The change in international rules impacts many people directly and this time they are Indians.
The United Arab Emirates (UAE), simplified the visa rules, and Indians have found themselves in the most preferred location to own a second home. According to a reputed realty consultant, Indians found it hassle-free to invest in the Dubai realty market, as compared to anywhere else outside India.
Also, Dubai’s several reputed realtors who encountered property demand from India are now holding property exhibits in India to make property investors aware of changes in Visa rules and how it is beneficial.
“Buying a house is the simplest way of investing and securing a golden visa. Dubai also has no capital gains tax, which makes investment in real estate a compelling proposition,” said Akash Puri, director, international business, India Sotheby’s International Realty.
The latest amendment in the golden visa rules has encouraged HNI Indians to take a longer-term approach and invest in properties in Dubai. According to new UAE Visa rules, a person is eligible to start an investment in Dubai with a minimum price value of AED 2 Million (4.2 Cr INR). This price slab was AED 5 Million before the amendment. Also, the Visa duration is now extended from 5 years to 10 years.
The recently released data by DXBinteract.com shows that property sales in Dubai rose 60% in Q1, 2022 to over 43,000 units from the last year. The value was 87% up at AED 115 billion.
“Inquiries rose by at least 10-15% in the first half of 2022 compared to the same period in 2021. Lower price points have made luxury homes in Dubai very attractive,” said Anuj Puri, chairman of the Anarock Group.
Multiple parameters are drawing Dubai closer to India in terms of property demand. The UAE also offers long-term visas of five and ten years to entrepreneurs, professionals, investors, and specialists in the medical, scientific, research, and technical fields.
“With the revised laws permitting the merger of properties to be eligible for the golden visa, Indians are lapping up multiple properties in a bid to conform to the said rules. Besides, entrepreneurs/investors can also get a 10-year residence visa by investing in a startup in the UAE under the new laws,” said Rabiah Shaikh, chief business officer, IPM Asia, Square Yards.
Many Indian brokerage firms like Investors Clinic started holding property expos for Indians wanting to invest in Dubai and are receiving phenomenal response.
