With purchases worth Rs 35K crore, Indians emerge top home buyers in Dubai

Indians are the top homebuyers in Dubai, and they purchased property worth Rs 35,500 crore in the emirate last year, a report by the Times of India (TOI) said. This is almost double the money spent by Indians to purchase homes in Dubai in 2021. In 2022, Indians made up a large chunk, 40 per cent, of all the homebuyers in Dubai.

 

According to TOI, most such homebuyers come from Delhi, National Capital Region (NCR), Ahmedabad, Surat, Hyderabad and Punjab. The average cost of houses bought by Indians ranges from Rs 3.6 crore to Rs 3.8 crore.

 

Besides India, Russians, Chinese, Pakistanis and the British are the other top buyers.

 

"Dubai is safe for those with deep pockets to park their money, and the city has world-class social infrastructure. Then there are multiple international schools and a growing Indian community. Together, these factors make Dubai a perfect place to relocate to, especially for those Indians looking for an upgrade in their quality of life," a prominent realtor told TOI. 

 

The report added that Indians are also increasingly "ditching" the metro cities in India and renting high-end apartments in Dubai. The country's rental market witnessed a dip of 30 per cent during the Covid-19 pandemic. It has now bounced back to 2015-16 levels, a peak period for its realty sector.

 

The rush of Indians can be attributed to an expansion in the Golden Visa programme in 2022. It is a long-term visa that allows foreign nationals to live, work and study in the UAE with special benefits. Its scope was increased to include more workers, skilled professionals, scientists and researchers. 

 

It is also because travelling from Dubai to India is convenient, and the country is a global financial centre, providing more tech and finance jobs. 

 

"My wife, for instance, was able to set up her fintech venture that allows her to tap into most global markets with ease. It is something she couldn't have done so effectively from India," Vishal Goel, co-founder of JV Ventures, told TOI.