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Why Dubai Is Becoming Bollywood's Home Away From Home

13/05/2016 1:50 PM IST | Updated 15/07/2016 8:26 AM IST
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For some time now, Indian investors have been gravitating towards the luxurious setting of Dubai to invest in its real estate sector. Among these investors is a group of people who are worshiped by fans in India and abroad for their onscreen performances and off-screen antics -- Bollywood stars.

Having amassed the kind of wealth that mere humans can only dream of, these actors are not only looking to make smart investments in property but getting involved in the real estate sector as well -- as in the case of Shah Rukh who with his wife recently launched 'The Real Estates By Shah Rukh Khan', a ₹2.3 billion venture. The mega-star is also the owner of a swanky villa in palm Jumeirah, said to be worth more than ₹17 crore.

He's not the only star who is drawn to Dubai, where real-estate developers are making a concerted effort to woo Indian sports stars and Bollywood celebrities to help them lure in wealthy Indian expatriates to invest in their development projects. Several stars have made investments in the UAE, particularly Dubai, in a bid to add value to their capital while also acting as brand ambassadors for different developers. It also helps that Dubai is a mere two-and-a-half-hour flight from Mumbai.

Several stars have made investments in the UAE, particularly Dubai, in a bid to add value to their capital while also acting as brand ambassadors for different developers.

Among the stars counting Dubai as their "second home" is Anil Kapoor, who earlier this year booked a two-bedroom apartment in the city, and did a thorough job of promoting the building project itself. The actor said his decision was influenced by good property prices in Dubai which provide heartening yields.

In 2013, Abhishek and Aishwarya Bachchan bought a villa in Sanctuary Falls, Jumeirah Golf Estates. This "holiday home" comes with landscaped gardens and a resort style swimming pool and its price is estimated at around ₹54 crore; some reports say it's a gift for their daughter Aaradhya!

Shilpa Shetty recently sold her two-bedroom apartment in the Burj Khalifa and is reportedly on a hunt for a larger one in the city. The star endorses property investments in Dubai in the capacity of a brand ambassador for prominent developers.

According to statistics revealed by the Dubai Land Department, , the total number of investments in the emirate's realty sector in 2015 amounted to AED 135 billion. Out of this, around AED 74 billion investments were made by non-Arab investors. Sitting on top of this list were Indians who made transactions worth AED 20 billion in the emirate's realty sector.

According to leading UAE portal Bayut.com average apartment rental yields in Dubai remained close to 5.5% in February 2016, although they went as high as 7.6% for studio apartments, the most popular apartment renting category. These lucrative yields have been the reason thousands of investors converge in Dubai each year.

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