Inside Dubai’s real estate boom: Why indian investors are dominating property purchases and set to continue in 2023

Inside Dubai’s real estate boom: Why indian investors are dominating property purchases and set to continue in 2023

In 2022, Indians emerged as top home buyers in Dubai, with purchases worth Rs 35K crore, the recent report showed. They have almost doubled the money spent on buying residential property in the city since 2021. Why Indians are interested in this location and what can attract even more wealthy buyers to Dubai’s market.

Indian demand in numbers

Dubai's real estate market gained significant traction among Indian investors last year. According to the latest research, they became top local property buyers, suppressing investors from Russia, China, Pakistan, and Great Britain. They accounted for 40 percent of all home-buying deals in the area, with Rs 35K crore worth in total, which is almost doubled what it netted in 2021

A sizeable 40% of homebuyers were from India, the majority being from Delhi-NCR, Ahmedabad, Surat, Hyderabad, and Punjab. The remaining were Indians living in the UAE (40%) and global Indians (20%) based in different parts of the world.

The average cost of houses bought by Indians ranges from Rs 3.6 crore to Rs 3.8 crore. One of the records was set by Mukesh Ambani, the country's second-biggest billionaire. He bought a villa in Dubai for $163 million (Rs 1,304 crore). Apart from business people, there are