Categories: Economy

Indians pump up Dubai’s real estate market

<p>
Dubai’s real estate sector is largely dependent on high net-worth Indians. And now as the world prepares for a post-Covid phase, a large number of Indians are once again eyeing Dubai’s property market.</p>
<p>
Since 2017, Indians have ranked amongst the top three nationalities investing in properties in Dubai, a study by Anarock, a real estate consultancy firm said. Dubai’s real estate sector contributes handsomely to the country’s GDP and “is a reliable indicator of the overall economic scenario of the nation,” it said.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/world-news/india-despatches-dragon-fruit-consignment-to-dubai-in-a-push-to-health-food-exports-98159.html">India despatches Dragon Fruit consignment to Dubai in a push to health food exports</a></strong></p>
<p>
In 2019 just before the outbreak of the Covid 19 pandemic, Indians contributed 16 per cent of the housing sales – in terms of volume—in Dubai. "Dubai has always attracted Indians and many HNIs have invested in homes there. This is also one way to get a residency permit in the UAE and therefore many have opted to buy properties there," an analyst said. </p>
<p>
In 2019, real estate contributed 7.2 per cent to Dubai’s GDP. With supply being highly regulated since the pandemic, the increase in demand will keep property prices on the upward trajectory for the foreseeable future.</p>
<p>
In January 3,300 property transactions took place – an increase of 37 per cent in volume from the corresponding months in the previous year. In April, 4832 transactions took place making it the best month for property sales in Dubai since March 2017.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/latest-news/iraq-inks-deal-with-uae-firm-to-produce-renewable-energy-97780.html">Iraq inks deal with UAE firm to produce renewable energy</a></strong></p>
<p>
The Dubai real estate market is highly regulated. Investors are protected by, and the developers are accountable to, a strictly implemented Real Estate regulation Authority.</p>
<p>
Buoyed by a rebound in tourism and quick distribution of vaccines, business activity in Dubai is fast approaching pre-pandemic levels, the study said.</p>

IN Bureau

Recent Posts

India-Australia science and technology project set to boost undersea surveillance capabilities

India and Australia have undertaken the first science and technology project arrangement to improve the…

4 hours ago

India-France joint military Exercise Shakti-VIII concludes, marks completion of intensive training engagement

The eighth edition of India-France Joint Military Exercise Shakti-VIII concluded on Thursday at Camp Larzac,…

4 hours ago

Recognition of his steadfast efforts in strengthening voice of Global South: Jaishankar as PM Modi receives Ghana’s highest state honour

As Prime Minister Narendra Modi has been conferred the national honour of Ghana, Officer of…

7 hours ago

Jaishankar meets with FBI Director Kash Patel; appreciates India-US cooperation in countering terrorism, organised crime

External Affairs Minister S Jaishankar held a meeting with FBI Director Kash Patel in Washington…

7 hours ago

India is an essential partner, we want fair and reciprocal trade: US State Department’s Mignon Houston

US State Department Deputy Spokesperson Mignon Houston on Wednesday (local time) said that India is…

7 hours ago

India, Ghana sign 4 MoUs to boost cooperation in culture, health, standards and diplomacy

India and Ghana signed four Memoranda of Understanding (MoUs) on Wednesday to strengthen bilateral cooperation…

8 hours ago