With an already robust portfolio of Indian investors, UAE-based developer Nakheel Properties is crafting strategies to make the Gulf nation more attractive to Indians.
The company said that Indian citizens account for 11 per cent of its customers, and hopes the ease of doing business in Dubai will see more investors coming in.
“Rental yield on properties is high in Dubai compared with any other city in India. We have properties ranging from ₹93 lakh to over ₹7.5 crore. Indians have bought 4,500 properties worth $2.5 billion from us in the last few years,” said Sanjay Manchanda, CEO, Nakheel Properties.
The UAE-based developer is showcasing its properties in India to woo Indian buyers. According to data from the Dubai Property Show, Indians are now keen on investing in properties in Dubai, with close to 88 per cent of consumers, primarily from Bangalore, Mumbai, Pune and Ahmedabad, looking to invest ₹3.24-₹6.5 crore in the Gulf city.
Indians, apart from those in the GCC countries, have consistently been the most-prolific buyers of properties in Dubai. From January 2016 to June 2017 alone, they bought property worth more than ₹42,000 crore in the emirate.
A recent report by Knight Frank and IREX said that almost one out of four resident Indians prefer to spend more than $1 million for a house overseas.
Knight Frank said the share of funds spent on buying homes aboard through the Liberated Remittance Scheme dwindled from 8 per cent in FY2006 to 1 per cent in FY2017. But the quantum of investments rose almost 59-fold from $1.9 million in 2005-06 to $111.9 million in 2016-17.
About Nakheel :
Nakheel is one of the world’s leading developers and a major contributor to realising the vision of Dubai for the 21st century: to create a world class destination for living, business and tourism. Nakheel continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors.
Our master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 270,000 people. Nakheel has more than 21,000 residential units under construction or in the pipeline.
Nakheel’s current and future retail project portfolio covers nearly 17 million square feet of leasable space. Developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall. The retail profile also includes several neighbourhood community centres.
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