India’s uber-rich are eyeing exotic properties abroad. And properties like Dubai’s Dynamic Towers – believed to be the world’s first shape-changing skyscraper – are on their priority list.
“We have received over 50 reservation requests from Indian investors in less than three weeks,” stated an e-mail from Dynamic Architecture, promoters of the 80-storey building. Interested Indian buyers include a banker, a financial analyst, an industrialist and two architects, the company said, refusing to disclose the buyers’ identities.
The brainchild of architect David Fisher, the building is made of pre-fabricated apartments that spin independent of each other, allowing the tower to change shape. It has apartments and villas that range from $3 million to $30 million.
Raminder Grover of real estate consultants Jones Lang Lasalle Meghraj says 10-12 per cent of all NRIs aspire to own a home outside India. The interest is a also a result of the RBI raising annual investment limits abroad in 2007 from $100,000 to $200,000.