Indians have become the biggest overseas property investors in Dubai, UAE, spending more than Rs 30,000 crore ($4.59 billion) last year alone, said a report.
This is more than a quarter of the total of around Rs1 lakh crore ($15.3 billion) of the ‘non-Arab’ property investments recorded last year, reported the Times of India citing data from the Dubai land department.
In the first half, Indians once again dominated the foreigners’ list, with 3,017 transactions worth over Rs13,000 crore ($1.98 billion) compared to investors from 123 different nationalities who spent a total of over Rs42,400 crore in the same period, stated the report.
This week, leading Dubai-based developers will be in Mumbai to woo Indians to invest in Dubai’s real estate at a property exhibition.
The show comes at a time when Dubai’s property market is still shaky – prices fell by 12.2 per cent during the past year, the largest drop in the world, according to real estate consultancy Knight Frank.
With the Russians, who were one of the biggest property investors in Dubai, leaving the scene after the 2008 global financial crisis, leading UAE developers are now wooing the Indians to invest in apartments and villas at prices they claim are much cheaper than Mumbai, the report added.