Since the pandemic hit the world everything has gone for a toss except the property market of Dubai. The Dubai real estate industry is the one thing that has flourished more than ever in recent years.
This period also includes two anniversaries of coronavirus. Despite those waves of pandemics, business and entrepreneur companies have predicted about Dubai real estate, in particular, to be of double the worth than now. One credit of this success that Dubai is showering in now goes to Indian investors.
Indian investors have been returning to the Dubai property market for the last 5 years in particular. There are inner and outer factors that work like magnets.
These factors lured Indian investors to try their luck in the real estate industry in Dubai. We can look further and list down the factors which contributed to the return of Indian investors. We will also clear your doubt if you think that can Indian citizens buy property in Dubai.
Residency Law in UAE since 2017
To be accurate we will back our statements with the facts published widely online. The UAE government in 2017 decided to introduce a new law. This law gave residency as a gift to those who are buying property worth 1 million AED. This rule not only helped the investors but also tricked the people who were going to settle in Dubai for some other reason. This law proved to be killing two birds with one stone.
Hence the Dubai real estate industry came into direct profit.
Indians among top 3 investors
In some other study of data, it is concluded that in 2019, 16%of the contribution to the rise of the Dubai Real Estate market was from Indian investors. After the property market crash in 2008, it was the return of Indian investors to the Dubai real estate industry.
Just like the saying, whatever is up, there is destined to fall down. The same happened with the Dubai property market after a peak of profits in 2005 it failed in the next 3 years.
The reason behind returning of Indian investors to Dubai premises is again a topic to be discussed further.
Bathing in success
Dubai is bathing in profit across the span of almost 15 years now. And now the biggest credit goes to the Indian investors. By 2021, Palm and Dubai hills have registered a 15 – 30% hike in prices. The predictions till now are going too well. Indian celebrities are the ones who hold the luxury abodes in Dubai. Shahrukh Khan and Shilpa Shetty are owners of “Jannat” and luxury nest in Burj Khalifa. Let’s not start with Hollywood’s craze with Dubai. This thing makes clear the doubt of some people who think that is Dubai property market going to crash or not.
Home Like Features
There are multiple factors that make Indians in particular returning customers. Being a country just a flight away keeps a sense of closeness is part of people’s subconscious and a sense of safety and security. The familiar environment makes people adapt and mingle in society easily. The population over there in Dubai is more or less the same as back in India.
Post handover payment plans
Post handover payment plans are another thing that avails the opportunity to each and everyone to be an investor.
It is a payment method that provides safety and profit at the same time. Being an investor you can overlook your profits and still give it a thought till the handover. It gives you time to arrange the money.
Abroad feels on a budget
The bottom line we all can agree to is that Dubai is a city that offers foreign feels on a budget. From high technology to preserved heritage Dubai has everything to offer you. It includes a miniature of the Sahara desert and culture similar to Saudi Arabia.
There is a safe environment with top-class hospitality one can crave in recent times.
This policy is another thing that makes Indian investors gravitate towards Dubai property markets even more.
Indian as Foreign Investors
Below are the lines from Samanta Dasa, head of research at JLL India describing the interest Indians are taking in the Dubbai Real Estate Industry.
“Our teams from different cities in India are reporting increased enquiries for overseas properties, especially in Dubai,”
Indian investors are also looking out and exploring the world from their end. This keen interest has also seen major upward growth in the last 5 years.
EXPO 2020 is again what caught the eyes of the world. And the limelight worked wonders in favour of Dubai. EXPO 2020 was originally supposed to be in 2020 but because of the Covid outbreak, it got postponed till 1 October 2021.
It is still going on till 31 March 2022. It almost is a fair like a place where art, culture, technology are the things that are on display. The EXPO 2020 is not just for trading or interaction purposes. It is also about putting the hospitality and property market on spectacle. The current Dubai has the best for all. Starting from luxury to residential cells it has everything in between too.
We return to things that are profitable for us, then why not apply that in investment too? The Indian investors are foreseeing the profit they can have from the Dubai property market.
It is their instinct that is making them return investors. It is fair enough for both to enjoy the fruit of that lucky shining star. Indians are investing in the safety and hospitality that Dubai has to offer.