Indian nationals, who form the largest foreign investor group in Dubai’s real estate market, have bought properties worth more than AED83 billion ($22.6 billion) in the last five years, according to new statistics.
The spending power – from 2013 to 2017 – has been revealed in figures compiled by Dubai Land Department ahead of the Dubai Property Festival taking place in April.
Indians invested AED15.6 billion in Dubai’s real estate in 2017, AED12 billion in 2016 and AED20 billion in 2015 – the highest in a year, DLD said.
Indian nationals form the largest expatriate population in the UAE and they are also the largest foreign owners of business establishments in the country.
Most of Dubai’s residential stock of 490,000 homes is occupied by the Indian expatriate population. Indian expatriates mostly rent homes although tens of thousands of freehold homes are also owned by Indian nationals.
Dubai Land Department recorded 69,069 real estate transactions with a total value exceeding AED285 billion in 2017.
Dubai Property Festival takes place at Dubai World Trade Centre from April 9-11 and is expected to attract most developers, brokers, banks, mortgage providers and financial institutions.
The event is part of the DLD’s on-going efforts to support the real estate sector and create a win-win situation for all the stakeholders.