With COVID-19 restrictions lifted in Dubai, the property market is on its course to regain momentum. Indian investors have also started re-entering the Dubai real estate market after the unexpected break triggered by the global pandemic. Convenient post-handover payment plans, attractive discounts, and flexibility shown by property developers are some of the reasons facilitating their return.
Indian expatriates have also shown keenness in the UAE’s secondary market in recent months. They intend to leverage the current conditions and become property owners in Dubai instead of being tenants.
As per CEO- GCC of Anarock Property Consultants, Mr Shajai Jacob,
the previous months experienced a restrained demand in the property market, particularly during the period when the pandemic was at its peak in this region.
He also said that Q2, 2020 has experienced an increase in demand from Indian investors. Those Indian nationals who frequented UAE have also benefited from the dip the property market witnessed in recent times, which led to price softening.
Mr Jacob is of the view that the recent data presented by Dubai Land Development (DLD) also indicates a turnaround in the property market. As per DLD, Q2 of 2020 witnessed transactions valuing more than AED 24.5B. This takes the value of transactions to AED 72.5 B in H1 of 2020 that witnessed over 22,000 deals.
The fact that Indian investors are taking advantage of Dubai’s current property market is confirmed by JLL India as well. Mr Samantal Das who’s the head of research at JLL India explained that the global real estate firm has teams working in different cities of India. Recent records presented by these teams depict the keenness of Indian investors to leverage the prevalent real estate conditions in Dubai. This can be ascertained from the fact that the firm has received an increased number of queries related to overseas properties, particularly those located in Dubai.
The increased interest of Indian investors can also be credited to the upcoming cricket event, the 13th edition of the Indian Premier League (IPL), scheduled to take place in the UAE. The annual tournament that takes place in India every year has been shifted to the UAE this year due to the COVID-19 situation there.
Dubai ranks among the most preferred international property investment destinations for Indian. The fact that many celebrated Indian personalities belonging to different fields of life have properties in Dubai testifies this statement. Also, Indians are ranked on the third spot in the list of Dubai investors belonging to different nationalities.
Real estate experts believe that Dubai is a preferred region for real estate investors not only due to the profit-bearing opportunities it holds for them. The security it offers also makes it a safe haven for investors. The effective policies created and implemented by Dubai RERA minimises the chances of fraudulent activities in the real estate sector not only in Dubai but in the whole region.