Mumbai, Bangalore, Chennai, Cochin and Pune top 5 preferred cities for property investments for UAE-based Indians, reveals the latest survey
51 percent interested in purchasing property within the next 6 months
Dubai, UAE: The slide in the Indian rupee seems to be encouraging non-resident Indians living in the UAE to further invest in their homelandwith lesser dependence on finance, reveals the latest figures of a survey conducted by the Indian Property Show organizers. Based on feedback of about 15,000 NRIs, the figures showed a difference of almost 9 percent with 42.34 percent of respondents declining requirement for financeto buy property – up from 33.66 percent a few months ago.
The research also highlighted investors’ increasing interest in buying property for investment purpose rather for own use, a rise of about 17% was observed from 34.98% to 40.87% now looking to buy property in India either as their first investment or for an additional investment to build their property portfolio.
In terms of popular property investment destinations, Mumbai (16.60%), Bangalore (10.15%) and Chennai (8.72%) retained the top 3 slots, with Cochin and Hyderabad gaining further popularity. Other cities that made it to top 10 included Pune, Delhi, Coimbatore, Ahmedabad and Goa.
“Further decline in Indian rupee combined with a spate of regulatory reforms seems to be encouraging NRIs to invest in their favorite asset class. We see the interests bouncing back as expat Indians are not only keen on purchasing a home in their homeland but have also shown an increased interest in purchasing purely for investment purposes”, commented Kowshik Mukherjee, Head of Indian Property Show and Chief Operating Officer Sumansa Exhibitions, organizers of the popular exhibition, scheduled to be held for three days from June 21-23, 2018 at Sheikh Rashid Hall, Dubai World Trade Center.
The Indian Property Show survey aimed to understand the current trends related to NRI investments into their home country, their reason of buying property in India, preferred cities for investments, type of property, time frame, budget and finances planned, etc. Other findings of the survey included:
· 28 percent of respondents showed interest in investing in properties within the range of 76 lacs to 2 crores, while 46 percent were keen on properties ranging between 25 lacs to 75 lacs.
· Less number of people are seeking finance to purchase the property, 57.66% now compared to 66.34% last year, a decline of 13.8% observed.
· A decline of over 9% was observed in the number of people looking to buy property for own use, from 65.03% last year to 59.13% now. Additionally, more NRIs are planning to buy as an investment, up by 15%.
· Slightly more than half of the respondents (51percent) were interested in purchasing property within the next 6 months.
· Nearly 65 percent of the potential investors belonged to the age bracket of 30 to 50 years.
· Top 10 preferred cities for investment for UAE NRIs are Mumbai, Bangalore, Chennai, Cochin, Pune, Hyderabad, Delhi, Ahmedabad, Coimbatore and Goa.