Wealthy Indian buyers continue to flock to the Dubai real estate market due to long-term visa schemes, Arabian Business reported.
Local property consultants have seen a surge in senior executives from India, including banking and financial professionals, interested in buying a second home in Dubai. But the Dubai real estate market is not the only one in the country to see such an uptick. Abu Dhabi has also been attracting Indian HNIs.
A key driving factor behind this outpour of interest is the launch of new long-term visas in the UAE, that provide residency options to entrepreneurs and professionals, as well as medical, scientific, research and technical specialists.
With property prices still leaning towards the bottom-to-mid end of the barrel in the UAE, these individuals have found a ripe opportunity to buy a second home, especially a luxury property, in the country.
“This steady decline in residential prices (over the years) has now made the Dubai property market amongst the most attractive and affordable in the region. In fact, it is regarded as one of the most affordable markets for luxury housing amongst all world cities today,” Arabian Business cited Shajai Jacob, CEO (GCC) of Anarock Group, as saying.
Jacob added that most of the demand is focused on properties valued between USD 266,500 to USD 800,000.
A continuing trend from 2020 for the Dubai real estate market
It was reported in August last year that Indian HNIs, particularly business communities, were re-focusing on the Dubai real estate market due to favourable market conditions and “deal sweeteners.” Based on Dubailand data from Q2, Indians emerged the top investors in Dubai residential properties.
Further, in July this year, this demographic continued to emerge as top investors in second homes in Dubai. Q2 data shows that Indian HNIs, namely entrepreneurs, professionals, and SME owners, continued to drive residential sales.
The trend reflects a resurgence in interest from Indian investors in the Dubai real estate market, a “perennial favourite” amongst these investors as the Arabian Business report points out.
In 2019, Indian buyers contributed 16%, or AED 8 billion (about USD 2 billion), to residential sales in the Dubai real estate market. Even in 2018, Indian investors made residential buys to the tune of USD 1.6 billion in the first half alone.
Prior to this, it was reported that Indian investors had spent over AED 83 billion (or USD 22.6 billion) on real estate properties between 2013 to 2017.