Indian investors have again emerged as the top overseas property investors in Dubai. They bought property worth 42,000 crores from January 2016 to June 2017 in Dubai. These statistics were revealed by the Dubai Land Department. It was an increase of 12,000 crores from 2014.
In 2014 it was recorded by the department that Indian investors invested 30,000 crores. It was more than one-quarter of the total sales of one lakh crores invested by overseas property investors in 2014.
The statement from Dubai Property Show said that Indian investors have consistently been the most prolific overseas property investors in Dubai. The third edition of the show will be held at Mumbai’s Bandra-Kurla Complex from 3 – 5 November 2017.
The purchase pattern of Indians looking for investing in Dubai real estate was revealed by the study of the Dubai Property Show. It also gave an indication of the kind of property preferred. As per the study, 88% of Mumbai investors are chiefly looking for making an investment of 6.5 – 3.24 crores. This also includes residents of close by cities such as Ahmedabad, Pune, and Navi Mumbai, as quoted by the Times of India.
Around 8% of the prospective investors planned to close the purchase in the budget range of 3.24 crores to 65 lakh. Remaining was looking for purchasing properties worth more than 6.5 crores. 33% of the investors preferred apartments as the type of property. 17% of them preferred villas and 9% preferred commercial property. The percentage of undecided investors in the study was 35%.
Asanga Silva the General Manager of Dubai Property Show said that Indian real estate property buyers witnessed the overall return of 49.3% in 2012 to 17. This was revealed by the latest report of the Knight Frank. This was the highest in the world.
Dubai is one amongst the most affordable destinations for property in the world. The appreciation of rupee further pushed Indian investors to Dubai. Officials said that the property market in Dubai is highly regulated. It equally safeguards the interests of landlords, tenants, and buyers.
The Real Estate Regulatory Agency RERA has set definitive laws when it comes to renting of property in Dubai. This is to regulate the relationship between the tenant and the landlord. It outlines the roles and responsibilities of each party. This is done to reduce the frequent misunderstandings and disputes.
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