In a survey conducted amongst 10,000 UAE based Indian expats, the organizers of the upcoming Indian Property Show unearthed some interesting findings. Interestingly enough, more NRIs are now interested in securing an additional investment; a rise of 110% is witnessed in this segment from 20% last year to 42.12 % now. Moreover, there is a major increase of about 45% in the people looking to buy homes in the budget range of INR 51-75 lakhs (AED 290 K – 426 K), from 21% last year to 30.48% this year.
Although Mumbai, Chennai, Bangalore, Delhi, Hyderabad and Pune remain the top favorite cities amongst the Indian community here, Kannur, Thrissur and Thiruvananthapuram emerge as new destinations of interest and growth.
“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 (AED 42.20 billion). This will represent 20% of the total market share, currently estimated at $60 billion (AED 220 billion)”, said R. Srividya, General Manager- Corporate Sales & Brand Engagement, Indian Property Show, Sumansa Exhibitions.
The Indian Property Show, now in its 20th edition will be held from June 8-10th, 2017 at Dubai World Trade Centre. The realty expo bridges the gap for the exchange of information between Indian expats and developers from across India.
The survey uncovered a number of interesting trends related to NRI investments into their home country and was conducted to understand the reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned:
- Apartments remained a favorite choice for investment at 46.97% followed by villas (27.35%), land (15.08%) and commercial (10.60%).
- Sharp increase within 41-50 years age group of people looking to buy property in India – from 25% to 37.78%. Almost 51% increase from last year.
- Majority of interested NRI buyers from UAE fall within the Monthly Household income bracket of AED 10,000 -20,000 at 39.17%, whereas 2nd biggest group earns between AED 20,000 – 30,000 at 22.01%.
- Decline in intent of purchase within the budget ranges of INR 5-25 lakhs (AED 28 K to 142 K) (19% to 14.3%) and INR 26-50 lakhs (AED 148 K to 285 K) (26% to 21.94%).
- 32% increase in the NRIs looking to purchase in the budget range of INR 51 lakhs -1 crore (AED 290 K – 570K) (37% to 48.38%).
- Almost 12% increase in the budget of INR 76 lakhs to 1 crore (AED 432 K to 569 K) (from 16% to 17.9%).