Why are rich Indians buying dream palaces in Dubai only?

Why are rich Indians buying dream palaces in Dubai only?

Indians Bought Houses in Dubai: Buying a house in Dubai is becoming a hobby of the wealthy Indians. Most of the rich Indians prefer to buy their homes in Dubai. These include from big businessmen to entrepreneurs and film personalities. Local real estate traders say that wealthy Indians are preferring to buy homes in Dubai for a luxury lifestyle.

According to a real estate data, Dubai earned 16 billion dirhams i.e. about 35 thousand 500 crore rupees from the sale of luxurious houses to Indians last year.

Dubai is becoming the destination of rich Indians

There are many luxurious malls and skyscrapers here, which attract a lot of people. Burj Khalifa remains the center of attraction. In the year 2021, Indians had spent about 9 billion dirhams to buy a house. That is, compared to 2021, Indians spent almost double the amount on buying a house in 2022.

40 percent of home buyers in Dubai are Indians

According to statistics, about 40 per cent of the homebuyers were from India. Most of the people who bought homes in Dubai were from Delhi-NCR, Ahmedabad, Surat, Hyderabad and Punjab. According to a TOI report, the CEO of a real estate consultancy firm operating in Dubai says that there are also a certain number of senior executives with global roles who are eyeing properties in Dubai. He said that many rich Indians are going to expensive rented apartments.

Why is Dubai the center of attraction?

The Dubai rental market witnessed a decline of around 30 per cent during the Covid pandemic, but is now back to the level of 2015-16.
Vishal Goyal, co-founder of JV Ventures, is among the Indians who have bought homes in Dubai. Goyal says that due to living in Dubai, I travel easily to Hyderabad, Dubai and London in connection with work. He said that the fintech ecosystem offered by the Dubai International Financial Center attracts many young Indian entrepreneurs to the city.

What is the cost of buying a house in Dubai?

The average cost of homes being bought by Indians is between Rs 3.6 crore and Rs 3.8 crore. The monthly rent ranges from Rs 3 lakh to Rs 6 lakh. Local realtors say that the average rental yield from properties in Dubai is around 4 per cent to 5 per cent. Overall, Dubai is becoming a favorite destination for those who have a lot of money. The city has world class social infrastructure. Many international schools are also attracting Indians here.

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