Interest from Indian investors in the Dubai property market is rising, with the opportunity to take advantage of heavily discounted prices. DAMAC Properties reported that real estate values in the emirate are up to 60 per cent cheaper than in Mumbai.
The introduction of a raft of new regulations, such as the new Strata law, which favours home owners, has also contributed to a more favourable investing environment. As this new legislations take hold, Indian investors are looking to take advantage of the plethora of investment opportunities that exist within the emirate's real estate market.
Niall McLoughlin, senior vice-president of DAMAC properties, said: "At DAMAC Properties, we have seen a marked rise in interest across our Dubai portfolio from Indian investors; in January 2011 we had double digit growth in enquiries on the same period last year."
Mr McLoughlin added that as well as a surge of interest from investors in India, there has also been a growth in awareness from other emerging markets such as sub Sahara Africa and China.
Meanwhile, according to Colliers International, in Dubai the average price per square foot stands at USD 264, while in Mumbai the price per square foot is USD 664, according to Jones Lang LaSalle.