With a favourable dirham-rupee exchange rate, many expat Indians based in United Arab Emirates are interested in buying costlier properties in India. This has been revealed in a survey conducted by Sumansa Exhibitions, the organisers of an upcoming property show in Dubai.
According to the survey, there has been an increase of 45 per cent in the number of Non-Resident Indians (NRIs) seeking residences priced between INR5.1 million to INR7.5 million. There has also been an increase of nearly 12 per cent in those budgeting for INR7.6 million to INR10 million.
The survey was conducted among 10,000 Indian expats in the UAE. While earlier polls showed a marked preference for Mumbai, Chennai and Bengaluru as the most coveted spots, in this one, cities in the south Indian state of Kerala proved to be just as popular.
Reflecting on the trends in the survey, R. Srividya, General Manager - Corporate Sales and Brand Engagement of Indian Property Show, Sumansa Exhibitions, said, “In 2017, total NRI investment in realty in top eight cities is expected to touch USD11.5 billion (AED42.23 billion).”
He added, “This will represent 20 per cent of the total market share, currently estimated at USD60 billion.”
The survey also uncovered a number of other interesting trends related to NRI investments into their home country. The survey was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned, etc.
The Indian Property Show will be held from June 8 to 10, 2017 at Dubai World Trade Centre.