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Indian nationals, who form the largest foreign investor group in Dubai’s real estate, have bought properties worth Dh83.65 billion in the last five years – from 2013 to 2017 – in Dubai’s property sector, according to statistics compiled by Dubai Land Department.
They invested Dh15.6 billion in Dubai’s real estate in 2017, Dh12 billion in 2016 and Dh20 billion in 2015 – their highest in a year, according to Dubai Land Department.
His Excellency 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.
The announcement comes as Indian Prime Minister Narendra Modi visits the UAE from February 10-11 where a number of announcements on UAE-India strategic partnership is expected to take place, especially on the UAE’s planned US$75 billion investment in to Indian economy.
Indian businessmen also own some of Dubai’s large real estate companies, such as Sobha LLC, Danube Properties, Gemini Property Developers, Indigo Properties, Rocky Real Estate, City Tower Real Estate among many others.
“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,” Dawood Al Shezawi, Head of the Organising Committee of Dubai Property Festival, said. “The majority of the property brokers, a number of property developers have been contributing to the growth of our economy.”
Dubai Land Department recorded 69,069 real estate transactions with a total value exceeding Dh285 billion (US$77.6 billion) in 2017, including Dh107 billion (US$29.15 billion) investment by 39,480 investors through 52,958 billion – more than 65 percent of which is by foreign investors.
The overall value of the land transaction of Dubai, worth Dh285 billion is higher than the GDP of 144 countries in the world – according to the list of 211 countries prepared by the United Nations.
“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,” Dawood Al Shezawi says. “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.”
Indian nationals are expected to remain at the forefront of the a three-day mega property sale activities at the Dubai Property Festival, taking place at Dubai World Trade Centre from April 9-11, 2018 – where most participating developers, brokers, banks, mortgage providers and financial institutions – are expected to launch mega discounts on onsite property sale and auction, overseen by Dubai Land Department.
Dubai Property Festival, a real estate business-to-consumer (B2C) sales event, will coincide with a series of global events aimed at attracting inward investment in to the UAE. The three-day festival is expected to witness a flurry of buying and selling activities to be participated by hundreds of participants – property developers, brokers, lenders, mortgage providers, investors and home buyers.
The first of its kind purely sales and purchase event will help stimulate the emirate’s buoyant real estate sector that has witnessed Dh285 billion worth of transaction in 2017.
The initiative undertaken by Dubai Land Department in partnership with International Property Show, is part of the Department’s on-going efforts to support the real estate sector and create a win-win situation for all the stakeholders – the developer community, brokers, property buyers, investors, banks and mortgage lenders.
Most of Dubai’s residential stock of 490,000 homes is occupied by Indian expatriate population. Indian expatriates mostly rent homes although tens of thousands of freehold homes are also owned by Indian nationals.
Indian buyers are likely to be the major participants are the event as many Indian residents would now consider buying homes due to attractive prices. We expect to see greater footfalls by NRIs at the Dubai Property Show this year,” Dawood Al Shezawi says.
Dubai Property Festival could help more and more people buy residential properties for their stay as well as investment purpose.
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