How Indians have become the largest non-Arab investors in Dubai's real estate

Dubai: The Burj Khalifa's record as the world's tallest building is well known. Not so well known is its connection with India. Indians own the most number of apartments in the building, which has more than 160 stories and a height of over 828 metres. BR Shetty, an Indian industrialist based in the United Arab Emirates (UAE), paid United Arab Emirates dirham (AED) 45 million in 2005 to buy the entire 100th floor. BK Modi, a Singaporebased businessman, Rizwan Sajan, chairman of real estate company Danube Group, and Bollywood actor Shilpa Shetty, to name but three, are other Indians or people of Indian origin who own apartments in Burj Khalifa. 

Last year, building materials supplier, Danube Group launched a project to develop 175 townhouses at Al Furjan — a residential hub in Dubai — by 2016. The three- and four-bedroom houses, with a built-up area of 2,500-3,000 square feet, have prices starting at AED 2.5 million (1 AED = Rs 17.01). The entire project was sold out on the very first day. The largest number of buyers was again that of Indians. Indians have long been flocking to the UAE for jobs. They form the largest number of expatr .. 

Indians now are the largest non-Arab investors in Dubai real estate in terms of value and volumes, according to Dubai Government Land Department (see India Shining). They have invested AED 44 billion in Dubai's real estate market in the last three years, including AED 18.1 billion in 2014, according to Dubai Land Department data. "Many Indians consider Dubai as their second home. Property prices in Dubai are cheaper than the corresponding places in India or other international cities," said Rizw .. 

With thanks : Economic Times : LINK : for detailed news.