Mumbai (Maharashtra) [India], Nov 2 (ANI-NewsVoir): Dubai real-estate market, which is a magnet for Indian investors is poised to scale further heights in the coming years on the back of economic prosperity, investor optimism, positive sentiments, and the growing faith in the industry.
As the emirate is getting ready for World Expo 2020, one of the largest international events to take place in the Middle East, the industry gurus foresee tremendous opportunities for Indian investors across all sectors of real-estate, particularly in the residential and hospitality segment.
Experts predict that there will be a growth of 35-50 percent in the region as an effect of the expo 2020.
Many Indians are keen on buying properties in Dubai as Indian expats make up for almost 40 percent of the city's population.
Indians are quite at ease about investing in Dubai as it's a home away from home. With short and frequent flights from most Indian airports (more than 1700 flights a month) and hassle-free visa availability, Dubai is an easily accessible destination for frequent travel for both business and recreational purposes.
For them, it's just like buying property in Mumbai or Delhi. Investment in Dubai is but a rational choice. Apartment rental returns in the city offer yields in the range of 7-12 percent.
Helmed by the opinion leaders of real-estate industry, the programme charted the growth of Dubai realty industry, the prospects leading to World Expo 2020 and opportunities it presents to the Indian buyers.
Organised by Dubai Land Department, just ahead of their upcoming Dubai Property Show being held in Mumbai from November 3-5, at Bandra Kurla Complex, the participants included Majid Saqr Al Marri, Senior Director Real Estate Investment Management and Promotion Center, Dubai Land Department; Sanjay Manchanda, Chief Executive Officer of Nakheel PJSC; Asma Dakkak, Research Manager at JLL; Vijay Sajjanhar, Chief Financial Officer, Dubai Sports City; Sandeep Jaiswal, Deputy Chief Executive Officer, Azizi Developments, Sajid Ali, Director of Sumansa Exhibitions, Rajendra L. Agarwal seasoned overseas property investor and Sanjay Sippy a renowned realtor from Sippy Housings.
"Indian investors made 10,628 transactions worth more than Rs. 36,040 crores in Dubai property between January 2016 and the end of June 2017. Several factors contribute to this, but the key now is the vast potential that it offers to Indians to prosper and grow," said Senior Director, Real Estate Investment Management, and Promotion Center, Dubai Land Department, Majid Saqr Al Marri.
"For businesses, the city is the Gateway to West, which provides a tremendous opportunity for Indians to invest in the city and expand across the region while linking up with the rest of the world. For other investors, property in Dubai doubles as an investment and a vacation home, given the plethora of entertainment avenues it houses," he added.
"For Indians, the hotspots in Dubai are locations such as Jumeirah Lakes Towers, Palm Jumeirah, Downtown Dubai and Dubai Marina, among others, reflecting their penchant for class and luxury. Dubai real-estate also offers better amenities at a lower price. If we see the average ticket size for prime locations in Dubai, it is approx. between Rs. 2.66 crores to Rs. 7.15 crores," said Research Manager, JLL, Asma Dakkak.
"Overall, Indians have invested Rs. 1.1 lakh crores in last three years into Dubai realty. Indians are looking at profitable dividends in the form of rents, resale value, and tax benefits. Investors here enjoy no lock-in period with no capital gains tax and no property tax, buyers can also secure assets ahead of the Expo 2020 boom," said Sajid Ali, Director Sumansa Exhibitions, organizers of property shows across the world and part of the upcoming Dubai Property Show in Mumbai.
"Dubai's excellent transport and social infrastructure, strong demand for rental properties, regulations that allow foreigners to buy freely and strict regulations that ensure that disputes are settled quickly and fairly make it a magnet for real estate investors globally. It's no wonder that Indians account for more than one in 10 of our investors. Between them, they've purchased nearly 4,500 units from Nakheel, spending over Rs. 16,621 crores in the process," added Chief Executive Officer of Nakheel PJSC, Sanjay Manchanda.
"Developers are also steering towards the affordable housing market and are offering attractive staggered payment plans. Many Indian investors are keen on buying into ready communities which offer good connectivity and lifestyle options and several Dubai locations including Dubai Sports City and many others now offer fantastic value," said Chief Financial Officer, Dubai Sports City, Vijay Sajjanhar.
"Property prices are quite affordable now and this is the ideal time to invest in Dubai and reap quick returns, I believe investing in hotel apartments may turn quite profitable due to the upcoming Expo 2020," said Rajendra L. Agarwal, a seasoned Dubai property investor. (ANI-NewsVoir)