Expert hails 'crunch-proof' market

One far-flung property market is apparently immune to the global credit crisis...

Andrew Fassnidge, Managing Director of Navyroof.com enthused: “India’s strong economic growth reflects the profound changes occurring in society. Over half of India’s current population is under 25, giving India the world’s largest population of workers and consumers by 2020.

“Increased urbanisation and modern young Indians preferring to live on their own means demand for housing has never been higher. Mortgage lending increased tenfold between 2000 – 2005 yet the ratio of mortgages to GDP remains low, which shows the massive potential in the property market.

“All the economic indicators project a bright, sustainable future for India with Merrill Lynch predicting a seven-fold increase in the Indian property market by 2015. In the last two years alone, property prices in India increased by 70 per cent.

“Industry commentators are mooting that whilst the USA and Europe look to be involved in an economic downturn, emerging markets such as India, may be the ‘crunch proof’ economies”.