Indian nationals, who form the largest foreign investor group in Dubai’s real estate market, have bought properties worth more than AED83 billion ($22.6 billion) in the last five years, according to new statistics.
The spending power – from 2013 to 2017 – has been revealed in figures compiled by Dubai Land Department ahead of the Dubai Property Festival taking place in April.
Indians invested AED15.6 billion in Dubai’s real estate in 2017, AED12 billion in 2016 and AED20 billion in 2015 – the highest in a year, DLD said.
Sultan Butti bin Mejren, director general of Dubai Land Department said: "Dubai Property Festival is one of our initiatives and the latest platform to promote Dubai real estate, reflecting our mission to make Dubai the best destination for investment, ideal choice for business and living. We are working with all stakeholders in the real estate sector to make the festival a rewarding opportunity for all.”
Indian nationals form the largest expatriate population in the UAE and they are also the largest foreign owners of business establishments in the country.
Most of Dubai’s residential stock of 490,000 homes is occupied by the Indian expatriate population. Indian expatriates mostly rent homes although tens of thousands of freehold homes are also owned by Indian nationals.
“Indian nationals are the largest group of foreign investors in Dubai’s real estate and as both the UAE and India strengthen strategic relationship, we see a greater synergy and increased investment by Indian nationals in UAE,” said Dawood Al Shezawi, head of the Organising Committee of Dubai Property Festival.
Dubai Land Department recorded 69,069 real estate transactions with a total value exceeding AED285 billion in 2017.
“As UAE-India relationship strengthens, Dubai Land Department also deepens its engagement with Indian economy to help create a win-win situation for all stakeholders,” Al Shezawi said. “We have put India in our global map of increased interaction and have been supporting the Indian Property Show in Dubai while also organising Dubai Property Show in Mumbai – the commercial capital of India.”
Dubai Property Festival takes place at Dubai World Trade Centre from April 9-11 and is expected to attract most developers, brokers, banks, mortgage providers and financial institutions.
The event is part of the DLD’s on-going efforts to support the real estate sector and create a win-win situation for all the stakeholders.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.