The 2.6-million strong Indian expatriate community in the UAE pumped in $1.69 billion (AED6.20bn) in Indian real estate market in the first nine months of 2016, according to a new report.
Property consultancy Square Yards, in its latest report, said over 20 percent of non-resident Indian (NRI) investment in Indian real estate came from the UAE.
“In fact, Indian investment in UAE is also very extensive, with the Indian community being the biggest international investor fraternity in the Dubai real estate industry,” the report said.
Data released by the Dubai Land Department put the Indian investment in Dubai’s real estate at over $3.27bn (AED12bn) last year.
According to Square Yard, the UAE is followed by investment from other major NRI populated countries such as the US ($1.5bn) and Saudi Arabia ($819 million).
Last month, His Highness Sheikh Mohamad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended India’s Republic Day ceremony as the chief guest, with the two countries signing 14 agreements related to energy, economy and trade.
Arabian Business reported earlier that the migration of Indians to the UAE in 2015 has been ranked as the “second largest migration in the world” by the Organisation for Economic Co-operation and Development (OECD).
The organisation, however, pointed out that 2.8 million Indians had migrated to the UAE between 1995 and 2015, making it the top destination for Indians in the world.