Why do Bol­ly­wood and Dubai have a great love af­fair?

Anil Kapoor has a home now in the UAE. We take a look at other stars who have prop­er­ties there and how Dubai is mov­ing on from the 2008 melt­down

HT Estates - - HTESTATES - Nam­rata Kohli

In­dia’s celebri­ties and Dubai prop­erty have a strong con­nec­tion. The most re­cent in­vest­ment in the Dubai real es­tate mar­ket was a two-bed­room fully fur­nished apart­ment by Anil Kapoor. The ac­tor joins the league of pop­u­lar In­dian celebs who own hol­i­day homes in Dubai. The Bachchans have ear­lier bought a R54 crore villa at Sanc­tu­ary Falls, Jumeirah Golf Es­tates. Shah Rukh Khan’s K-93 villa is lo­cated at the far end of the Al Khasab Cove of the Palm Jumeirah in Dubai. Shilpa Shetty has also, un­til re­cently, been the owner of a two-bed­room apart­ment in the Burj Khal­ifa. Even though she has sold this prop­erty, she con­tin­ues to en­dorse in­vest­ment sin Dubai realty as the brand am­bas­sador of cer­tain projects.

Wealthy In­di­ans have been in­vest­ing in Dubai for many years. Among over­seas in­vestors, In­di­ans rank num­ber one, fol­lowed by Bri­tish­ers and Pak­ista­nis.

The Dubai Land Depart­ment that tracks real es­tate trans­ac­tions in Dubai recorded that 8,756 In­dian in­vestors pumped AED 20.81 bil­lion ($5.6 bil­lion) into Dubai’s real es­tate sec­tor in 2015. The per capita in­vest­ment size, there­fore, comes to AED 2.37 mil­lion ($0.65 mil­lion). In 2014, In­di­ans made 7,353 trans­ac­tions worth a to­tal of AED 18.123 bil­lion ($4.93 bil­lion). The av­er­age in­vest­ment size per per­son was AED 2.5 mil­lion ($0.68 mil­lion).

It is be­lieved that the col­lec­tive in­vest­ment by Middle East­ern in­vestors is in­signif­i­cant when com­pared to all the money that has been pour­ing in from In­dia. In a re­port by Bayut. com, a real es­tate con­sult­ing web­site, it emerges that ap­par­ently it is in­vestors hail­ing from In­dia. South Asians, in gen­eral, and In­di­ans, in par­tic­u­lar, have had a thing for the UAE. For the real es­tate de­vel­oper, it helps to get pop­u­lar

recog­nis­able names on board, es­pe­cially to have a Bol­ly­wood celebrity res­i­dent in their com­mu­nity. A villa was gifted to Shah Rukh Khan (not bought by him) by the de­vel­op­ers of the pro­ject Nakheel in 2007, as they wanted a Bol­ly­wood celebrity res­i­dent at the Palm Jumeirah.

And the celebri­ties are not com­plain­ing. A Mum­bai to Dubai flight takes just twoand-a-half hours. It is also no se­cret that one can live in a su­per lux­ury home in Dubai at a frac­tion of the cost of top In­dian met­ros.

Ac­cord­ing to Global Prop­erty Guide, yields in other real es­tate in­vest­ment hubs across the globe like Lon­don (3.5%), Hong Kong ( 2. 82%), I ndia (2.22%) and Sin­ga­pore (2.83%) are much lower than those in Dubai. More­over, the Emi­rate’s realty sec­tor is one of the few reg­u­lated real es­tate mar­kets in the re­gion and the city head­quar­ters busi­nesses op­er­at­ing in the Middle East and African re­gion. In­di­ans in par­tic­u­lar have a fond­ness for Dubai - what with its prox­im­ity to In­dia, no lan­guage and no food prob­lem, great in­fra­struc­ture, with In­di­ans also mak­ing up the ma­jor­ity pop­u­la­tion.

For Anil Kapoor, who booked a two-bed­room unit in a pro­ject where the start­ing price of this

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