 24 cryogenic containers to transport liquid oxygen amid spike in COVID-19 cases

ALERT! SBI names company, says beware of this fake loan provider; has it contacted you?

Budget smartphone Poco M2 Reloaded launched in India at Rs 9,499; Check camera, specifications and more

Covid-19 fears persist, YES Bank share price declines by nearly 3.5% in last one week

Tourism is a vehicle for earning revenue and the government should support it: V Kamat, CMD, Kamat Hotels

WhatsApp update: Android users to get new WhatsApp features soon - Check all details here

Garena Free Fire redeem codes update: Check how to grab special redeem codes, free rewards and more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved