Hot property: Indians top foreign investors in Dubai realty, pump in $4,884 bn in 2013

Dubai: India tops the number of foreign investors and investment transactions in Dubai’s real estate market, according to the organisers of a leading property show being held in this West Asian metropolis in the United Arab Emirates (UAE).

This year’s International Property Show (IPS), to be held April 8-10, will have a large Indian participation under the umbrella of the National Real Estate Development Council (NAREDCO).

NAREDCO is a premier body of Indian developers which works under the aegis of India’s ministry of housing and urban poverty alleviation (MHUPA) and represents a combination of government representatives and private developers.

[caption id=“attachment_81329” align=“alignleft” width=“380”]  Reuters[/caption]

IPS organisers said that India was reinforcing its stature not only as one of the leading investors in the Dubai realty market but also as a country that offers diverse realty offerings to investors based in the Middle East.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

Dubai Land Department (DLD) said earlier that more than 8,092 investors from India notched up transactions worth 17,939 billion dirhams (Around $4,884 billion) in Dubai real estate during 2013, surpassing all foreigner investors in the emirate’s property sector.

“Indian investors are very active in Dubai property sector. Investing nearly 18 billion dirhams in Dubai reflects the huge interest from Indian investors in the Dubai market and their confidence in the lucrative returns,” said Sultan Butti Bin Mejren, director general of DLD.

“Indian investors are very active in Dubai property sector. Investing nearly 18 billion dirhams in Dubai reflects the huge interest from Indian investors in the Dubai market and their confidence in the lucrative returns,” said Sultan Butti Bin Mejren, director general of DLD.

“It is obvious that the Gulf region has presented itself as a key investments player in the world. The well developed infrastructure and strategic location of Dubai will drive this sector to greater success,” he added

Dawood Al Shezawi, chief executive of Strategic Marketing & Exhibitions, the organisers of IPS, said in a statement: “A visit to the NAREDCO India Realty Pavilion will offer Indian expatriates living in the UAE and the Gulf a unique opportunity to select a place back home at a time the real estate is becoming one of the most lucrative investment options for NRIs.”

“For Indians in the Gulf, investing in India is a sentimental decision as it is driven by a need to remain connected to their roots,” Sunil Mantri, president of NAREDCO added.

“With definitive pick up in the economy, as the GDP has improved, inflation has moderated, growth in industrial production is seen with other positive triggers, that has driven the stock markets to the current levels, investment in properties in India would be an lucrative Investment option,” Mantri said.

NAREDCO has announced that the Indian pavilion would include some of the finest properties from across India from developers in Mumbai, Delhi, Bangalore, Goa, Noida and Gurgaon.

IANS