Dubai has become a Favoured destination for real estate Investors

Dubai, Feb 04: With year around sunshine, low crime rate, cosmopolitan and luxury life style character coupled with connectivity to the rest of the world, Dubai has become a favoured destination for real estate investors.With an investment of $ 36.6 billion Indian real estate investors have consistently been at the forefront in city’s property sector, followed by Britishors with an investment of $ 22.4 billion, China, Iran and Russians with an investment of $ 24.7bn, and 10.25 bn respectively in 2023 as per the report released by the emirate based property consultancy Better Homes.Also, there was a significant increase in buyers from Pakistan in the same period.Nearly, 35000 Indians including film stars such as, Salman khan, Shahrukh Khan, Aishwarya and Abhishek Bachchan, Shilpa Shetty and Reliance Industries chairman MukeshAmbani to name a few own almost 69000 properties worth 30 billion, both by value of properties owned and number of units in the Emirate. As Dubai’s saw addition of another of 100,000 residents last year property market saw record purchases, prices also rose approximately, 18 per cent as compared to 11 per cent in 2022.Boom in the real estate sector is expected to continue in 2024 also with prices rising by an estimated 5 per cent. Indians being the major investors followed by Britain, China,Russia and Iran.According to a spokesperson of the Dubai land department, “ factors such as strong financial sector, low level of unemployment and rapid growth coupled with strong cultural and economic ties between India and UAE play a pivotal role in attracting Indian investors’’.During the third quarter of the current fiscal, a record 28,249 transactions valued around 102 were conducted in dollar terms. Foreigners can purchase property in designated areas for foreign ownership such as Dubai Hill Estate, Palm Jumeirah, Downtown Dubai, Dubai Marina, Arabian Ranches and Jumeirah Beach Residence.Despite global geopolitical tensions, Russian investors have maintained their interest in Dubai property market. The city’s safety, luxury offerings and strategic location serve as a major puul factors for Russians.