The report added that NRIs invest largely into India's big metro cities, as per Square Yards, one of the fastest growing Proptech platforms in the UAE.
“Delhi-NCR continues to be the top-ranked destination, clocking 56% of the total properties bought," the report mentioned.
Apart from Delhi-NCR, the other cities where Dubai-based NRIs purchase properties are--Bengaluru (22%), Mumbai (11%), and Pune (6%).
From an investment standpoint, this has been the top priority for these NRIs. However, it is mainly the mid-income working class who are increasingly inclined to invest back home.
According to the company, during 2021-22, most properties bought by NRIs in the UAE were worth less than ₹1 crore.
“Properties worth less than ₹10 million comprised around 86% of the total properties bought from us by UAE-based NRI customers," said Kanika Gupta Shori, Chief Operating Officer (COO), Square Yards.
According to Square Yards data, more than half of the NRI buyers in the UAE are over 45 years of age who mostly prefer to buy a home as part of their post-retirement plan.
“The demographic data shows that our NRI buyers are mostly middle-aged, who buy these properties primarily for investment purposes.
A major chunk of our NRI customers is more than 45 years old (53%). Others (41%) are in the age group of 35-44 years," she said.
