When it comes to property in Dubai, Indian HNIs have demonstrated diverse inclinations since the pandemic began.
Indians are more interested in real estate in Dubai than ever before. Investing in real estate has become one of the easiest ways to obtain a residency visa in the United Arab Emirates, with Indians being among the top three nations investing in property in Dubai since 2017.
Indians account for 16 percent of Dubai housing transactions in terms of volume, bringing in over 8 billion AED. Interest in Dubai real estate has only increased after the outbreak; in Q1 2020, there was a 15% rise in the number of real estate transactions compared to Q1 2019.
The overall value of Dubai apartments sold in the first quarter of 2019 was 21 billion AED, up 5% from the previous quarter. A large portion of it was caused by Indians.
Where Do Indians Invest in Dubai?
Indian HNIs have shown a preference for Palm Jumeirah, Marina, and Downtown. The need for larger homes has increased as the pandemic has changed the way offices and schools operate. Existing homeowners are increasingly upgrading from normal three-bedroom homes to larger 3.5-bedroom options.
The Economic Dynamics Driving the Dubai Property Boom
In the first quarter of 2020, Dubai's real estate sector contributed 8% to GDP, the highest contribution since Q1 2017.
Dubai's real estate industry has been on a roll since January 2021, according to Jacob, MD & Country Head – ApnaComplex & CEO – GCC, ANAROCK. Each of the last few months has set a new high in terms of real estate transactions. With 4832 transactions, April was the greatest month for property sales in Dubai since March 2017.
A Government-Supported Global City
Dubai's business activity is swiftly approaching pre-pandemic levels, thanks to a surge in tourism and rapid vaccination distribution. Immunization has been found to be effective in 74% of those who are eligible, and it appears that the goal of 100% immunization will be fulfilled by the end of 2021.
The United Arab Emirates (UAE) has welcomed visitors from all over the world. The government has provided a considerable incentive by making significant changes to firm ownership regulations and visa requirements. Many foreigners who desire to live in the UAE have taken advantage of the Golden Visa scheme.
Paradise for investors
Rental yields in Dubai range from 6 to 10%, which is unheard of in many established markets. A million dollars in Dubai can buy a lot more real estate than a million dollars in most other major cities, including Mumbai, Shanghai, London, Singapore, and Monaco.
Furthermore, Dubai's real estate market is highly regulated. Investors are protected and developers are held accountable by a well-run Real Estate Regulation Authority. This market is now far more transparent and compliance-oriented than any of its Indian competitors, giving real estate investors considerable peace of mind.
The surge in demand will keep home prices on the rise for the foreseeable future, as supply has been tightly controlled since the pandemic.
Every road leads to Dubai
Dubai gives Indians an unrivaled global lifestyle, right on their doorstep. Cultures and cuisines that are similar contributions to the overall attraction. It's only a 3.5-hour trip from Mumbai to Dubai, making travel there and back a snap.
Source: Financial Express
