NEW DELHI: Indians have emerged the top foreign property investors in Dubai, spending over USD 3.2 billion last year alone, according to the Dubai Land Department.
The total real estate investments last year reached Dh91 billion (USD 2.4bn) from 55,928 investors and Indians were ranked highest in terms of both volume and value among foreign investors with Dh12 billion (USD 3.2 bn) worth of property transactions from 6,263 buyers.
In an effort to attract more investments from Indians, the 13th edition of the International Property Show will be held from April 2-4 this year. "The UAE's safe haven status, stable economic growth and bottomed out prices have been the key factors for attracting Indian realty investments in Dubai. In addition, many Indians find Dubai as their base for business between India and the wider Europe and Middle East," said Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show.
Dubai is increasingly becoming a favorite destination with Indians for a number of reasons, including high capital gains, great return on investment, tax-free environment, proximity to India, and transparent deals amongst many others.
"The profits on properties in Dubai in the form of rents and resale are high," Al-Shezawi said. The 13th edition of the International Property Show is expected to be the biggest since its return, with over 200 exhibitors from 50 countries to participate. It was noted that while the investments from Indians spearheaded the Dubai realty market, GCC citizens contributed Dh35 billion (USD 9.5 bn) from 12,768 investors, of which 3,294 investors from Saudi Arabia made transactions worth Dh8 billion (USD 2.1bn).
Gulf Cooperation Council's (GCC) member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Pakistan contributed Dh4.4 billion (USD 1.1bn) from 3,372 investors, while British investments amounted to Dh5.8 billion (USD 1.5bn) from 3,372 investors.