India emerging largest foreign investor in Dubai property market: report
07 Apr 2014
Indians are the largest group of foreign investors in Dubai's real estate market accounting for the largest number of property investment transactions, according to the National Real Estate Development Council (NAREDCO), a leading real estate body in India
The International Property Show (IPS) in Dubai, which begins this week, will have a large Indian participation, NAREDCO said in a statement.
More than 8,092 investors from India invested in Dubai real estate during 2013, surpassing all foreigner investors in the Emirate's property sector, NAREDCO quoted data available with the Dubai Land Department (DLD) as showing.
NAREDCO, a leading real estate body which works under the aegis of ministry of housing and urban poverty alleviation (MHUPA), said the Indian pavilion will include properties from developers in Mumbai, Delhi, Bangalore, Goa, Noida and Gurgaon.
"Indian investors are very active in Dubai property sector. Investing nearly $4.9 billion in Dubai reflects the huge interest from Indian investors in the Dubai market and their confidence in the lucrative returns.
"It is obvious that the Gulf region has presented itself as a key investment player in the world. The well-developed infrastructure and strategic location of Dubai will drive this sector to greater success," said Sultan Butti Bin Mejren, director-general of the Dubai Land Department.
President NAREDCO Sunil Mantri said for Gulf-based Indians, investment in properties in India would be a lucrative proposition at a time when the GDP has improved and inflation moderated.
Investing in India is also a "sentimental decision" for NRIs as it is driven by a need to remain connected to their roots, he added.
"With definitive pick-up in the economy, as the GDP has improved, inflation has moderated, growth in industrial production is seen with other positive triggers, that has driven the stock markets to the current levels, investment in properties in India would be a lucrative Investment option," he said.
The annual Dubai International Property Show that started in 2001, has now become Middle East's foremost property marketplace attracting top-tier investors and property professionals from across the globe.
