Where are Indians in the UAE planning to buy property?

Mumbai has emerged as the top city for property investments by Non-Resident Indians from the UAE, according to a new survey.

Mumbai took the top spot with 31.86 per cent NRIs preferring to make property investments in the city, a survey by Sumansa Exhibitions, the organisers of the Indian Property Show, Dubai, revealed.

Bangalore came in second with 24.35 per cent, with NRIs preferring to invest in residential property in the coming months.

Chennai and Pune jointly took the third place with almost equal percentage of people preferring these cities. Delhi is placed fourth followed by Cochin, Navi Mumbai, Gurgaon and Hyderabad.

“Bangalore's property market bucked the trend in other metros with many new launches, good demand and resilient prices,” said Sunil Jaiswal, CEO, Sumansa Exhibitions.

“Bangalore is the third-largest real estate investment hub for high net worth individuals and tops the list in terms of investments from NRIs looking at settling down in India in the future.

“With a high net-worth individuals population of about 10,000 the third highest in the country after Delhi and Mumbai, Bangalore's super-luxury segment is also worth watching," he added.

According to the survey, above 31 per cent NRIs are looking for properties in the price range of Rs7.6 million while 52.57 per cent are looking at the price range of Rs2.6-7.5 million. Demand for high-end segment, Rs10 million plus, stands at 16 per cent.

Emirates 24|7 reported earlier that NRIs in the UAE were looking to invest in Indian real estate market sooner, as property prices and rupee were expected to strengthen post formation of a new government.

(Read: UAE expats expect post-poll property surge in India)

The highest number of buyers is in the age group of 36-50 years at 67 per cent, the survey said adding that 72 per cent buyers aim for immediate purchase within next 6 months.

More than 14,700 NRIs from across UAE participated in the survey. The property exhibition will be held from June 12 to 14.

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