Indian Nationals Invested $22.6 Billion in Dubai’s Real Estate in 5 Years

Properties worth Dh83.65 billion ($22.6 billion) were bought by Indian nationals in Dubai from 2013 to 2017, according to statistics compiled by the Dubai Land Department (DLD).

Indian nationals, who are the biggest foreign investor group in Dubai’s real estate, invested Dh15.6 billion in real estate in the city in 2017. In 2016, they invested Dh12 billion, while in 2015, the corresponding figure was Dh20 billion, DLD said, the Khaleej Times reported.

Indians, who form the largest expatriate population in the United Arab Emirates, are also the largest foreign owners of business establishments in the Gulf country. The figures showing the spending power from 2013 to 2017 were revealed ahead of the Dubai Property Festival, which will be held from April 9 to 11 this year at the Dubai World Trade Centre.

“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,” Sultan Butti bin Mejren, the director general of Dubai Land Department, was quoted as saying in the report.

Although many Indian expats stay in rented homes, several freehold houses are also owned by Indian nationals. Most of Dubai’s residential stock of 490,000 homes is said to be occupied by Indian expats.

“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,” said Dawood Al Shezawi, the head of the Organizing Committee of Dubai Property Festival, reported Arabian Business.

“We have put India in our global map of increased interaction and have been supporting the Indian Property Show in Dubai while also organizing Dubai Property Show in Mumbai – the commercial capital of India,” Al Shezawi added.

In 2017, the DLD recorded 69,069 real estate transactions, with total value going beyond Dh285 billion. “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,” Al Shezawi added.