Mumbai: Indians top the list of foreign nationalities’ buying properties in Dubai at Rs 13,600 crores ($2 billion) in the first six months of 2016 alone compared to Rs 37,060 crores ($5.45 billion) in 2015, a rise of 10 per cent from 2014.
With an eye on tapping the 14,400 multi-millionaire Indians, the Dubai Land Department in partnership with Sumansa Exhibitions is showcasing properties ranging from Rs 82 lakhs for apartments and villas at Rs 2.5 crore in Mumbai over the weekend.
Dubai is the favourite property investment destination for Indians because of lower interest rates, lucrative rental yield ranging from 7-12 per cent annually, security, tax-free returns on investments of around 20 per cent, 50 per cent leverage and attractive payment plans etc.
In 2015, around 9,748 people, with a combined purchases of a staggering total value of 22.84 billion Dirhams. In 2016 till date the amount of investors reached 3,656 who have together spent 7.27 billion Dirhams.
British citizens were the second biggest group of purchasers of property after Indians, splashing Rs 7,344 crores ($1.08 billion) through 2,010 transactions.
Masood Al Awar, chief commercial officer, Dubai Properties Dubai is the top performing investment location for real estate and over the years, “Indian investors have continued to view the Emirate as an appealing platform to fulfill their investment needs. Our participation in this year’s Dubai Property Show highlights our role in leading the development drive across Dubai with a broad choice for end-users and investors in residential and commercial real estate, across the full spectrum of the market — from luxury high-end products to more affordable offerings.
