Indian property investors have surpassed Russians to claim the top position as the leading buyers of real estate in Dubai in 2023, a report released by a real estate company has revealed.
According to the latest Dreamhomes data, Indian property investors surpassed Russians to claim the top position as the leading buyers of real estate in Dubai in 2023.
The data also reveals that the British and Russian buyers secured the second and third positions, respectively, marking a shift from the 2022 scenario, where Russians, British, and Indians held the top three spots in the local property market.
According to reports, Indian investors pumped approximately US$ 335 million into the Dubai real estate sector in the first six months of 2023.
Interestingly, another report released by JLL has revealed that economic resilience and robust demand propelled the UAE’s real estate performance in 2023.
On the other hand, Dubai-based real estate brokerage company W Capital announced that Dubai real estate annual sales are heading to record a new record number, with value exceeding 400 billion dirhams during the current year for the first time, based on data from the Dubai Land Department (DLD).
“The value of real estate sales since January 2023 has risen to more than Dhs393, the highest number recorded in the market’s history. There were more than 127,000 deals, and with a week before the end of the year, it is expected to exceed 400 billion dirhams,” W Capital CEO Walid Al Zarooni is quoted to have said.
Analysts suggest that these unprecedented sales embody the strength of growth in the luxury real estate category, in which Dubai holds the global lead, and in the medium-sized real estate sector and commercial and hospitality units.
Due to its proximity to India and a substantial Indian diaspora of more than 3.5 million residents in Dubai, the city has been widely regarded as a second home for many Indians for a considerable period.
The Golden Visa in the UAE is a renewable 10-year residence permit available to investors, entrepreneurs, and other professionals, offering them a long-term stay option in the country. Purchasing property is the most straightforward method for both investment and obtaining a Golden Visa.
It is essential to highlight that Dubai also lacks a capital gains tax, making real estate investment appealing. The ease of conducting business and a tax-friendly atmosphere are significant advantages. (India Blooms)