Dubai has been a major center of jobs and business for Indians for a long time, but now the picture is changing rapidly. Whereas earlier Indians used to go to Dubai to work or start business, now a large number of Indians are buying houses and land there. In the last few years, Dubai’s real estate market has grown rapidly, but now after five years of record rally, the market has started slowing down a bit.
Meanwhile, Iran-Israel tension and increasing uncertainty in West Asia have changed the strategy of investors. At such a time, Indian investors considering this as an opportunity have increased their investment in Dubai property. Facilities like low taxes, better returns, strong legal system and golden visa are also attracting Indians.
Today, Indians are no longer just foreign citizens buying houses in Dubai, but they have also become the biggest foreign property buyers there. It is believed that if this pace continues, the economic influence of Indians on the property market of Dubai will become stronger in the coming years.
Various reports show that Indians are at the forefront among foreign buyers and are investing billions of dollars every year. Due to this, along with the economic strength of Indian investors, their presence in UAE is also continuously increasing.
5 big things
- Indians have become the largest foreign property buyers in Dubai for the second consecutive year.
- After five years of boom, prices in Dubai’s property market are slowing down.
- Amidst the Iran-Israel tension, many investors have chosen Dubai as a safe investment.
- Golden visa and tax relief are attracting Indian investors.
- Experts believe that investment by Indians may increase further in the coming years.
Why is Dubai’s property market cooling down?
According to the report, in the last five years there has been tremendous growth in the property market of Dubai. During this period, house prices reached record levels in many areas. Now new projects are coming into the market rapidly, due to which the supply is increasing. For this reason, prices are not increasing as fast as before. Better deals have also started becoming available to buyers at many places. Many people are considering this not as a fall in the market but as a return to normalcy. Where earlier the annual increase was 17-18%, now it has come down to around 4-5%.
Why are Indians buying property in Dubai?
The interest of Indians in Dubai is increasing due to many reasons. The first reason is that there are good returns on rent. The second reason is that there is no personal income tax in UAE. The third reason is the Golden Visa, through which those who invest large amounts of money can get the facility to stay for a long time. Apart from this, Dubai’s strong economy, world-class infrastructure and safe investment environment are also attracting Indians. According to the information, Indians have bought property worth about Rs 85,000 crore to Rs 95,000 crore.
How much has investment by Indians increased?
Indians are now Dubai’s largest foreign buyers. Reports from Knight Frank and other property advisory companies show that Indian investors have bought properties worth billions of dollars in the last few years. Especially high net worth investors from cities like Mumbai, Delhi, Bengaluru, Hyderabad and Ahmedabad are buying luxury apartments and villas in Dubai. Apart from this, many middle class families are also buying flats there keeping the future in mind.
What was the impact of Iran tension?
Uncertainty increased in West Asia during the Iran-Israel tension, but Dubai maintained itself as a relatively safe investment center. Many global investors increased investment in UAE instead of risky areas. Although the pace of the market slowed down for some time, experts say that Dubai’s economy remains strong in the long run. This is the reason why Indian investors also continued buying during this period.
Will Indians become more powerful?
Real estate is not just a place to live but also a big investment. If Indians continue to increase investment in Dubai like this, their economic presence there will become stronger. This will also increase the influence of Indian businessmen, investors and NRI community. However, it would not be correct to say how much property in Dubai is owned by Indians, because there is no official data. But it is certain that Indians are at the forefront among foreign buyers and their share is increasing every year.
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