In the brilliant Credit Suisse Emerging Market Survey 2014, a question was asked (among others) to people in emerging markets, about whether they would buy property in the next two years. The answer breakdown was astonishing.
India seems to have the least “interest” in buying real estate in the near future!
Mexico, Brazil, China and Russia all seem to have a good amount of interest in real estate, especially at the higher income levels. Russia sees interest only in the higher income brackets.
In India less than 20% of respondents at any level said yes, including those earning more than 50K a month.
People say things very differently from what they actually do, and the people spoken to are only in some big cities (and less than 3,000 of them) so we might be seeing a sample error in generalizing.