MUMBAI: The UAE real estate sector might have felt the after-shocks of the country’s demonetisation move with some cancellations being reported in bookings, but the real estate experts are bullish for a mid-to-long term positive effect.
Rather, they feel that it was right time for Indian investors to buy property in Dubai.
“The key triggers which attract Indians to Dubai are burgeoning Indian diaspora, attractive rental returns, high capital returns, ease of buying property and the regulations of real estate authorities in Dubai vs India, property-based visas, and growth of Dubai as a hub, given upcoming Expo 2020,” Mansi Saxena, marketing director at SPF said.
The second edition of Dubai Property Show (DPS) which will be held in Mumbai from December 9 to 11.
In addition to that, with the real estate sector suffering in India at the moment, Dubai remains a very attractive investment destination, she said.
“Indians have historically been the highest foreign investors in the UAE, particularly in Dubai,” said Kalpesh Sampat, COO of SPF.
“In 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) statistics, making them the biggest investors in Dubai real estate over the period,” he added.
DPS Mumbai will showcase Dubai’s premium properties catering to a wide range of budgets.
Pointing out that Indian investment grew in double digit on year-on-year basis, CEO of SPF Realty, Ranjeet Chavan, said the UAE remains a very attractive destination for Indian nationals due to the proximity to the sub-continent.
“Dubai is among the top 3 preferred destination to buy property abroad for Indian investors,” he said.
As to whether the sector is facing stress like many other sectors, Chavan said that “not really. It is not going up exponentially, but it is stable and increasing gradually. This is just a sign of a maturing industry, which in the long run is a good thing.”
Chavan said it was the right time to buy property in Dubai.
“Consumers are still renting and buying, and the way the supply is going, the property prices are definitely going to increase. This is the right time to buy,” he said.
Article Source: Economic Times India