Indian expatriates drive Dubai's realty sector growth

[email protected] (News Network)
April 4, 2013

dubai
New Delhi, April 4: Indian expatriates are among the top investors in Dubai's property market, which is expected to grow 10-12 percent this year, company officials and analysts say.

"Expatriates, mainly from India, Russia and Saudi Arabia, are leading the growth.

Indians are among the top five investors in Dubai's property market," Ziad El Chaar, managing director of Dubai-based Damac Properties, told IANS here.

He said Dubai's real estate sector witnessed around 10 percent growth in 2012 and this was likely to further accelerate this year.

Dubai's property market crashed in 2008-09 due to liquidity problems arising out of the global financial and economic crisis. The market witnessed negative or zero growth between 2008 and 2011.

"The liquidity situation has improved and the perception is also changing. People are now bullish on the real estate market. The good thing is that we are witnessing organic growth. Real investors are coming into the market," Chaar said in a telephonic interview from Dubai.

According to data compiled by Saudi Arabia-based Samba Financial Group, prices of mid-range villas and apartments in Dubai increased by 20-30 percent in January year-on-year.

"Increasing evidence is emerging that the property market in the UAE, and Dubai in particular, has bottomed out and that a strong recovery is apparent in certain segments," the Samba Financial Group said in its monthly bulletin.

Strong demand for recently launched projects indicate the recovery in the sector.

The first phase of Damac Properties' $1 billion Damac Towers by Paramount project was sold out on launch day itself. The project, located close to Burj Khalifa, the world's tallest building, is expected to be ready by the end of 2015.

"This is the biggest real estate project in Dubai since the 2008 crisis. The response indicates a strong demand in the sector," the Damac Properties MD said.

He said Indian expatriates, as well as residents, have booked a large number of properties in Damac projects. "Indians are among the top five investors in Damac as well as in other projects," he said.

Chaar said Indian investors were buying properties in Dubai because of tax benefits, attractive prices and geographical proximity.

Dubai's largest real estate developer, Emaar, recently claimed that its luxury project - The Address The BLVD - located in the downtown area, was sold out within 24 hours.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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