New Delhi, Oct 27: For investment in property, Dubai continues to be the favourite among rich Indians. A whopping Rs 42,000 crore investements were made by the Indians between January 2016 to June 2017 to buy Dubai properties. This makes Indians top foreign property buyers in the Emirates once again. This is an increase of about Rs 12,000 crore from 2014,the Dubai Land Department said.
Last month, a Dubai Land Department report had said that foreign investors had bought property worth $41 billion between December 2015 and June 2017. With $5.6 billion, Indians had topped the list. Saudis were second with $3.4 billion. Dubai had opened its property market for foreigners in 2002, and since then investments have been soaring. Poperty prices have fallen about 15% since 2014.
What Indians buy abroad
A Knight Frank India-International Real Estate Expo (IREX) report said:
1. Indians buy home abroad for investment and an aspiration of a second home
2. 63% Indians prefer apartments of less than 1,500 square feet
3. 77% Indians prefer property that is less than $1 million