New Delhi, March 1 (TIWN) 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 US $30 million and above) plan to buy a new home in 2022.

In its attitude survey, part of the Wealth Report 2022, property consultant Knight Frank India said that 29 per cent wealth of Indian UHNWIs, those having a net worth of USD 30 million and above), is allocated towards purchase of principal and second homes.  Further, 22 per cent of UHNWIs' investable wealth was allocated towards direct purchase of commercial property (including rental property, offices etc) while 8 per cent was allocated towards indirect purchase of commercial property (including REITs, funds, etc.).  Additionally, the survey cited that 8 per cent of the property portfolio was held overseas.  As per the report, 10 per cent of India's UHNWIs plan to buy a new home in 2022.  Indian UHNWI prefer to invest in properties in the domestic market (home country India), followed by international markets of the UK, the UAE and the US.  Globally, 21% of the ultra-wealthy are expected to purchase a home in 2022.  On an average an Indian UHNWI owns 2.3 homes and 32 per cent of the Indian UHNWIs have rented out their second homes during 2021.  Knight Frank India Chairman and Managing Director Shishir Baijal said: " 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."