Dubai: More expat Indians in the UAE are aiming for pricier properties back home, with the recent strength of the dirham a key factor. There is a 45 per cent spike in the number of non-resident Indians (NRIs) seeking residences priced between Rs5.1 million to Rs7.5 million, according to an annual survey done by the organisers of an upcoming property show.
There was also a near 12 per cent increase in those budgeting for Rs7.6 million to Rs10 million.
The sample size totalled 10,000 Indian expats in the UAE. While earlier polls showed a marked preference for Mumbai, Chennai and Bengaluru as the most coveted spots, in this one, cities in the south Indian state of Kerala proved to be just as popular.
“In 2017, total NRI investment in realty in top eight cities is expected to touch $11.5 billion (Dh42.23 billion),” said R. Srividya, general manager for Corporate Sales & Brand Engagement at the Indian Property Show. “This will represent 20 per cent of the total market share, currently estimated at $60 billion.”
The Indian Property Show will be held from June 8 to 10, 2017 at Dubai World Trade Centre. The survey was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned, etc. For instance, more NRIs are now interested in securing additional investment — a rise of 110 per cent was recorded.
There was also a sharp increase — by more than 51 per cent increase — within the 41-50 age group looking to buy property.
