[ecis2016.org] UAE’s real estate sector may have felt the aftershocks of India’s demonetisation move, with some cancellations being reported in bookings but real estate experts remain bullish for a mid-to-long term positive effect
With the real estate sector in India going through a rough patch, Dubai’s property market could stand to gain, as an attractive investment destination. “The key triggers that attract Indians to Dubai are its burgeoning Indian diaspora, attractive rental returns, high capital returns, ease of buying property and the regulations in Dubai versus those in India, property-based visas and the growth of Dubai as a hub,” said Mansi Saxena, marketing director at SPF.
Incidentally, the second edition of Dubai Property Show (DPS), is scheduled to be held in Mumbai, from December 9 to December 11, 2016. DPS Mumbai will showcase Dubai’s premium properties catering to a wide range of budgets.
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“Indians have historically been the highest foreign investors in the UAE, particularly in Dubai,” said Kalpesh Sampat, COO of SPF. “In the first half of 2016, Indian nationals contributed the lion’s share of investments – AED 7 billion (USD 1.9 billion) from 3,656 transactions, according to the Dubai Land Department (DLD), making them the biggest investors in Dubai’s real estate over the period,” he added.
Pointing out that Indian investment grew in double digits, on a year-on-year basis, CEO of SPF Realty, Ranjeet Chavan said that the UAE remains a very attractive destination for Indian nationals, due to its proximity to the sub-continent.
“Dubai is among the top 3 preferred destinations, to buy property abroad for Indian investors,” he said.
Although the sector is not growing exponentially, it is stable and increasing gradually, he added. “This is the sign of a maturing industry, which is a good thing in the long run. Consumers are still renting and buying and the way the supply is going, property prices are definitely going to increase,” he said.
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