This is almost twice as much as what Indians paid for properties in Dubai in 2021
According to a study by the Times of India (TOI), Indians are the top homebuyers in Dubai, having spent Rs 35,500 crore on real estate there in the previous year. This is almost twice as much as what Indians paid for properties in Dubai in 2021. A significant portion, 40%, of all Dubai homebuyers in 2022 were Indians.
Details about Indians are the biggest home buyers in Dubai, making purchases totaling Rs 35K crore
The majority of these homebuyers, according to TOI, originate in Delhi, the National Capital Region (NCR), Ahmedabad, Surat, Hyderabad, and Punjab. Indian homebuyers spend between Rs 3.6 crore and Rs 3.8 crore on their average.
The other leading customers, in addition to Indians, are Russians, Chinese, Pakistanis, and Britons.
“Dubai boasts a top-notch social infrastructure and is a secure place for individuals with deep pockets to deposit their money. The Indian community is expanding, and there are numerous international schools. Together, these elements make Dubai an ideal location for relocation, particularly for Indians seeking an improvement in their standard of living “A well-known broker told TOI this.
According to the survey, Indians are also rapidly “ditching” their major cities in favour of renting upscale residences in Dubai. The Covid-19 outbreak caused a 30% decline in the country’s rental market. It has already recovered to 2015–16 levels, which was the real estate sector’s high.
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.
It’s also because it’s easy to go to India from Dubai, and India is a global financial hub, which means there are more employment in banking and technology there.
“For instance, my wife was able to establish her fintech business, which enables her to easily access the majority of worldwide markets. She couldn’t have done it from India with such efficiency “JV Ventures co-founder Vishal Goel said TOI.