New Delhi [India], September 27 (ANI/NewsVoir): Dubai has been the destination of choice for Indian investors for quite many years. Since 2004, Indians have been among the Top 3 nationalities to buy properties in Dubai, having purchased real estate worth AED 83.62 billion in the last five years (2015-21), according to statistics from the Dubai Land Department (DLD). And with the recent tweaks in Golden Visa rules, these numbers have only exploded.
In July for example, the total real estate sales jumped 61.7 per cent higher compared to last year and touched a whopping AED 20.8 billion. And as you might imagine Indians once again stood at the top in terms of real estate holdings in Dubai, followed by the UK, Italy and Russian oligarchs in 2022. What is it that makes Dubai such a hot destination for Indian real estate investors?
The quality of life one can find in Dubai is no less than that of any of the top global cities like New York, Paris, Shanghai etc. And it's only a three-hour flight from India, owing to which many Indians nowadays consider Dubai as their second home. The city's unmatched global lifestyle, food and cultural similarities and future-oriented outlook also add to its overall attractiveness.
High investment and rental yields
This has traditionally been one of the biggest motivators for Indian investors to buy real estate in Dubai. The city offers an average rental yield of 7 per cent, which is massive when compared to other global cities like New York (2.8 per cent), Singapore (2.5 per cent), London (2.6 per cent), Hong Kong (2.3 per cent) and India (2.7 per cent). Even the property prices in the city have seen a major bump this year with residential holdings witnessing an increase of over 10 per cent.
Friendly government policies
Over the years UAE has made several policy changes to attract FDI into the country and boost its real estate market. However in April this year, the Middle Eastern country brought in a major reform to its entry and residence system. Under the new rules, the investment limit has been lowered from the previous high of AED 5 million (Rs 10.4 crore) to AED 2 million (Rs 4.2 crore). And understandably, this drastic cut has led to a huge spike in real estate demand across Dubai and is expected to increase UAE's overall attractiveness as a global destination.
RBI remittance rules
The liberated remittance scheme of the Reserve Bank of India is another reason why Indian investors have been flocking to Dubai by the dozens. The benefit of this scheme is that it allows Indian citizens to officially transfer USD 250,000 to Dubai every financial year, which can then be used for real estate investment.
The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) that came into effect on May 1, 2022, has been one of the greatest bilateral developments between the two countries. It is expected to increase the total value of bilateral trade in goods to over USD 100 billion and services trade to over USD 15 billion within the next five years. Aspects like 100 per cent foreign ownership, zero duty access, ease of doing business etc. will encourage Indian businesses to set up their bases in Dubai, leading to a further rise in real estate purchases across the city.
RANGE International Property Investments, an award-winning real estate brokerage firm based out of Dubai, with a focus on selling, leasing and managing residential and commercial properties, primarily in the United Arab Emirates but also in territories across worldwide. Here RANGE is a great approach for creating the best and luxurious infrastructure and driven by the goal of bringing office buildings, apartments and residences to its clients across the world. RANGE boasts a strong presence in the United Arab Emirates, India and in parts of Asia, and continues to expand its operations into other continents and countries.
Starting out in 2017, Nitin Chopra has come a long way in establishing Dubai-based RANGE International Property Investments as a leading player in the real estate brokerage space. Today, RANGE and its team of 100-plus employees, with over two decades of collective experience, knows the UAE market inside out but also boasts the expertise to include in its portfolio exclusive properties around the world. For Nitin, RANGE is not just a brokerage but a community, and every one of the company's agents is a local who understands and is able to amplify the needs of the customers. So, whether you are looking to buy, sell or lease a property, RANGE's dedicated team will be with you every step along the way.
For more information, please visit range.ae
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