On his recent visit to Dubai we speak to Akash Puri (International Director - India SIR) about Luxury Property in the emerging Indian market and how it compares to luxury property in Dubai
Have you seen an increase in Indian nationals purchasing luxury properties over the last 5 years?
Over the last 5 years, we have witnessed an impressive growth in luxury homes in India. There has also been a surge in demand for branded residences. Clients are looking for efficient smart homes that are designed innovatively and are eco-friendly too. Concept Lifestyles such as homes overlooking a golf course, themed villas or water bodies are creating new benchmarks in the modern day luxury living.
What are the biggest benefits of working closely with Gulf Sotheby’s and working within Dubai specifically?
Gulf Sotheby’s International Realty has an impressive and extensive outreach in the market to cover our clients buy and sell queries. They have a focussed and seasoned team that delivers nothing but the best for our clients and Dubai is one of the favourite destinations for our clients.
How does the India real estate industry differ from the UAE market?
Real estate in Dubai is more of a vertical living concept than a horizontal living. It has high rental yields that are tax free. As the AED is pegged to the USD, the real estate investments in the UAE provide currency and geographical diversifications to the Indian clientle.
Luxury residences in India are lifestyle products rather than an investment product targeted to create a differentiator to a discerning luxury-seeking consumer. Perceptive buyers are always seeking homes that offer both convenience and luxury but above all, they seek exclusivity and enhanced service levels. In India, a luxury home would translate to having a sprawling bungalow or villa in a posh locality in the heart of the city, equipped with all the latest amenities and features.
In developed markets like Dubai, luxury penthouses or a plush apartment where location, view, design, aesthetics and amenities are key factors define their choice for luxury homes. These purchases are primarily for self-indulgence.
What are your thoughts on off plan?
It makes it easy for our client to transfer funds using the LRS scheme.
When buying a home, what do you think are the top 3 things you feel your clients should look for?
Indian consumers are well informed, globally exposed, and want a home that reflects their financial and social standing. Builder reputation, location and aspects of direction such as East facing homes with the right Feng Shui elements are key drivers that influence consumer decisions.
Any other insights of the market, specifically related to Indian buyers globally?
We have seen an upward trend of Indians wanting to buy homes overseas. The start-up boom has rendered young Indians with more disposable income and these millennials are looking for opportunities to invest in assets which define their lifestyle and aspiration. Investing in Real estate in countries like Dubai, London or Singapore provide them just that.