Indian Expats Dubai : The creation of the Freehold Decree in Dubai in 2002 gave foreigners the right to buy property, sell property and lease property at their own discretion. It was the first ownership opportunity of its kind in the UAE and a catalyst for unprecedented economic expansion.
“The law made Dubai a far more attractive proposition for expatriates as new developments aimed at foreign nationals began to spring up across Dubai,” explains Green.
He clarifies that the inward investment promoted by the Freehold Decree helped launch multiple projects like the ‘New Dubai’ area, an extremely popular expat community made up of master-developments like the Dubai Marina, Jemeirah Lake Towers and Emirates Living.
Even the Downtown Dubai development, which contains the world’s tallest building – Burj Khalifa, and the Palm Jumeirah were examples of key Freehold projects.
The overall effect was an influx of expat immigration, and massive growth in economic sectors like construction, architecture, engineering and other real estate related services. As more and more job opportunities materialized and added international attention adjusted its focus to Dubai, the city became a global hotspot and a prime destination for expats to live lavishly and save on spending.
Indians bought property worth Rs 42,000 crore in Dubai from January 2016 to June 2017, making them yet again the top foreign property investors in the Emirates, according to the Dubai Land Department.
This is an increase of Rs 12,000 crore from 2014+ , when the department recorded Indian buyers investing Rs 30,000 crore that year. This was more than a quarter of total sales of Rs 1 lakh crore of non-Arab property investments in 2014.
“For years, Indians have consistently been the most prolific+ non-GCC buyers of Dubai real estate. From January 2016 to June 2017, they bought property worth more than Rs 42,000 crores in the emirate,” said a statement from Dubai Property Show. The show will hold its third exhibition in Mumbai from November 3-5 at Bandra-Kurla Complex.
A study by Dubai Property Show reveals the purchase pattern of Indians looking to invest in Dubai real estate, along with the preferred property type. According to the study, most (88%) Mumbaikars and residents of nearby cities, including Pune, Ahmedabad and Navi Mumbai, are primarily looking to invest Rs 3.24-6.5 crore. About 8% plan to seal the purchase within the budget range of Rs 65 lakh to Rs 3.24 crore. The rest were looking to buy properties above Rs 6.5 crore. While selecting the property type, apartments were the most preferred (33%), with villas following at 17%. Commercial property and land stood at 9% and 6% respectively. Around 35% were undecided when answering the survey questions.
Call +91 – 9845017139 / +91 – 9845044734 / + 91 – 9845064533 / 080 – 42110 448 / 080 – 42124147 / 080 – 49598502 to Know more about buying Property in Dubai