Indians have taken the lead as the primary investors in Dubai’s real estate market, surpassing the British during the second and third quarters of this year, as reported by the Betterhomes Residential Market Report quoted by ET. This change is attributed to Indian buyers seeking improved investment returns and aiming for eligibility for the Golden Visa program, offering a five-year residency in Dubai, extendable to ten years, with a requirement of owning a residential property worth 2 million dirhams.
According to Richard Waind, CEO of Betterhomes, Indians have significantly contributed to new home purchases, driven by both end-user demand and investors seeking higher returns. The decrease in Russian buyers has been compensated by increased demand from Indian and British nationals, many of whom are leveraging property investments to secure the sought-after Golden Visa.
The third quarter saw 28,249 transactions in Dubai’s real estate market, marking a 4% increase from the previous quarter and a 23% increase compared to the same period last year. This growth was fueled by a 34% increase in villa and townhouse deals, while apartment transactions experienced a slight decline.
Waind emphasized the consistent growth in Dubai’s expat population, and he anticipates the attraction of 4,500 millionaires to the UAE in 2023, indicating ongoing expansion in the luxury real estate segment. The heightened demand has led to a substantial rise in prices and rentals, with luxury home prices in Dubai surging by almost 50% in the year to June. This signifies the eighth consecutive quarter of maintaining top rankings in luxury home prices, showcasing a remarkable 225% increase since the pandemic low in the third quarter of 2020.
