The recent easing of Golden Visa regulations in the United Arab Emirates (UAE), has spurred an increase in the number of Indians looking for homes here. There is rising demand throughout the Emirates including Dubai, for second homes and luxury properties. Real estate developers from Dubai are already setting up real estate/property expos for buyers in India, spreading more awareness about the new visa regulations and their multiple advantages.
Experts feel that purchasing a home in Dubai is a simple pathway towards obtaining a Golden Visa, while capital gains taxes are also absent in Dubai, making realty investments more attractive for Indian buyers. Affluent Indian buyers are adopting a long-term outlook while investing in Dubai real estate. The minimum investment amount for being eligible to get a Golden Visa has come down to AED 2 million from AED 5 million earlier.
The tenure of the visa has gone up to ten years from five years earlier as well. Reports indicate property sales increasing by 60% (year-on-year) in H1 2022, touching 43,000 units. Values increased by 87% to touch AED 115 billion. Experts report an increase in inquiries by a minimum of 10-15% in H1 2022 in comparison to the same period last year. Lower prices have also made luxury properties more enticing for buyers in India according to reports.
The Chief Business Officer, IPM Asia, Square Yards, Rabiah Shaikh, stated that with the revised rules allowing the merger of real estate properties for attaining eligibility for the Golden Visa, more Indians are investing in multiple units to adhere to the same. At the same time, investors or entrepreneurs can also obtain 10-year residence visas through deploying investments in any UAE startup as per the new regulations, according to Shaikh. June was a stellar month in Dubai, with 9,000 deals as per reports. Higher interest rates were no deterrent to the steady growth of the property market in Dubai throughout this period.
Experts feel that demand has gone up with more people investing in properties throughout the UAE, with a major chunk of the same coming from India, especially after COVID-19. The Government’s pro-active regulations are only driving higher demand for property here. Services such as property loans and property management are also gaining traction as a result of higher property sales figures. Indian buyers are also benefiting from investing in Dubai real estate, owing to the appreciation in dollar rates, according to some experts.
For a detailed report on this read the articles we were featured in:
The Economic Times – https://bit.ly/3zCKH8G
Published Date: July 26, 2022
