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There is a reason why ‘austerity’ is Merriam-Webster's 2010 Word of The Year and ‘pragmatic’ a close second. These words reflect the investment and buying decisions of investors in the West. No sector underscores this shift than property. The upshot of investor behaviour is that house prices in most Western countries have fallen or been stagnant for many months after the recession pummelled global real estate markets.

Builders are finding few buyers and governments are more open to foreigners owning property. For Indians, global realty’s fall has presented an opportunity. Many are driving bargains, helped by the stream of foreclosures and short-sale properties available at attractive prices in most markets. The UK, especially London, continues to be a highly sought-after address.

Likewise, Dubai and Singapore are preferred by the rich, celebrities and expats. Importantly, Indians are looking beyond Europe and the US, particularly destinations closer home such as Malaysia and Thailand . In the UK, demand is high in the midrange price sector of £400,000-700,000 (Rs 2.8 crore-4.9 crore), says a study by global property consultancy firm Knight Frank . This means Indians prefer relatively affordable locations such as St John’s Wood and Kensington.

“Greater London is preferred by Indians looking at locations such as Harrow, Hounslow, St John’s Wood and Wembley,” says Chhavi Jagtiani, head of country (India), Hamptons International, a UK real estate agent. In Greater London, a singlebedroom apartment costs upwards of £225,000, or Rs 1.6 crore, and a twobedroom one nearly £300,000, or Rs 2.1 crore. In Central London, prices vary across locations.