Indians surpass Britons to become largest real estate investors in Dubai, Russians down at No. 3: Report – Business Today

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The Betterhomes Residential Market Report 2023 has stated that Indians have become the largest real estate investors in the Dubai property market surpassing Britons in the latest quarter. The Dubai real estate market recorded 28,249 transactions in the third quarter. This was a 4 per cent increase versus the second quarter and 23 per cent higher than the same period in 2022. The report said it was entirely driven by 34 per cent growth in villa and townhouse transactions, with apartment transactions contracting by 4 per cent.

The report highlighted that Indians topped the country-wise list in Q2 (June quarter) and Q3 (September quarter). It was at No. 2 in the first quarter when Britons topped the list. Indians have been topping the list of top five homebuyers in Dubai. However, rising wealth and factors such as Russia’s geopolitical isolation have rearranged the pecking order, the report highlighted.

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“Indian and British nationals remained the two largest buyers of real estate. Russians moved out of the top 3 buyer nationalities for the first time since Q2 2022, perhaps driven by the continued decline in the ruble. Whilst Turkey moved out of the top 10, buyers from the MENA region remain prevalent, with continued growth in buyers from Egypt, Lebanon, UAE and Jordan,” the report said.

“Dubai continues to attract expats from across the globe, with the population growing by almost 100,000 in the year to July. Russian nationals dropped out of the top 3 buyers at Betterhomes for the first time in 18 months, with the declining Ruble weighing on affordability. However, this was more than off-set by demand from Indian and British nationals, many using property investment as a path to the Golden Visa,” said Richard Waind, CEO of Dubai-based Betterhomes.

The UAE’s ‘Golden visa’ is a long-term residence visa which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits which include:

> An entry visa for six months with multiple entries to proceed with residence issuance
a long-term, renewable residence visa valid for 5 or 10 years
> The privilege of not needing a sponsor
> The ability to stay outside the UAE for more than the usual period of six months in order to keep their residence visa valid
> The ability to sponsor their family members, including spouses and children regardless of their ages
> The ability to sponsor unlimited number of domestic helpers
> The permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.
It also allows having a residential property worth 2 million dirhams (Rs 4.5 crore).

Luxury market

The report further added that the luxury market continued to go from strength-to-strength in Q3, with transactions over $4.83 million rising to record levels, up 44 per cent compared to Q2.

This was mostly due to a 66 per cent growth in the secondary market. With the UAE expected to attract 4,500 new millionaires in 2023 and the continued launch of high-end off-plan projects, including Palm Jebel Ali, we expect further growth in the luxury market in the near future.

Also read: ‘Nifty 50 gave 135% return in 9 years’: Internet reacts to Ranveer Singh’s 64% gain in Mumbai real estate deal

Also read: Mega real estate deal: Rekha Jhunjhunwala-backed firm purchases office space worth Rs 600 cr in Mumbai’s BKC

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