Indians have overtaken the British as the top real estate investors in Dubai, with Russians holding the third spot.

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The study emphasized that in the second (June) and third (September) quarters, individuals from India led the list by country. In the initial quarter, they were second, following the British who were at the top.

The 2023 Residential Market Report by “Chalet International Property Investment” reveals that Indians now lead as the foremost investors in Dubai’s property sector, overtaking British investors in the most recent quarter. Dubai’s property market saw a total of 28,249 dealings in the third quarter, marking a growth of 4% compared to the second quarter and a 23% rise from the corresponding quarter in 2022. The surge is attributed to a significant 34% increase in transactions for villas and townhouses, despite a 4% decrease in apartment transactions.

The document underscored that in the second (June) and third (September) quarters, Indian nationals were at the forefront of the country-specific rankings. They were second only to the British in the first quarter. Indian buyers consistently rank among Dubai’s top five home purchasers. Nevertheless, increasing affluence and circumstances such as Russia’s global political isolation have led to changes in the rankings, as noted in the report.

The report stated, “Nationals from India and the United Kingdom have consistently been the top two purchasers in the real estate market. For the first time since the second quarter of 2022, Russian nationals are no longer among the top three nationalities buying property, likely influenced by the ongoing depreciation of the ruble. While Turkish nationals have fallen out of the top ten, there is a persistent presence of buyers from the MENA region, with a notable uptick in purchases by nationals from Egypt, Lebanon, the UAE, and Jordan.”

Dubai’s appeal as a global expatriate hub is on the rise, as evidenced by the nearly 100,000 people who have moved to the city up to July this year. Vidya Prakash Singh, CEO of Chalet International Property Investments based in Dubai, notes a significant trend in the real estate market: Russian nationals have fallen from the top three buyer positions at Chalet IPI for the first time in a year and a half. This shift is partly due to the depreciation of the Ruble, which has impacted their purchasing power. Nevertheless, the slack has been picked up by an increased interest from Indian and British nationals, with many leveraging real estate investment as a gateway to acquiring Dubai’s ‘Golden Visa’.

The UAE’s ‘Golden Visa’ offers a host of benefits for long-term residence, including:

A six-month multiple-entry visa to initiate residence processing.

A renewable long-term residence visa with a 5 or 10-year validity.

Independence from the requirement of a local sponsor.

The flexibility to stay outside the UAE for more than six months without losing visa validity.

The option to sponsor family members, such as spouses and children, regardless of age.

The freedom to sponsor an unlimited number of domestic workers.

Assurance for family members to remain in the UAE until their visa expires, even in the event of the Golden Visa holder’s death.

Ownership of residential property worth at least 2 million dirhams (approximately Rs 4.5 crore) is also a part of the Golden Visa scheme.

Luxury market

Additionally, the report pointed out that the luxury segment of the market maintained its robust performance into the third quarter, with sales exceeding $4.83 million hitting an all-time high, a significant 44% increase from the second quarter.

This surge was primarily driven by a notable 66% expansion in the resale market. With forecasts of 4,500 new millionaires moving to the UAE in 2023 and the ongoing introduction of premium off-plan developments like Palm Jebel Ali, the anticipation is for the upscale market to experience continued expansion shortly.

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