ABU DHABI: More than 40 per cent of the NRIs (non-resident Indians) living in the UAE prefer to buy Indian property as an investment, whether for the first time or as an additional asset, said a report ahead of a key industry event. The biannual Indian Property Show will be held at Dubai World Trade Centre from June 2 to 4.
As per the latest survey conducted by Sumansa Exhibitions, the event organisers, 43 per cent of the respondents opted to invest in Indian real-estate so that they could build profit on it, as compared to 57 per cent who were buying property for personal use. Out of these 22 per cent were buying it for the first time, while for 21 per cent this was an additional investment, stated the survey.
In another development, Mangalore emerged as yet another favourite property destination for expats in the UAE, finding a place among the top 10 most popular cities. Mumbai and Bangalore continue to retain the top destination slots on the popularity chart.
“An increasing number of Indians are looking to park their wealth in Indian real-estate because they foresee lucrative returns on investment,” said Srividya Rajan, the general manager (Corporate Sales & Brand Engagement) at Sumansa Exhibitions. “At a time when the rupee has depreciated against dollar, many investors feel the time is ripe to lock their savings in Indian property, before prices escalate,” she pointed out.
“Moreover, with so many funding options available, buying an additional property for investment has become an easy choice, especially now that certain two- and three-tier Indian cities offer more affordable, yet luxurious, property, which promisesto appreciate,” she added.
Recent active developments has put Mangalore on the Indian map as one of the hottest property destinations to invest in. “Close proximity to Bangalore which buzzes with economic activity has given the city a strategic advantage, which have helped establish a real-estate demand in the city.
Besides a popular tourist spot, Mangalore is also fast developing into commercial and IT hub with sound infrastructure, said Srividya. The past few years also saw a number of builders focusing their efforts in coming up with a range of affordable and luxurious property in Mangalore, which maybe one of the reasons in its rising popularity among NRIS,” she added.
