With the recent downswing in oil prices causing challenges for West Asia’s real estate sector, Nakheel Properties, a leading real estate developer from Dubai is eyeing investors and homebuyers from India to sell some of its unsold inventory.
The company recently conducted a roadshow in Mumbai to showcase half a dozen of its under construction projects across Dubai.
‘Biggest market’
“We have received encouraging response from Indian investors,” Sanjay Manchanda, CEO, Nakheel Properties said. India is Nakheel’s biggest market as 11% of its customers are from India.
Asked how the Dubai real estate market was doing in the backdrop of oil prices that went through a downswing, he said, “The investment dollar has shrunk and we are seeing some slow course. But, transactions are happening although the volume in Indian terms may have slightly moderate to slow. But yes, the flatness in the market is noted.”
He said in the last 10 years his company had sold about 4,500 properties, including both land and residential units, to Indians. “If we consider the value, the aggregate is $2.5 billion,” he said.
The company is offering apartments starting from $145,000.
“We have projects that are complete right now, valued at $1.1 billion. So, from under ₹1 crore to ₹7.3 crore, we have half a dozen projects all in Dubai,” Mr. Manchanda said.
He said several people from India were buying second homes while some were looking for larger family homes.
“In most cases, high networth individuals are interested in premium products in the Palm,” he added.
