Indians in Dubai
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Indians: Top foreign property investors
The Times of India, Nov 01 2015
Nauzer Bharucha
In Dubai realty sector, Indians are the top foreign investors
Indians have emerged the top foreign property investors in Dubai, spending over Rs 30,000 crore in 2014 alone.This is more than a quarter of the total of around Rs 1 lakh crore of `non-Arab' property investments recorded in 2014, according to the Dubai land department. In the first half of 2015, Indians were again the most prolific foreign investors, with 3,017 transactions worth over Rs 13,000 crore.The department said 123 different nationalities spent over Rs 42,400 crore in the same period.
In the first week of November 2015, leading Dubaibased developers will descend on the city to entice Indians to invest in the Emirate's real estate. The property exhibition in Mumbai comes at a time when Dubai's property market is still shaky--prices fell by 12.2% during 2014, the argest drop in the world, ac ording to real estate consulancy Knight Frank. Russians, who were one of the biggest property investors in Dubai, left after the 2008 global financial crisis, said sources. The biggest names in the construction industry in Dubai are now vying to entice Indian buyers to invest in apartments and villas at prices they claim are much cheaper than Mumbai.
But a Knight Frank official said over the past year, there was a fall in the proportion of Indian real estate investment in Dubai. “In H1 2015, Indians accounted for 15% of the total spent on property--versus 25% in H1 2014,“ he said.
“Proximity to India, lower interest rates, rental yield ranging 4-7% annually , high tax-free returns on investments of around 20% and a regulated market are key driving factors for Indian investments into the sector,“ said a market source.
