Bollywood celebrities : For some time now, Indian investors have been gravitating towards the luxurious setting of Dubai to invest in its financially rewarding real estate sector.
Among these investors is a group of people who are worshipped by fans in India and abroad for their onscreen performances and off-screen antics. They are none other than Bollywood stars who have awed audiences with their stellar performances over the years and amassed the kind of wealth that mere humans can only dream of.
After carving out successful film careers for themselves and cementing their position as top stars in the film industry, these actors are now putting their money where it matters.
A common perception about rich people is that when they want to invest their money, they either purchase an expensive car, or a high-end property in a certain corner of the world. For some of the most famous Bollywood stars, Dubai is that corner of the world where properties offer them the best rates and rental yields anywhere in the world.
According to leading UAE portal Bayut.com , average apartment rental yields in Dubai remained close to 5.5% in February 2016, although they went as high as 7.6% for studio apartments, the most popular apartment renting category. These lucrative yields have been the reason thousands of investors converge in Dubai each year, and Indian celebrities couldn’t be far behind, especially when Indian urban centers are become expensive by the day.
Catching a whiff of the situation, real estate developers in Dubai have turned towards Indian sports stars and Bollywood celebrities to help them lure in wealthy Indian expatriates to invest in their development projects. The stars also make investments in the UAE, particularly Dubai, in a bid to add value to their capital while also acting as brand ambassadors for different developers.
Keeping Indian investor culture alive, the latest addition to the long list of Bollywood stars who have purchased some of the finest properties in the emirate is Anil Kapoor, from the Slumdog Millionaire .
Kapoor recently purchased a two-bed apartment in Danube Properties’ Ritz project in Al Furjan. The actor said this his decision was influenced by good property prices in Dubai which provide heartening yields.
According to statistics revealed by Dubai Land Department, the total number of investments in the emirate’s realty sector in 2015 amounted to AED 135 billion. Out of this, around AED 74 billion investments were made by non-Arab investors. Sitting on top of this list were Indians who made transactions worth AED 20 billion in the emirate’s realty sector.
Before Kapoor, other Bollywood stars had landed sought after properties in posh localities of Dubai. Sharukh Khan’s K-93 villa is located at the Al Khasab Cove of the Palm Jumeirah. The two-levels of development are spread over 8,500 square feet and 14,000 square feet plots respectively and houses all modern living facilities available at present.
Similarly, Bollywood power couple Abhishek and Aiswarya Bachchan, the torch-bearers of the powerful Bachchan family of Bollywood, bought a villa in Sanctuary Falls, Jumeirah Golf Estates. The villa comes with landscaped gardens and a resort style swimming pool and its price is thought to be worth somewhere between AED 15 to 35 million.
Moreover, joining these famous faces from the world of celluloid is Bollywood star of yesteryears, namely Shilpa Shetty. Until recently she owned a two-bedroom apartment in the Burj Khalifa, which she later sold out. Nonetheless, Shetty still endorses property investments in Dubai in the capacity of a brand ambassador for renowned developers.
After coming of age, real estate developers in Dubai were quick to realise the importance of attaching recognizable names with their brand, knowing well that a famous resident in their community will attract more investors to their projects, thus giving a boost to the emirate’s realty sector. To target investors in the South Asian market, Bollywood stars have proven to be the natural choice for most developers based in Dubai.
Looking at the present situation, it is unlikely that the culture of Bollywood investments in Dubai will discontinue in the future since stars now realise that they can live quality luxurious life at a fraction of the cost of most Indian cities. Also, keeping in mind the flight time of two-and-a-half hours from Mumbai to Dubai, Bollywood stars have the added option to head out to the emirate over the weekend to lounge at their coveted properties, unwind from their hectic film shooting schedule and bask in the warmth of their savvy investments.
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