Dubai Tops a New Real Estate Migration Index
The Emirate of Dubai has topped a new global real estate index for those seeking a secondary residence or citizenship, despite the fact that Portugal, Turkey, and Greece are the preferred destinations for Indians seeking residency or citizenship.
The "Best Investment Migration Real Estate Index" is an analytical tool developed by Henley and Partners to help global citizens and investors considering real estate-related investment migration options make strategic decisions about where to live, study, work, invest, and retire.
The UAE leads the index with 82 points, followed by Spain (80.7), Montenegro (77.2), Turkey (76.5), and Portugal (76.5). (75.8). Thailand, Greece, Grenada, Cyprus, and Dominica round out the top ten countries.
Why did the UAE take first place?
According to Henley & Partners, the UAE ranked "highly for rental income potential, and the price of property per square meter is lower than other major international centers." Property acquisition by foreign nationals is fueled by the country's reputation as a safe and secure place to live, attractive employment opportunities, and a strong economy. Several government initiatives, including enhanced purchasing benefits, have recently been introduced to improve livability and support residences through investment programs.
Europe dominates the top five spots.
Spain comes in second, aided by its economic strength, with the highest GDP score.
Montenegro is third, having emerged as a key second-home and property-investor market in the Mediterranean, and transcontinental Turkey is fourth overall, with high marks for its relatively low investment amount and minimal residence requirements. Government incentives such as lower purchasing taxes and VAT exemption are among the benefits of investing in the Turkey Citizenship by Investment Program.
The Portugal Golden Residence Permit Program, which shares fifth place with Thailand, continues to outstrip all others in terms of demand. With high marks for its low investment amount, saleability, and crypto-friendliness, investing in real estate in this EU member state is a move that many global investors, particularly those from the United States, have already made in the last year.
Greece is ranked sixth overall, with the Greece Golden Visa Program providing investors with a variety of benefits, including the ability to rent out investment property in one of Europe's most popular tourist regions.
Grenada, ranked seventh, provides a variety of government-approved real estate development options, such as resort homes, estates with ocean frontage, luxury studios, and an educational real estate project.
Cyprus ranks eighth in the index, with high marks for its low investment amount, reasonable property costs, and crypto-friendliness.
The next two Caribbean island nations are Dominica and St. Lucia, which are tied for ninth place on the index, and St. Kitts and Nevis, which is tied for tenth. All three island nations receive high marks for their low investment requirements (minimum real estate investments ranging from USD 200,000 to USD 300,000), lack of residency requirements, and crypto-friendliness.
The international residence and citizenship advisory firm saw an 80 percent increase in inquiries over the last year, following an already record-breaking year in 2020, as wealthy investors scrambled to diversify their domiciles alongside their investment portfolios in order to secure greater global access and optionality as a hedge against the unrelenting market and political volatility.
The index scores and compares program options globally based on factors such as the reputation and quality of life in the host country, GDP, the minimum real estate investment amount, potential rental income, associated property costs, application processing efficiency, the real estate holding period, residence requirements, any restrictions, and saleability, as well as crypto-friendliness, which is of importance to global investors.
Additional property can provide rental income in a strong and stable currency, as well as geographical diversification through permanent residency or another citizenship, while also providing distinct lifestyle or business benefits. During the pandemic, demand for premium properties (those worth more than EUR 5 million) increased dramatically.
Source: Times of India