Indian buyers helping Dubai real estate to recover
Recent data shared by analysts show that four years after a property price bubble burst in Dubai, triggering a slide that cut home prices more than 60 per cent from their peak, the market finally appears to have stabilized.
The real estate market of Dubai is on the road of recovery and Indian buyers have a part to play in it.
Figures released by the Dubai government this week showed that Indian citizens were the main buyers of luxury apartments and commercial space in the Burj Khalifa, the tallest tower in the world, during the first half of 2012, spending $222 million.
For the Indian buyers, Dubai property is a refuge from currency depreciation that has taken the Indian rupee down about 20 per cent against the US dollar since the third quarter of 2011.
A major reason of the influx of foreign money is that the emirate is being regarded as a safe haven by lot of buyers in sub-continent, Iran and Russia.
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