Indians own more than a hundred of 900 apartments in Dubai’s Burj Khalifa

[Bl[i]tZ]

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NEW DELHI: Burj Khalifa, the world's tallest tower and perhaps the poshest address in the Gulf, is fast acquiring a distinct Indian identity.

Indians now own more than a hundred of 900 apartments in Dubai's 828-metre skyscraper, a sign of the growing financial power of the community in the West Asia.

"Indians have bought between 100 and 150 apartments since its completion in 2010," an executive of project developer Emaar Properties said on condition of anonymity.

The figure reflects a growing trend among well-heeled Indians to invest in property in the West Asia, especially Dubai, the luxury hotspot where the real estate market is on a rebound after the slump in 2008.

Here, the depreciating rupee is no dampener.

"Indians are the No. 1 when it comes to buying property in Dubai. They buy, sell, flip regularly, and we are getting a lot of queries from them," said Manish Khatri, vice-president of business development and investments at Dubai-based SPF Realty.

Khatri said more than half of SPF's business comes from Indians.

Prominent Indians who have acquired an address in Burj Khalifa include actors Mohanlal
and Shilpa Shetty, Shetty's entrepreneur husband Raj Kundra and lawyer Rohit Kochhar.


BR Shetty, the owner of the Emirate's NMC Hospital and money transfer firm UAE Exchange, is reported to have bought the entire 100th floor, while NV George, who owns 14% stake in the Kochi International Airport, has bought seven apartments in the iconic building.
"It's a huge status symbol to own an apartment in the building," said Delhi-based lawyer Kochhar, who set up an office in Dubai recently. He has the option of inviting clients to the exclusive owners' lounge on the 123rd floor, he added.

Buying property in Burj Khalifa, however, offers more than just a coveted address. "There is a huge demand for rental in this building," George said, alluding to the six apartments he has rented out. George sold one two months ago for a 50% profit. Property dealers confirm real estate prices are on the upswing in Dubai, West Asia's trading hub.

"Property rates are going up and investors see a good opportunity for price appreciation in this market," said Parvees A Gafur, chief executive officer at Dubai-based Propsquare Real Estate.

Property prices in the UAE had plummeted during the global financial crisis, with several project developers halting sales. They started stabilising early this year following a pick up in economic growth. "Since January this year, rates have risen 20%-30% in the prime areas of Dubai," said Khatri of SPF Realty.

Apartments in the 206-storey Burj Khalifa now cost between 38,000 and 45,000 per sq ft, up from 31,600 per sq ft last year. When the market was at its peak in 2008, the same property was fetching 1,06,000 per sq ft.

Real estate brokers say that while the Burj is a favourite, Indians have also been buying in many other projects across the region. "Many are buying property here to get easy access to the region to set up businesses," Mudassir Zaidi, a regional director at property advisory firm Knight Frank, said.
Indians own more than a hundred of 900 apartments in Dubai’s Burj Khalifa - The Economic Times

[Markus]

Is the Indian black money traveling from Swiss bank accounts to expensive flats in Dubai ?

[Syama Ayas]

Indians are 40% of UAE, 150 out of 900 nothing special.

[harpoon]

Is the Indian black money traveling from Swiss bank accounts to expensive flats in Dubai ?

Let the rich enjoy their wealth bro.

[Markus]

Let the rich enjoy their wealth bro.

Sure...but hopefully its not black money that is being routed there.

[harpoon]

Indians are 40% of UAE, 150 out of 900 nothing special.

Any source?

Sure...but hopefully its not black money that is being routed there.

Well AFAIK, except for BR Shetty and Ravi Pillai, all other are based in India. Income tax authorities are free to look into their accounts.

[david blain]

Thank god my name is not in the pic

[saumyasupratik]

Off topic but something I found on Dubai.
From this articles Dubai surely does not seem like the city of dreams.
The dark side of Dubai - Johann Hari - Commentators - The Independent

[Break the Silence]

Indians are rich.

But Not India....!!!

[Shardul.....the lion]

thats vulgar amount of money Rs 106000 per sq ft.

[harpoon]

thats vulgar amount of money Rs 106000 per sq ft.

Thats the premium you pay for one of the best address in the whole world.

[Koovie]

But Not India....!!!

Its the other way round, India is rich but most Indians not

[Syama Ayas]

Any source?

My bad! wrong interpretation of data.

[subincb]

thats vulgar amount of money Rs 106000 per sq ft.

I remember someone paying 9million dhs for a studio flat which is less that 500sft in 2008. I'm an ex-employee. may be 12 rupees for 1 dhs at that time so must be more than 200000 per sqt

[Fazlu]

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51% of total population in UAE are Indian citizens. No statistics exist on the number of Indian origin foreigners.

Its not 40%.

Its part of the reason why Ras-Al-Khaimah sheikh is very interested in "Air Kerala".