Dubai emerges from shadows of recession to attract NRI investors in hordes
Real estate sector, Dubai
More and more Indians seem to be upbeat about the real estate sector in Dubai. Though it passed through recession period for some time, it has bounced back from the financial crisis to become one of the fastest growing cities under the sun. Quoting a study, media in the United Arab Emirates (UAE) reported last week that Indians invested 10.5 billion dirhams in over 4,400 real estate deals in the first half of this year. Britain, Pakistan, Iran and Canada, in that order, were the other leading investors.
Dubai is home to lakhs of NRI workers and businessmen and it is now one of the fastest growing cities in the world and a major tourism destination, apart from being a top global financial hub.
According to a study by the Research and Real Estate Studies Department of the Dubai Land Department (DLD), Indians topped foreign investors in the desert city’s real estate sector. The rising Indian investment in Dubai’s real estate sector augurs well for job opportunities for Indians. Indians make up the largest expatriate community in the UAE, which comprises seven semi-independent emirates. Dubai is one of the seven emirates and currently, more than 85 per cent of Dubai population is expatriates, mainly from India, Pakistan, and Bangladesh. Construction employs the largest number of Indian workers in Dubai and the increasing investment in the real estate sector promises that the job scene is widening. The economic activities are picking up fast in Dubai, especially in the construction sector. They also said employment opportunities for skilled and semi-skilled were on the rise.
It may be noted that financial crisis had halved real estate prices in Dubai, which had witnessed a mad boom in construction of multi-storeyed buildings and huge projects. After the bubble burst, hundreds of projects were abandoned or left half-built. The Western media had written off Dubai as a lost city in terms of economic growth. However, the city regained its financial health by 2011 and is now almost back to its pre-crisis level.
