Indians have become the top foreign property investors in Dubai as they invested a whopping amount of INR420 billion (USD6.4 billion) from January 2016 to June 2017, according to the figures released by Dubai Land Department.
In 2014, Indians made an investment of about INR300 billion ( USD4.62 billion) in the Dubai real estate market which was more than a quarter of total sales of INR 1000 billion (USD15.37 billion) of non-Arab property investments in 2014. Thus, there has been an increase of INR12 billion from 2014.
Dubai Property Show said in a statement, “For years, Indians have consistently been the most prolific non-GCC buyers of Dubai real estate. From January 2016 to June 2017, they bought property worth more than INR420 billion in the emirate."
The show will hold its third exhibition in Mumbai from November 3-5 at Bandra-Kurla Complex.
Dubai Property Show also conducted a study about the buying patterns of Indians regarding their preferred property type. It revealed that (88 per cent) Mumbaikars and residents of nearby cities, including Pune, Ahmedabad and Navi Mumbai, are primarily looking to invest INR 32- 65 million in the real estate.
About 8 per cent plan to seal the purchase within the budget range of INR6.5 million to INR 32.4 million. The rest were looking to buy properties above INR65 million. While selecting the property type, apartments were the most preferred (33 per cent), with villas following at 17 per cent. Commercial property and land stood at 9 per cent and 6 per cent respectively. Around 35 per cent were undecided when answering the survey questions.
Asanga Silva, general manager of Dubai Property Show, said, “A recent Knight Frank report quotes that from 2012-17, Indian residential property buyers have seen an overall return of 49.3 per cent, the highest in the world. Dubai is among the most affordable property destinations, and the strengthening of the rupee further nudged investors in this direction."