Dubai in India, property experts suggest

Investors in property abroad have frequently been drawn to Dubai in recent years, with the fast-rising and oil-rich emirate seeing massive growth in its economy, ex-pat population and tourist numbers. Now it is even reaching for the sky in the ostentatious manner of so many Asian cities in recent years by breaking the record for the world's tallest building, with the Burj Dubai, still under construction, already surpassing the Taipei 101 Tower and the Petronas Towers in Kuala Lumpur.

Yet despite all this, Dubai is still not Asia's favourite property investment destination, according to Nick Marr, chief operating offer of Marr International, which runs the HomesGoFast.com website. Instead, he stated, India has taken that mantle and investors have switched attention from the Gulf to the Subcontinent.

He said: "For us, in 2008, a lot of investors that had invested in Dubai, or thought about it in the past, are now looking to India."

Mr Marr gave many reasons for this, such as the low cost of property which included properties in Goa for as little as £9,500. Then there were the Special Economic Zones, such as Rudrapur, where various government incentives had attracted in 500 major companies already and yet even there properties in India could be had for about £26,000.

He added: "If you are buying property at that sort of price in a country that is expanding and you have strong economic forecasts, then you are going to make some money. In five years time it's not going to be £26,000."

This is a view even held in Dubai. While still labelling the Gulf location as "up there with the hottest right now", gulfnews.com property writer Ryan Mahoney said India was on course to grow by an "amazing" 30 per cent a year between now and 2010 and would become a "huge international property destination" as a result.

All this, of course, is driven by the high economic growth rate India is enjoying, part of which comes from the Special Economic Zones. Of course, high growth has not been an unusual feature among emerging economies in Asia in recent decades. But perhaps the most notable growth projection is that of HSBC.

In its assessment of the 12 leading Asian economies, the bank suggested that a recession in the US this year would dent growth in some of them, with Singapore taking a small knock and Japan and Taiwan suffering the worst from an American downturn, reports channelnewsasia.com.

Yet this will not, HSBC suggested, harm the big beasts of India and China much, a fact which may give new heart to those looking to invest in property overseas. The world's largest democracy may also be the hottest property spot for years to come.

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Jim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment, German property, Cyprus holiday homes, Property in Cape Verde, German property investment, cape verde property buy to let property