Affluent India has a new residential address: Business Bay, Dubai. Armed with deep pockets and aspirations for a luxury lifestyle, wealthy Indians \u2013 mostly businessmen and entrepreneurs \u2013 are flying in, in droves, to pick up homes in this swanky financial district, say local real estate players.<\/p>\n
Downtown , a tourism hub that\u2019s home to multiple malls and skyscrapers, including the Burj Khalifa, is another favourite. The 2022 real estate data confirms the trend. The Dubai market earned 16 billion dirhams, or Rs 35,500 crore, from sales to Indians last year\u00a0 which is almost double of what it netted in 2021, around 9 billion dirhams. A sizeable 40% of homebuyers were from India, the majority being from DelhiNCR, Ahmedabad, Surat, Hyderabad and Punjab. The remaining were Indians living in the UAE (40%), and global Indians (20%) based in different parts of the world.<\/p>\n
\u201cThere is also a certain percentage of senior executives, with global roles, who are eyeing properties in Dubai because of its connectivity with the world,\u201d says the CEO of a real estate consultancy firm with operations in Dubai. He said many rich Indians are moving into high end rented apartments, ditching metro cities back home. The Dubai rental market that had witnessed a dip of 30% during Covid-19 has now bounced back to 2015-16 levels, which was a peak period for the city\u2019s realty.<\/p>\n
Vishal Goel, co-founder of JV Ventures, is one among them. \u201cBeing based out of Dubai allows me to travel seamlessly between Hyderabad, Dubai and London for work,\u201d says Goel. He notes that the fintech ecosystem offered by the Dubai International Financial Centre is another factor attracting several young Indian entrepreneurs to the city. \u201cMy wife, for instance, was able to set up her fintech venture that allows her to tap into most global markets with ease. It is something she couldn\u2019t have done so effectively from India,\u201d says Goel, whose venture fund focuses on social assets and life sciences.<\/p>\n
While the average cost of houses being bought by Indians ranges between 1. 6 and 1. 7 million dirhams (Rs 3. 6 crore to Rs 3. 8 crore), the monthly rents hover in the Rs 3 lakh to Rs 3. 5 lakh bracket.<\/p>\n
Local realtors say that the average rental yield from properties in Dubai varies between 4% and 5%, similar to Mumbai. \u201cThat\u2019s a selling point with many white-collar professionals,\u201d says another prominent realtor. He lists out other attributes: \u201cDubai is safe for those with deep pockets to park their money, and the city has world-class social infrastructure.<\/p>\n
Then there are multiple international schools and a growing Indian community. Together, these factors make Dubai a perfect place to relocate to, especially for those Indians looking for an upgrade in their quality of life. \u201d Ashrat Chaudhury, director of strategy for Damac Properties, a leading real estate group in Dubai, agrees. He says this is one of the reasons Damac has been drawing buyers even from smaller towns of India, especially Punjab. \u201cOur business from Indians grew by 2. 5 times in 2022,\u201d he says, adding, \u201cWhat we sold through the year in 2019 is what we sell in a month now. \u201d According to him, about 15% to 20% of Dubai\u2019s total realty sales is driven by the Indian community, which is one of the top two homebuyers in the city. The other top buyers are the Russians. The British, Chinese and Pakistani nationals are the other prominent international homebuyers in Dubai.<\/p>\n
Source: The Times of India<\/p>\n","protected":false},"excerpt":{"rendered":"
Affluent India has a new residential address: Business Bay, Dubai. Armed with deep pockets and aspirations for a luxury lifestyle, wealthy Indians \u2013 mostly businessmen and entrepreneurs \u2013 are flying in, in droves, to pick up homes in this swanky financial district, say local real estate players. Downtown , a tourism hub that\u2019s home to […]<\/p>\n","protected":false},"author":1,"featured_media":21070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,19],"tags":[],"class_list":["post-119990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-regional"],"yoast_head":"\n