The tourist destination turned tech oasis, Dubai, which is evolving as a gateway between the east and the west, has gained prominence with high net value Indians buying property in Dubai, close to the Burj Khalifa and well-known neighbourhoods such as Business Bay and Downtown Dubai.
According to sources, Indians are the leading foreign buyers of real estate in Dubai, having invested Rs 35,500 crore in 2022. This is nearly twice what Indians spent on real estate in Dubai in 2021. A significant portion, almost 40%, of all Dubai purchasers in 2022 comprised Indians.
The majority of the Indians buying properties in Dubai originate in Delhi – NCR, Ahmedabad, Hyderabad, and Punjab. The other leading buyers, in addition to Indians, are Russians, Chinese, Pakistanis, and British.
Why are Indians Attracted to the UAE?
Most Indians buying property in Dubai believe that the Emirate is a secure place for individuals with substantial finances to invest their money. The city has top-notch social infrastructure for a great ROI and quality lifestyle.
A burgeoning Indian community exists, in addition to numerous international schools. All these elements make Dubai an ideal place to relocate, especially for Indians seeking an upgrade in their standard of living.
According to the survey, Indians are also rapidly jettisoning their major cities to rent upscale residences in Dubai. The Covid-19 outbreak caused a 30% decline in the country’s rental market. The pandemic caused rents in Dubai to drop 30%, but they have now soared back to their record from 2015–16, which was the apex of its real estate market.
The Golden Visa program’s expansion in 2022 is to blame for the influx of Indians. With specific benefits, this long-term visa enables international nationals to reside, work, and study in the UAE. Its range was expanded to encompass more employees, highly qualified individuals, scientists, and researchers. Additionally, it is convenient to fly to India from Dubai, and since UAE is a major financial hub, it creates more finance and technology opportunities.
Dubai Properties a Desirable Investment Option
The Indians buying property in Dubai spent on residences ranging from AED 1.6 million to AED 1.7 million, approximately Rs 3.6 crore to Rs 3.8 crore. These properties have monthly rents ranging from Rs 3 lakh to Rs 3.5 lakh. Local realtors claim that Dubai’s house rental yields are comparable to Mumbai’s, falling between 4% and 5%.
This counts 40% of all property purchases in Dubai from India in 2022, which saw
expenditure double compared to 2021. Top officials from India are establishing a presence in Dubai to engage with the world as business becomes more global. Due to the greater yields, buying a property in Dubai is also a desirable investment choice.
Dubai, in particular, is a favourable destination for vacations, employment, relocation, and real estate investment purposes.
