UAE Golden Visa Expanding the Indian Population in Dubai

The UAE Golden Visa reforms are boosting the Indian population in Dubai

The UAE Golden Visa reforms are boosting the Indian population in Dubai, particularly their contribution to the city’s real estate sector.

Indian investors alone have contributed AED83.62 billion to the UAE real estate market from 2015 to 2021. High net-worth Indians are expected to grow by 107 percent through 2027.

Indians hold 27.9 percent of the over 88 percent expat population in the UAE. The number is anticipated to rise further, and subsequently support the emirates’ forecasted AED300 billion in real estate sales transactions in 2023.

According to Unique Properties, a real estate agency in Dubai, Indians have been present among the top three nationalities to purchase property in the city.

“The emirate has experienced significant millionaire growth over the past decade and it is projected to continue with Dubai on pace to be one of the top 20 wealthiest cities in the world by the end of 2030,” said Arash Jalili, Founder and Chief Executive Officer of Unique Properties.

“Indians will continue to be a driving force for the years to come but even more so through the remaining first half of 2023; as additional Indian-imposed tax collections are incentivising Indians to invest in countries like the UAE where they can avail favourable tax advantages.”

Investor demand boosts property transactions in Dubai
The Golden Visa reform which was introduced in the UAE allows property investors to attain long-term residency and paved an alternative path for wealthy foreign investors to capitalize on the attractiveness of Dubai’s real estate market and also become a staple of permanence in the UAE.

India’s HNWI population was recorded at 797,714 individuals and is expected to reach 1.65 million people by 2027.

According to data from the Dubai Land Department (DLD), investors account for over 20 percent of all property transactions in the city.

Unique Properties foresees an upward surge uptick in transactions in Dubai by this demographic, attributed to several factors including the UAE’s ideal business environment, world-class infrastructure, and its close proximity to India of just three hours via flight, among other criteria.

Source:- The Arabian Business