UAE NRIs demand for Indian Realty Surges
NRIs are wanting to return to India amid rising coronavirus cases in the Gulf Cooperation Council (GCC) region and as job losses there continue to mount. Real estate companies are seeing an increase in the number of queries for purchases from non-resident Indians (NRIs), especially from those based in the Middle-East.
In fact, of the 150,000 Indians based in the United Arab Emirates (UAE), who have registered to be repatriated to India, 25 percent said job loss was the reason for return. Experts feel the regions’ oil-based economies suffer as they battle the economic woes and the COVID-19 crisis. Moreover, the favourable exchange rate on the back of the sliding rupee against the dollar has, improved affordability for them.