Why Do Indians Love Abu Dhabi?
Slowing oil prices and an overall sluggish economy may have forced authorities in Abu Dhabi to sharply cut government spending and let go of scores of government workers in the recent past, but the United Arab Emirates (UAE) capital and its property market seems to have maintained its grip over the hearts of Indians. According to a survey by Ipsos, Abu Dhabi is the top choice of Indians if they are given an option. While Mumbai and Singapore would be their second and third choices, respectively, Delhi and London would be following the ranking at fourth and fifth.
Indians' love for Abu Dhabi real estate is so strong that experts believe they are the ones who would be driving the real estate demand in future, helping the overall economy to stabilise. “India invested Dh12 billion in the Dubai property last year, which makes it the biggest expat investor. Now that India's demonetisation policy has rocked the country, more citizens are expected to further buy into the UAE property sector and reap the benefits,” Lukman Hajje, chief operating officer of real estate portal Propertyfinder.ae, was quoted as saying by Gulf News in April this year.
What is the reason behind Indians preferring Abu Dhabi?
Most certainly, real estate investments are all about money. However, buying a property in Abu Dhabi would cost you less than buying a property in Mumbai. In recent times, prices have fallen further, making investments more affordable.
According to a report by Chestertons', average sales prices of apartments declined one per cent while prices of villas fell nine per cent in the three months ending March 31 compared to the last quarter of 2016. "Sales prices are expected to further decline due to redundancies attributed to the shrinkage of the oil and gas sector," Robin Teh, UAE country manager at Chestertons, was quoted by Reuters as saying. The same cannot be said about India's financial capital Mumbai, where prices have largely remained stable, also move upwards sporadically in the past one year.
However, it is not the price factor alone that lures Indians to Abu Dhabi. Abu Dhabi is one of those rare modern cities where all planned developments have been well executed, something not many Indian cities could boast of, as it stands today. If the city's tall structures kiss the skies, its symmetrical streets make sure you do not lose your way. If modern technology is the way of life, there is also natural scenery that can take your breath away. For those who want to enjoy a particular lifestyle, Abu Dhabi is the place to be. Also, Abu Dhabi is the richest city in the UAE.
Also Read: Reasons Why NRIs Are High On Dubai Real Estate