Over the years, Indians figured among the top buyers of properties in Dubai. However, off late there was a change in perception about properties in this Gulf city. Now, the prospective buyers are more cautious. They are no longer responding to all sorts or property bargains. On the contrary, they are responding only to “true” property bargains. They are no longer concerned about the first available options.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, has said that many Indians still have business interests as well as family ties in Dubai. This is due to the fact that there has been a long-standing socio-cultural affinity between India and the United Arab Emirates in general and Dubai in particular. Nowadays, Indians are regarding the UAE market in general and Dubai in particular with lot of circumspection than earlier. This is the reason why they are responding to true property bargains rather than the first available options.
During the first six months of the year, Indians spent more than Dh5 billion to buy properties including land, apartments and villas. Figures released by the Dubai Land Department show this impressive growth of ownership by Indians in this Arab country.
With the announcement of the three-year real estate investor visa by the UAE govt, the process will become even quicker.
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