Dubai developers are in India for a weekend property expo where they hope to court the emirate’s largest segment of foreign real estate investors.
The Dubai Property Show opened Thursday at the Bandra Kurla Complex in Mumbai, where developers of mid-range to luxury residential properties in the emirate are showing off newly constructed and off-plan projects.
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Indians invested AED 7.3 billion (US$2 billion) in Dubai real estate in the first six months of this year, according to data from the governmental agency Dubai Land Development.
Indian property investment outpaced the next biggest country, Saudi Arabia, by around AED 2 billion (US$544 million) in the first half of this year. By comparison, Emiratis invested around AED14.5 billion (US$3.9 billion), according to the Dubai Land Development.
Among the projects on display at the event this week is Deyaar Development’s still off-plan, 30-story luxury residential tower, The Atria, the company said. The building will be located on the Business Bay Canal across from the world’s tallest building, the Burj Khalifa, in Downtown Dubai.
Hotel operator Millennium & Copthorne, will service the units, billed as "hotel apartments," with amenities that include an infinity pool on the 25th floor overlooking downtown, a "five-star" spa and a fine-dining restaurant, according to the company.
Indian buyers make up 20% of Deyaar’s customers, CEO Saeed Al Qatami said in a statement Thursday.
Investors from the subcontinent make up more than a tenth of customers at Nakheel, another Dubai-based development firm. Nakheel said in total, Indians have bought nearly 4,500 villas, apartments and land lots through the company.
"We look forward to capturing their attention at the show with a diverse range of projects, including our very latest creation, PALM 360," the company’s CEO Sanjay Manchanda, who was educated in India, said on Wednesday.
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The Palm 360 is a twin-tower hotel and residential development on the Palm Jumeirah island. Penthouses there will include amenities like private infinity pools and home theaters.
Other major regional developers participating in the expo include Damac Properties, the company behind a Trump-branded golf course, Emaar Properties and Dubai Properties.
Dubai has seen a massive uptick in Indian property investment in recent years, with investments and total transactions roughly doubling between 2012 and 2013, according to data published by the Dubai Property Show.
In 2015, 9,748 property transactions added up to a total of $22.8 billion in Indian investments, according to Dubai Property Show.
"This exhibition has been quite instrumental in bridging the gap between property giants of the UAE and Indian investors, facilitating sales, and in general creating a meeting point for both parties and the relationship is marked with mutual profit," said one of the event’s organizers, Sultan Al Suwaidi of Sumansa Exhibitions, in a statement.