- Dubai has made the shift towards affordable housing
- India is the second biggest investor in Dubai real estate after the Arabs
According to a report in Khaleej Times, a report released by consultancy Phidar Advisory has predicted that 2017 will be the year of affordable housing, with both investors and house hunters preferring smaller units in established communities.
Indians are the largest expat community in Dubai and for the Emirati countries most of the investments come from foreign hands. This year residential prices had dropped considerably and experts are hoping for it to stabilise during the first half of 2017 aided by government spending and promoting the same. The upcoming Dubai World Expo 2020 is being considered as a great catalyst to kick-start government and foreign investment as well as employment opportunities.
With improved investor confidence, regulatory norms, good property prices, transparency in the market and increased employment in the construction business it could cause a positive growth for the real estate industry early next year.
Dubai is known to be the preferred choice for vacation homes of the rich and influential in India. Actors and other celebrities are known to possess quite a bit of property here. However, while theirs might be upscale and swanky residences, this report predicts that smaller more affordable units in well-developed areas with more amenities and infrastructure will be what everyone is looking for.
Like in India, the shift in Dubai is towards affordable housing. The market has understood the need of Indian expats who are looking for homes with their budget and are also seeking proper infrastructure and amenities along with good payment plans and investment returns.
Dubai real estate is leaving no stone unturned. In fact, the Dubai Land Department says Indians are the largest investors in the Emirates property market after the Arabs. So most of these companies will be coming to India to woo more investors and buyers looking for a second-home.
Market reports in November observed that the affordable housing sector in Dubai was “outperforming” the luxury segment in 2016 though property prices were declining across the board. Many are encouraging house buying now considering the future looks bright in Dubai.
Last Updated 7:04 PM IST