Post the steep crash in real-estate prices in 2008, new developments in Dubai’s emerging suburbs like Al Warsan and Media City are redefining benchmarks of affordable housing. “You can get a 500 sq ft studio apartment for 1,60,000 Arab Emirates Dirham (approx Rs19.20 lakh); or a 1 BHK for just Rs25 lakh in any of the clusters of the International City,” said Dubai-based consultant.
The rush for buying homes in Dubai has picked up in the past 12 months. “Unlike Mumbai, where the blessings of friendly political and institutional establishments allows developers to hold on to their prices, the free market economy of Dubai has no such cushion to fall back on,” says a Dubai based management consultant.
He says the glaring disparity between Mumbai and Dubai’s realty markets, can be explained by the fact that prices have gone up by nearly 50 per cent in one market, while they are still 50 per cent down in the other.
For all the temptations, for some Dubai is still the place to just work, save up and return home. “What will you do with the apartment, if you don’t have a job here?” asked media professional Ajay Joshi, adding that he is still putting together the down payment for that ‘affordable’ 2BHK flat in Navi Mumbai.
Indians constitute around 42% of Dubai’s population, and this proportion reflects in the Emirate’s real-estate market.
According to Dastur; scores of Indians and Mumbaikars own homes in Dubai. These homes are across price segments, from the Rs20 lakh homes in Al Warsan and Business Bay, to multi-crore villas in the upscale Palm Jumeirah, Arabian Ranches and the Golden Mile.
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