Deyaar has become the latest Dubai developer to target India as a subdued domestic market and a falling pound prompt property companies to look elsewhere for sales.
This weekend the Dubai-listed Deyaar will showcase hundreds of apartments it is developing in the emirate at its latest Indian roadshow.
“India is a key investor market for Deyaar, and we are proud to bring our developments to New Delhi, which is considered the country’s business hub,” said Nasser Amer, Deyaar’s sales vice president.
The roadshow, which follows a similar event in Mumbai in May, is just the latest in a spate of shows and exhibitions being held in India’s biggest towns and cities by UAE-based developers.
Big-name Dubai developers such as Nakheel, Damac and Jumeirah Golf Estates have all recently upped their profiles in India through a series of marketing pushes and exhibitions.
According to the Dubai Land Department, Indian investors spent Dh7 billion on Dubai property during the first half of this year – by far the largest amount for any overseas investors.
That compares with Dh7.8bn spent by Indian investors on Dubai property a year ago, DLD figures show.
British investors who traditionally make up Dubai’s second-largest overseas investment group spent about Dh4bn on property in Dubai in the first six months this year, down from Dh4.7bn a year ago.
At the same time the Dubai market has seen house prices hit by a supply glut.
According to JLL, 5,400 homes were completed in the three months to the end of last month – the highest quarterly completion since the end of 2012.
“Indians have always bought property in Dubai. They are very familiar with it and Dubai is only a short flight away,” said Ian Albert, the regional director for the Middle East and North Africa at Colliers International.
“But with the market still slow in Dubai, we’re seeing that developers are feeling the need to go out and stimulate as much demand as they can.
“With the pound falling to its lowest levels against the dollar for thirty years, demand from the UK is likely to fall, but recently the Indian economy has been performing relatively well, so there is still potentially room for a growth in sales there.”
lbarnard@thenational.ae
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The%20specs
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Andor
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid