Small town investors take fancy to Dubai property
Property developers in Dubai are receiving an increasing number of inquiries from residents of Tier 2 and tier 3 Indian cities as apartment and villa prices in Delhi and Mumbai literally shoot through the roof. While in Delhi and Mumbai, most of the properties launched are above ₹5 crore and above, in Dubai the average property price is also in the same range.
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In Dubai, both registered transactions and sales values are growing steadily in healthy double digits.
«Real estate prices in NCR and Mumbai are now on a par with numerous global gateway cities, including Dubai, prompting many investors to consider Dubai for their investment opportunities,» said Akash Puri, Director, International, India Sotheby's International Realty.
The city draws property investors from various nationalities, with Indians being among the top buyers in the Dubai real estate market.
Developers say almost 50% of the buyers in new projects are from India and nearly 70% from smaller towns.
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