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More NRIs keen to make second property investment
Mumbai has ranked as the favourite investment destination of UAE-based NRIs.
dubai - New cities gain popularity on the investment radar of the community
This was revealed in a survey conducted by the organisers of the upcoming Indian Property Show among 10,000 UAE-based Indian expats.
There is an increase of about 45 per cent in people looking to buy homes in the budget range of Rs5.1 million to Rs7.5 million (Dh290,000 to Dh426,000) from 21 per cent last year to 30.48 per cent this year.
Although Mumbai, Chennai, Bengaluru, Delhi, Hyderabad and Pune remain the top favourite cities among the Indian community here, Kannur, Thrissur and Thiruvananthapuram have emerged as new destinations of interest.
"NRIs are crucial stakeholders of the real estate industry. In 2017, total NRI investment in realty in top eight cities is expected to touch $11.5 billion [Dh42.20 billion]. This will represent 20 per cent of the total market share, currently estimated at $60 billion [Dh220 billion]," said R. Srividya, general manager of corporate sales and brand engagement, Indian Property Show, Sumansa Exhibitions.
The Indian Property Show, now in its 20th edition, will be held from June 8 to 10 at the Dubai World Trade Centre.
The survey was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, timeframe, budget and finances planned, etc.
Apartments remained a favourite choice for investment at 46.97 per cent followed by villas (27.35 per cent), land (15.08 per cent) and commercial (10.60 per cent). There has been a 51 per cent increase within the 41 to 50 year age group of people looking to buy property in India, from 25 per cent last year to 37.78 per cent this year.
Majority of interested NRI buyers from the UAE fall within the monthly household income bracket of Dh10,000 to Dh20,000 at 39.17 per cent, whereas the second biggest group earns between Dh20,000 and Dh30,000 at 22.01 per cent.
There has been a decline in intent to purchase within the budget ranges of Rs500,000 to Rs2.5 million (19 per cent to 14.3 per cent) and Rs2.6 million to Rs5 million (26 per cent to 21.94 per cent).
There has been a 32 per cent increase in the number of NRIs looking to purchase in the budget range of Rs5.1 million to Rs10 million (37 per cent to 48.38 per cent).
- business@khaleejtimes.com
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