As Kashmir’s real estate market slows, Dubai realty giants eye Srinagar for buyers

By: Farhan Ahmed (Ziraat Times)

SRINAGAR: As Kashmir’s domestic real estate market shows signs of cooling off, a new trend is emerging —real estate developers from Dubai are increasingly turning to Srinagar to woo high-net-worth individuals and aspiring investors. Several Dubai-based property companies have already hosted exclusive sales events in the city in recent months, with growing interest among Kashmiris looking for stable, high-return investments and lifestyle migration options.

The latest entrant to this cross-border marketing push is Rayna Properties, which is set to market big Shobha Realty properties and organize a “Dubai Property Expo, Kashmir” this coming May. Scheduled for May 24th and 25th, 2025, the two-day event promises a curated showcase of high-value real estate investments from across Dubai—ranging from luxury apartments and waterfront villas to off-plan opportunities with flexible payment plans.

One of the organisers told Ziraat Times that while the venue is yet to be finalized, the event will be held at a prominent hotel or convention center in Srinagar.

Could Dubai really become a new investment destination for J&K?

Dubai continues to position itself as one of the most attractive investment destinations globally, and for good reasons. It is one of the top 5 safest cities in the world. It has a zero income tax and property tax regime even as property service charges are among the highest in the World, which dent net rental incomes. Dubai is now home to over 200 Fortune 500 regional headquarters. Relatively, it offers high rental yields and strong capital appreciation. One of the biggest attractions for Indian investors is the Golden Visa benefits for investors and their families. Crucially, real estate prices in square feet terms are lower than those prevalent in Kashmir and even in Jammu.

“These advantages could appeal to J&K’s affluent business class, professionals and diaspora returning from the Gulf, UK, and North America—many of whom are seeking a secure hedge against inflation and regional market uncertainty”, said Nitish Sharma, one of the marketing managers.

Would cooling off of local market push interest abroad?

Real estate sector analysts in Kashmir attribute this shift in interest to a softening of the local real estate market in Kashmir, where rising prices, market uncertainty, and land title disputes and poor official documentation have dampened buyer enthusiasm.

“After the initial real estate boom, we are seeing a plateau. Many potential buyers are now exploring opportunities outside J&K — mainly in places like Delhi, Gurgaon, Mumbai, Bangalore and Dubai,” said a real estate consultant based in Srinagar.

Dubai property promoters emphasize not just investment returns, but lifestyle perks as well.

“From residency through the Golden Visa program to business setup services and schooling options for families, Dubai’s offerings appeal to a broader segment looking beyond bricks and mortar. And that is what we market”, says Nadeem Khan, property consultant.

The May event in Srinagar will feature presentations by leading developers, legal advisors for expat buyers, and representatives from Dubai’s property regulatory authorities.

But not everyone is optimistic about these events actually leading to investment initiatives.

Faizan Sheikh, who has developed a customised housing cluster near Srinagar argues that it is unrealistic to expect potential buyers going to Dubai to invest their hard earned money.

“Firstly, purchasing capacity in Kashmir is at its lowest ever in my living memory. People want to save whatever they have for harder times. I don’t think there are actually many buyers in Kashmir now”, he remarks.

Another property broker, Farooq Ahmed agrees, “For about six years now, the we find hardly in buyers for existing property market in Kashmir. Dubai market has many uncertainties. It is a bubble which can go off any time. People in J&K do not have that kind of risk appetite”.

As global real estate trends shift and local markets face headwinds, the question remains if J&K would actually respond to Dubai’s international property outreach in a meaningful manner.