Indians invested a whopping Dh 5.2 billion in Dubai’s real estate market in the third quarter 2015, taking their total investment to Dh 13 bn in the first nine months.
In the first quarter of 2015, Indians, who once again topped the list of non-Arab expatriate buyers, invested Dh3.04 bn followed by Dh 4.76bn in the second quarter, Dubai Land Department data analysed by Emirates 24|7 shows.
The third quarter, despite the slowdown in the market, saw more Indians buying property in Dubai, driven the capital appreciation and rental yields offered by the local property market to international investors.
Indians have invested Dh44 bn in Dubai’s real estate market in the last three years, including Dh18 bn in 2014.
RBI relaxation helps Indian investors
The emirate’s property market has been beneficiary of the Reserve Bank of India’s move to increase the amount Indians can invest or spend abroad in foreign exchange without seeking its permission.
The bank now allows Indians to buy property abroad, hold shares or debt instruments, or any other assets or purchase gifts up to a limit of $250,000 (Dh917,500) per person per year.
The earlier limit under the liberalised remittance scheme (LRS) was $125,000 but in 2013 it was reduced to $75,000 as the rupee slumped. It was set back at $125,000 in June 2014.
The list of top foreign nationalities also include citizens from the UK, Pakistan, Canada, Russia, China, the USA, France and Afghanistan.