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
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