In the eighteen-month period between January 2016 to June 2017, Indians bought property worth Rs 42,000 crore in Dubai, said a Dubai Property Show statement accessed by the Times of India.
The statement indicates that Indians are the top foreign property investors in the Emirates. In 2014, the Department recorded Indians investing Rs 30,000 crore in Dubai’s property.
“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 crore in the emirate,” said the statement.
The Dubai Property show will hold its third exhibition in Mumbai from November 3-5 at Bandra-Kurla Complex in Mumbai. They conducted a study which shows how much Indians are willing to invest in Dubai’s real estate.
While the majority are looking to invest in the Rs 3.24-6.5 crore range, some want to invest within the budget of Rs 65 lakh to Rs 3.24 crore and the others want to invest above Rs 6.5 crore in real estate.
For property type, about 33 percent preferred to invest in apartments, 17 percent preferred villas, 9 percent preferred commercial property and 6 percent preferred land. The remaining 35 percent were unable to choose their preference.
One of the major reasons Indians invest in Dubai’s real estate is because the buyers see an overall return of 49.3 percent, according to Dubai Property Show General Manager Asanga Silva.
Officials told the paper, “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 minimise often occurring disputes and misunderstandings.”
[“Source-moneycontrol”]
