Cash-rich Indians have been re-entering the Dubai property market in large numbers after a long break this year, lured by attractive discounts and payment plans, according to Anarock Property Consultants (APC).
The recent months have also seen secondary markets in the UAE gaining traction with expat Indians, who intend to use the market conditions to upgrade from being a tenant to an owner, the consultants said. Shajai Jacob, CEO (GCC region) at APC told local press: “The second quarter of the current fiscal year has seen demand pick up from Indian investors. Indian business communities, who are frequent travellers to the UAE or want a trophy asset, have also taken advantage of the price softening to close some major deals during this period.”
JLL India also confirmed the rising interest from wealthy Indian investors. “Our teams from different cities in India are reporting increased enquiries for overseas properties, especially in Dubai,” said Samanta Dasa, head of research, JLL India.
Industry experts feel the decision to move the IPL (Indian Premier League) - the largest cricket league in the world - to Dubai this year will also reignite Indian investors’ interest in the Dubai property market.