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MUMBAI: Indians bought property worth Rs 42,000 crore in Dubai from January 2016 to June 2017, making them yet again the top foreign property investors in the Emirates, according to the Dubai Land Department.
This is an increase of Rs 12,000 crore from 2014, when the department recorded Indian buyers investing Rs 30,000 crore that year. This was more than a quarter of total sales of Rs 1 lakh crore of non-Arab property investments in 2014.
“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 Rs 42,000 crores in the emirate,” said a statement from Dubai Property Show. The show will hold its third exhibition in Mumbai from November 3-5 at Bandra-Kurla Complex.
A study by Dubai Property Show reveals the purchase pattern of Indians looking to invest in Dubai real estate, along with the preferred property type. According to the study, most (88%) Mumbaikars and residents of nearby cities, including Pune, Ahmedabad and Navi Mumbai, are primarily looking to invest Rs 3.24-6.5 crore. About 8% plan to seal the purchase within the budget range of Rs 65 lakh to Rs 3.24 crore. The rest were looking to buy properties above Rs 6.5 crore. While selecting the property type, apartments were the most preferred (33%), with villas following at 17%. Commercial property and land stood at 9% and 6% respectively. Around 35% were undecided when answering the survey questions.
Dubai Property Show general manager Asanga Silva said, “A recent Knight Frank report quotes that from 2012-17, Indian residential property buyers have seen an overall return of 49.3%, 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.”
Officials said the Dubai property market is highly regulated and safeguards interests of buyers, tenants and landlords alike. “When it comes to renting property in Dubai, the Real Estate Regulatory Agency (RERA) has set definitive laws to regulate the relationship between landlord and tenant, and outline each party’s roles and responsibilities, to minimize often occurring disputes and misunderstandings,” they said.