Golden Visa: Dubai Golden Visa revamp boosts demand for luxury homes

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The recent overhaul of golden visa rules in the UAE has led to a surge in demand for luxury residences as more Indians opt for second homes in Dubai and other emirates, according to reports. real estate consultants.

Property developers in Dubai, which are attracting most of the demand, have also started to organize property exhibitions in India to inform Indian buyers about the new rules and the resulting benefits.

“Buying a house is the easiest way to invest and get a golden visa. Dubai also has no capital gains tax, which makes investing in real estate a proposition. compelling,” said Akash Puri, director of international affairs at India Sotheby’s International Realty.

Recent changes to golden visa rules have encouraged wealthy Indians to take a longer term approach and invest in properties in Dubai.

The emirate has reduced the minimum investment required for a person to qualify for the golden visa to AED2 million (approximately ₹4.2 crore) from AED5 million (approximately ₹10.4 crore). The duration of the visa has been extended to 10 years instead of the first five.

According to data from DXBinteract.com, real estate sales in Dubai increased by 60% in the first half of 2022 compared to the previous year to reach more than 43,000 units. The value at AED 115 billion increased by 87%.

“Demands have increased by at least 10-15% in the first half of 2022 compared to the same period in 2021. Lower prices have made luxury homes in Dubai very attractive,” said Anuj Puri, Group Chairman. Anarock.

Several factors, including Dubai’s proximity to India, are driving demand. The UAE also offers long-term visas of five and ten years to entrepreneurs, professionals, investors and specialists in the medical, scientific, research and technical fields.

“With the revised laws allowing the merging of properties to be eligible for golden visa, Indians are buying multiple properties with the aim of complying with the said rules. In addition, entrepreneurs/investors can also obtain a 10-year residency visa by investing in a startup in the UAE under the new laws,” said Rabiah Shaikh, Commercial Director, IPM Asia, Square Yards.

Many Indian brokerage firms have started organizing real estate exhibitions for Indians wishing to invest in Dubai and are getting a phenomenal response.

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