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Dubai’s 3-day property extravaganza, the Dubai Property Show, opened its doors to the Indian public for the first time where a cream of developers displayed their iconic and upcoming projects to a stream of curious, new and seasoned investors.
At the launch of the show at the Bombay Exhibition Centre in suburban Goregaon on Friday, Ahmad Bin Harib Al Falahi, UAE Commercial and Trade attaché to India, said, “I take great pride to see my city being exhibited all over Mumbai. We have got a lot of offering from small, big and luxury property developers for the Indian market.”
The property show boasts of 35 reputed property developers from Dubai under one roof and is expected to be a highly informative and valuable experience for Indians who have been the number one property buyer in Dubai for the past several years. Though visitors trickled in slowly in the morning, the numbers grew by evening and now the exhibitors are bracing for a rush during the weekend. Many investors looked for properties that could be rented out whilst the high-end visitors scanned through the luxurious assets.
Perhaps, what caught everyone’s interest was The Floating Seahorse from the Austrian Kleindienst Group of an underwater project — a floating retreat of three storeys — one underwater, one at sea level and an upper deck. Charlotte Sky Ferrey, Group Marketing Manager said that there are only a few of these in the world and each costs Dh7.76 million.
The “extravagant and spectacular property show,” as described by Bollywood celebrity Malaika Arora Khan who was present at the launch, “is so advanced and futuristic that visitors should avail of the amazing opportunities to invest in Dubai. There is no need to elaborate the love between the two countries and I hope we keep encouraging ties between Dubai and India.”
To queries from local journalists as to how different nationalities could live together in one community project, Sultan Al Akraf, Head of Reat Estate Registration at Dubai Land Department, said, “That is why Dubai, where 204 nationalities live together, is unique. No one is concerned where anyone comes from. It is truly a global city.
“For those wanting to invest in real estate, the rules are clear and transparent. Developers have taken a strategic decision to demonstrate their offerings to the whole of India, not just one city.”
Dubai indeed has a charm for Indians, said Sultan Al Suwaidi, Sumansa Exhibitions, the organisers of the show.
For exhibitors like UAE-based real estate developer Nakheel which is showcasing projects worth more than $4.6 billion (Dh16.8 billion) in construction costs at the show, the Indian clientele is important. Rebecca Rees, Nakheel representative said, “Indian investors account for more than 11 per cent of Nakheel customers, buying almost 4,400 villas, apartments and land plots with a combined value of around $2.5 billion.” Both residential properties and retail projects by Nakheel are on show here, particularly the new 15.3 kilometres Deira Islands master community.
According to Barry Ebrahimy of Al Hamra Real Estate Development, “Indians form a significant portion of investors in property in the UAE. Our properties in Ras Al Khaimah start from Rs6.5 million for a 450 square foot apartment on a private island.” Whilst ordinary Mumbaikars have to shell out not less than Rs10 million for a cubby hole in a distant suburb, for investors in this sluggish market, the Dubai Property Show holds some promise of good returns.
Source: Pamela Raghunath, Correspondent, gulfnews.com