Dubai emerg­ing as a hot prop­erty des­ti­na­tion

In­vestors from sev­eral coun­tires, such as UK, US, Rus­sia, Iran and In­dia con­sider the Emi­rate to be ideal for in­vest­ment

HT Estates - - HTESTATES - Jee­van Prakash Sharma

Since 2002, when the gov­ern­ment in Dubai f or mu­lated l aws t o al­low for­eign­ers to buy, sell, lease or rent prop­er­ties, it has been tak­ing sev­eral mea­sures to help Dubai’s real es­tate mar­ket emerge as an im­por­tant des­ti­na­tion on the global map.

And that’s the rea­son why in­vestors from sev­eral coun­tries such as US, UK, Rus­sia, Iran, In­dia, Pak­istan, etc con­sider Dubai among their most pre­ferred real es­tate mar­kets for in­vest­ment. Ac­cord­ing to an es­ti­mate, In­di­ans have in­vested ap­prox­i­mately ₹ 132.6 bil­lion in the Dubai real es­tate sec­tor in the first half of 2013. Within this sec­tor, the lux­ury seg­ment is be­lieved to be the most at­trac­tive to in­vestors, with prime real es­tate driving the mar­ket.

To­day, more than 200 de­vel­op­ment f ir ms, prom­i­nent among them be­ing DAMAC, Emaar, Tameer, Nakheel, Deyaar, etc, are en­gaged in build­ing world-class res­i­den- tial lux­ury, mixed- use and com­mer­cial prop­er­ties. Some of the prom­i­nent up­com­ing projects which are at­tract­ing in­ter­na­tional in­vestors are AKOYA, BLVD Cres­cent Tower II, Deira Is­lands Mall, Palm West Beach, ‘The Atria’ Blue­wa­ters Is­land, Dubai Wa­ter Canal, The La­goons, to name a few.

Most of the projects have in­ter­est­ing fea­tures. Damac Prop­er­ties –re­cently launched Akoya Drive and NAIA - ho­tel and ho­tel apart­ments. It boasts of a 1.3 km long Akoya Drive, on of Dubai’s long­est shop­ping strip experiences which in­cludes an out­door cin­ema, ice- skat­ing rink and kids’ en­ter­tain­ment area. The other fea­tures of this town­ship are the Akoya Park, The Trump In­ter­na­tional Golf Club and branded villa con­cepts, The Trump Es­tates, man­sions, lux­ury units and re­tail cen­tre.

DAMAC main­tains that one of the unique fea­tures of Akoya is park life living - about 4.3 mil­lion sq ft private park space has been pro­vided for vil­las with a start­ing price point of ₹ 3.2 crore.

It will in­clude its own ope­nair am­phithe­atre, run­ning and cy­cling tracks, an 18-hole putting green, bar­be­cue area, café, skate- board­ing park, flood­light foot­ball pitch, bas­ket­ball, ten­nis and bad­minton courts, chil­dren’s wa­ter play area, a life-sized chess board and a lux­u­ri­ous beach-fronted swim­ming pool.“Of late there is an up­turn in the real es­tate mar­ket sen­ti­ments in Dubai,” says Hus­sain Sa­jwani, founder and chair­man of Damac Prop­er­ties. He says they are get­ting a good re­sponse from buy­ers all over the world, es­pe­cially from neigh­bour­ing coun­tries like In­dia. “In­di­ans are the third high­est buy­ers of our projects.”

Real es­tate ex­perts give credit to the strin­gent reg­u­la­tory mea­sures which has helped im­prove the real es­tate mar­ket in Dubai. “Ear­lier many de­vel­op­ers launched projects with­out any land and ap­proval be­cause the real es­tate norms were not so tough. But the gov­ern­ment has reg­u­larised the mar­ket very well. To­day with­out land ti­tle and all nec­es­sary ap­provals, no pro­ject can be launched here,” says one of the marketing executives of Damac.

But what at­tracts In­dian i nvestors t o Dubai? Says Pradeep Mishra, a Delhi-based ar­chi­tect and town plan­ner, “As Dubai is just a two-hour flight away from much of In­dia, it is seen as a lux­ury des­ti­na­tion, close to home, with many fa­cil­i­ties and in­fra­struc­ture set up to wel­come In­di­ans, fol­low­ing many years of strong re­la­tions. An­other rea­son would be tax-free re­turns on prop­erty that is en­tic­ing an in­creas­ing num­ber of In­dian in­vestors into Dubai’s prop­erty mar­ket. With cur­rent cap­i­tal ap­pre­ci­a­tion and tax- f ree rental yields rang­ing from 7% to 12% de­pend­ing on the prop­erty and lo­ca­tion, Dubai is con­sid­ered a safe and lu­cra­tive long-term in­vest­ment.”

With an at­trac­tive t ax regime, cou­pled with Dubai’s strate­gic lo­ca­tion, its cos­mopoli­tan char­ac­ter,it is an at­trac­tive op­tion for pur­chase of a sec­ond home.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.