Survey lists Latvia among Indian overseas home markets

Rental income and capital appreciation are emerging as leading reasons for resident Indians to buy homes abroad. A joint Knight Frank India and IREX survey, Keys Beyond Borders, finds that 61% of respondents intend to purchase international property for those financial objectives. The survey also identifies Georgia, Cyprus, Malta and Latvia among other markets attracting interest from prospective buyers.

The report looks at how resident Indians are approaching international residential markets. Destinations drawing interest include the UAE, Greece, Thailand, Portugal, Australia, the United States, the United Kingdom, Bali in Indonesia, Canada and Malaysia. Residency opportunities, portfolio diversification, lifestyle preferences and long-term financial objectives also shape purchasing decisions.

Overseas property now accounts for 13% of respondents’ total wealth allocation, compared with about 5% a decade ago. Real estate represents an average of 45% of total wealth allocation, made up of 32% in domestic property and 13% overseas. The survey finds that 84% of respondents already own property overseas, while 16% are prospective first-time buyers in international markets.

Residency and Golden Visa opportunities rank first among five key factors influencing overseas purchases. Other considerations are portfolio diversification and currency hedging, business expansion and tax benefits, and children’s education and lifestyle improvement.

Shishir Baijal, International Partner, Chairman and Managing Director of Knight Frank India, said overseas residential property is increasingly treated as part of a broader wealth and investment strategy. He said decisions are shaped by rental income and capital appreciation as well as residency opportunities, lifestyle preferences and diversification across markets. He added that the report captures intentions of resident Indians considering overseas residential purchases under the Liberalised Remittance Scheme, rather than the entire overseas property investment market among Indians.

The survey indicates that 85% of respondents plan to invest between USD 250,000 and USD 1 million. Apartments and condominiums are the preferred choice for 69%, followed by villas and townhouses at 26%. Penthouses account for 4% and branded residences for 1%. On size, 76% prefer homes of 1,500 to 2,500 square feet: nearly 49% favour 2,000–2,500 square feet and 27% favour 1,500–2,000 square feet.

Business owners, traders and industrialists are the largest group, at 53% of those considering overseas acquisitions. Corporate executives and working professionals represent 30%, up from 7% a decade ago, and first-generation entrepreneurs account for 11%. Additionally, 76% of respondents are aged 35 to 50.

Property-related remittances by Indian residents for immovable property abroad rose 64% year on year to USD 528.70 million in FY2025–26, from USD 322.82 million in FY2024–25. That rise came even as overall Liberalised Remittance Scheme outflows fell by about 2%. Property-related remittances were around 1.8% of total LRS outflows.

Lavanya Anand, Event Director at IREX, said growing interest reflects a more considered approach to global property ownership, where investment potential, residency options and lifestyle aspirations meet. She stressed the need to understand market-specific opportunities, regulatory frameworks and ownership considerations before investing. The report builds on Knight Frank India and IREX research from 2017. The findings are stated purchase intentions, not completed transactions or an estimate of all Indian overseas buyers, and they cover selected destinations and the core investible market, excluding trophy and ultra-prime assets. Funding must comply with RBI regulations, FEMA provisions and tax requirements in India and the destination country.