Deyaar has become the latest Dubai developer to target India as a subdued domestic market and a falling pound prompt property companies to look elsewhere for sales.
This weekend the Dubai-listed Deyaar will showcase hundreds of apartments it is developing in the emirate at its latest Indian roadshow.
“India is a key investor market for Deyaar, and we are proud to bring our developments to New Delhi, which is considered the country’s business hub,” said Nasser Amer, Deyaar’s sales vice president.
The roadshow, which follows a similar event in Mumbai in May, is just the latest in a spate of shows and exhibitions being held in India’s biggest towns and cities by UAE-based developers.
Big-name Dubai developers such as Nakheel, Damac and Jumeirah Golf Estates have all recently upped their profiles in India through a series of marketing pushes and exhibitions.
According to the Dubai Land Department, Indian investors spent Dh7 billion on Dubai property during the first half of this year – by far the largest amount for any overseas investors.
That compares with Dh7.8bn spent by Indian investors on Dubai property a year ago, DLD figures show.
British investors who traditionally make up Dubai’s second-largest overseas investment group spent about Dh4bn on property in Dubai in the first six months this year, down from Dh4.7bn a year ago.
At the same time the Dubai market has seen house prices hit by a supply glut.
According to JLL, 5,400 homes were completed in the three months to the end of last month – the highest quarterly completion since the end of 2012.
“Indians have always bought property in Dubai. They are very familiar with it and Dubai is only a short flight away,” said Ian Albert, the regional director for the Middle East and North Africa at Colliers International.
“But with the market still slow in Dubai, we’re seeing that developers are feeling the need to go out and stimulate as much demand as they can.
“With the pound falling to its lowest levels against the dollar for thirty years, demand from the UK is likely to fall, but recently the Indian economy has been performing relatively well, so there is still potentially room for a growth in sales there.”
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