Indians are now Dubai’s Leading Real Estate Buyers!
India has emerged as the biggest real estate investor in Dubai, playing a key role in the development of the real estate market in the city. According to the Betterhomes residential market report, Indians topped the list of top nationalities in the June to September quarter, compared to the first quarter, when Britishers topped the list. This is because Indians purchase new homes in Dubai for end-users or investors looking for better yields and golden visa eligibility. Indians have consistently been one of the top five buyers of new homes in Dubai. However, increasing wealth and geopolitical isolation, such as that of Russia, have changed the dynamics of the market.
Indians have been a driving force behind new home purchases, whether it’s due to demand from end-users or investors looking for higher returns,” Waind added. “For the first time this year, Russians dropped out of the top three buyers, as the weakening ruble weighed on affordability,” he added. “Indian and British nationals were still the top two buyers in Q3 2023, while Russians moved to the fifth spot, their first time in the top five since Q2 2022.” According to experts, Dubai continues to attract buyers from all over the world, as the city offers a haven and tax efficiency, as well as positive investment returns. Many of them are looking to invest in property to get the Golden Visa, which allows them and their families to stay in Dubai for five years, with an expiry date of 10 years. The Golden Visa requires a residential property valued at two million dirhams (Rs 4,5 crore).
While Turkey dropped out of the top ten, likely due to its economic woes, buyers from the MENA region remain strong, with acquirers from Egypt and Lebanon, the United Arab Emirates (UAE), and Jordan continuing to grow. The Dubai Land Department reported that the third-quarter real estate market saw 28,249 transactions, a 4% rise from the second quarter, and a 23% increase from the same period last year. Transactions for villas and townhomes increased by 34%, while apartment deals decreased by 4%, reflecting a shift towards these residences. Dubai continues to draw in expats from around the world, with the population increasing by nearly 100,000 during the year to July, according to Waind, and the luxury segment is expected to continue to grow rapidly, with 4,500 millionaires expected to be attracted to the UAE in 2023, according to various estimates. Luxury home prices in Dubai have increased by nearly 50% year-on-year, and have remained at an all-time high of 225% since the pandemic lows of the third-quarter of 2020.
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