The implementation of the Real Estate (Regulation and Development) Act (Rera) and the Goods and Services Tax (GST) NRIs has inspired more Indian expats in the UAE to invest in a property back home.

A survey conducted by the Indian Property Show reveals an increased urgency among UAE Indian expats to purchase a property back home, showing a rise of 59 per cent compared to June this year. The survey found that 13 per cent want to buy a home immediately as opposed to only 8.15 per cent in June; whereas 35 per cent are keen on buying within the next three months, compared to 16.23 per cent earlier - indicating a steep rise of 115 per cent.

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In all, 70 per cent NRIs have shown interest in buying their dream home in India within the next six months, up by 44 per cent a few months ago.

The study also reflects a sharp increase in the number of NRI buyers looking to finance their property purchase at 67 per cent compared to 53 per cent last time around. Moreover, a large number of young Indian expats, mainly millennials, are eager to buy their dream home in India.

The younger age group between 18 to 35 years accounts for a significant chunk of people willing to buy properties in India. This age group has seen a greater increase of 46.73 per cent from 24.7 per cent last time.

Source: Khaleej Times