Senior executives in multinational companies are eyeing to buy property in Dubai. The CEO of a real estate consultancy firm in Dubai explained the reason to our colleague Times of India. According to him, Dubai has connectivity to the whole world. Many Indians are moving into apartments with skyrocketing rents. Dubai’s real estate market is back to 2015-16 levels after witnessing a 30% decline due to COVID-19.
‘Ease of doing business, environment like Dubai is not found in India’
Vishal Goyal, co-founder of JV Ventures, is among the many Indians who have bought a home in Dubai. “Living in Dubai allows me to travel easily between Hyderabad, Dubai and London for work,” he told TOI. He said that many young Indian entrepreneurs are coming here because of the fintech ecosystem that Dubai International Financial Center provides. Goyal said, “Take my wife, she set up her own fintech venture and got easy access to most of the global markets. It was not possible to do something like this so easily in India.
How expensive is it to buy a house in Dubai?
The houses that Indians have bought are priced between AED 1.6 million to AED 1.7 million (Rs 3.6 crore to Rs 3.8 crore). The monthly rent for these properties ranges from Rs 3 lakh to Rs 3.5 lakh. According to local realtors, the rental returns on properties in Dubai range between 4% to 5%, much like Mumbai.
Why Indians love Dubai so much?
Dubai is suitable for the rich. The world class social infrastructure of the city attracts people from all over the world. There are many international schools in Dubai and the number of Indians is increasing continuously. Due to all these factors, Dubai is preferred by Indians who want to upgrade their quality of life. Ashrat Chowdhary, Strategy Director of Dubai’s leading real estate group Damac Properties, says that people from smaller cities of India are settling in Dubai. According to him, Indians account for 15-20% of Dubai’s total realty sales. Russians are also buying homes in Dubai in large numbers.
UAE extended the Golden Visa program to 2022 in 2022. According to experts, this has given further boost to Dubai’s realty sector. Through this program, foreign talent gets the opportunity to live, work or study in UAE and also get some special benefits.