Indians dethrone British to become largest real estate investors in Dubai

economictimes.indiatimes.com:

real estate investors in the Dubai property market, playing a pivotal role in shaping the city's real estate market.
The Betterhomes Residential Market Report showed Indians topping the nationalities list in the June and September quarters — up from No.

2 in the first quarter when Britishers led the field — in the purchase of new homes for end-user demand or investors seeking better yields and Golden Visa eligibility. Indians have consistently been among the top five homebuyers in Dubai.

However, rising wealth and factors such as Russia's geopolitical isolation have rearranged the pecking order.

«Whether driven by end-user demand or investors seeking higher yields, Indians have been instrumental in new home purchases,» said Richard Waind, CEO of Betterhomes, a Dubai-based property consultanting firm. «Russians dropped out of the top three buyers for the first time in 18 months, with the declining ruble weighing on affordability.»


«However, this was more than offset by demand from Indian and British nationals, many using property investment as a path to the Golden Visa,» Waind said.

The Golden Visa offers investors and their families five-year residency in Dubai, extendable up to 10 years.

Among the criteria is having a residential property worth 2 million dirhams (Rs 4.5 crore).
Dubai continues to attract a diverse set of buyers from across the globe as people seek a safe haven, tax efficiency and positive investment returns, experts said.

Indian and British nationals remained the two most prominent real estate buyers in the third quarter of 2023, with Russians moving to the fifth position for the first time since the second quarter of 2022.
While Turkey moved out of the top 10, likely due to the economic travails