Mumbai, October 27: India has yet again emerged as the biggest foreign property buyers in Dubai. Between January 2016 to June 2017, Indians invested Rs 42,000 crore to buy immovable properties in the Emirates. According to the Dubai Land Department, there has been an increase of Rs 12,000 crore from 2014 in the property purchase. This was more than a quarter of total sales of Rs 1 lakh crore of non-Arab property investments in 2014.
Dubai is among the most affordable property destinations for people across the world. In the last month, the Dubai Land Department had stated that between December 2015 and June 2017, the overseas investors purchased properties worth 41 billion in the Emirates.
After the market was opened to foreigners in 2002, the sales of properties in Dubai rose rapidly in the years. As per reports, Indians topped the list of foreign investors with USD 5.6 billion, followed by Saudis with USD 3.4 billion. “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 was quoted by TOI.
As per a recent Knight Frank report, Indian residential property buyers have seen an overall return of 49.3% from 2012-17 which is the highest in the world. According to a study done by Dubai Property Show, at least 8 per cent of consumers would like to seal the purchase within the budget of Rs 65 lakh-3.24 crore while the rest were looking to buy properties above Rs 6.5 crore. It further revealed that apartments emerged as a popular choice with 33% consumers opting for it while villas came close second with 17%. Reports inform Data Indians alone contributed to AED (United Arab Emirates Dirham) 12 billion towards property transactions compared with an overall contribution of AED 91 billion.