LAHORE: Non Resident Indians in Dubai have shown
overwhelming interest in real estate investment as according to a data
available, NRI investment in Dubai property market stood at $2.27 billion,
followed by expats from the United Kingdom and Pakistan in 2014.
Experts feel that the uncertainty of turnaround in Indian
real estate market was the reason that more and more NRIs in Gulf are parking
their money in locally, primarily on real estate investment. According to a
recent report, New Delhi real estate market has witnessed 20-30 per cent fall
in real estate prices in 2014 forcing a distress sale in secondary realty
market.
According to the CEO of leading UAE real estate portal
bayut.com, Haider Ali Khan, despite the sagging economic growth, Indians and Pakistanis
invested heavily in Dubai real estate market in 2013-14.
Pakistanis have invested $1.23 billion in first six months
of year 2014 and became third biggest country that has invested huge money in
UAE, while people from UK have pumped in $ 1.36 billion in Dubai’s property
market.
Haider Ali Khan said that Indians in Dubai have shown more
interest than any other expats and have invested a whooping $2.27 billion
during the first six months of 2014.
Khan said, “Dubai is the most attractive real estate market
for many countries, primarily due to the reforms introduced after the financial
crisis of 2008.” Adding that during the turmoil, many property developers had
defaulted, shaking the confidence of investors.
Now, after the introduction of new laws, the real estate
market is once again strengthening, he added.
Khan pointed out that most mature real estate markets are
protected by law and the Pakistani government should gradually work to
introduce some real estate laws, so that investor confidence improves and
practices like the Biana system – 20% to 30% advance payment – should be
stopped which hurts confidence. This will help the market mature, he added.
No comments:
Post a Comment