Boosting Dubai’s Residential Property Market Demand By Rising Indian Interests
Indian investors Pouring Nearly Three Billion
Cash rich Indians are making a dash for buying properties in Dubai, with real estate consultancies reporting up to 15% rise in enquiries in the first half this year from prospective investors from the South Asian country for residential properties in the most popular Gulf city.
A Stellar Growth Track & COVID-19 Impact
The increasing preference of wealthy residents for moving to relatively safe places in the aftermath of the harrowing experiences of the peak pandemic period in India, coupled with the UAE government’s growing list of initiatives on the long-term residency visas for overseas investors and top professionals are driving the rush to acquire properties in Dubai.
The Indians Circling Dubai Market
Resident Indians in the high income group, mainly businessmen and entrepreneurs, were now seeking to buy a second home in Dubai – a home away from their primary residence in India, following the issuance of Golden and other longer-term residency visas by the UAE.
Dubai acting as one of the perennial favourite investment hubs for Indians interested in buying real estate in foreign countries.
Top Investors In Dubai Property Market
Indian high net worth individuals have been among the top investors in the Dubai property market in the past.
Property prices sliding south and changing buyer preferences post Covid-19, a cross section of other Indian businessmen and professionals have also come forward to show interest.
Jacob said Dubai’s property market witnessed a prolonged period of churning, with property prices steadily declining over the last three to four years.
Facts
- Dubai is regarded as one of the most affordable markets for luxury housing amongst all world cities today.
- Declining prices have added to the appeal of luxury properties which continue to fare well in markets such as Palm Jumeirah – to Indian investors said the Industry executives.