Whether you are on holiday or an entrepreneur, luxury-seeker or a real estate enthusiast, Dubai's skyscraper-laden glitz and has something for everyone.
Attracting investors from all around the world, the city has a strong fan-following in the south of Asia too. According to UAE property portal Bayut.com, the Indians made up 66.86% of the total searches hits on the website for buying property in Dubai in May 2015.
The current realty landscape of Dubai seems apt for investment for a number of reasons. Below is a list of the top 10 facts about real estate in Dubai that appeal to the investors from India. So without further ado, let's get a closer look at why Indians have become immensely interested in investing in Dubai's realty market.
1.Ease of investment
Investing in the real estate sector of Dubai is pretty straight forward and hassle-free process. Find a property to buy, pay the owner and it's yours. You do not need any special visas, permits or lengthy paperwork for approvals to make the purchase. Plus buying property worth more than AED 500,000 automatically gets you a residence visa, so you may well start living in Dubai if you deem fit.
For Indians looking to invest in realty, the simple process appears heavenly and a far-cry from the traditional processes still in place in India. So why wouldn't an Indian wanting to avoid the ordeal invest in Dubai.
A country where owning property is a matter of prestige, especially if the structure dates to the British Raj, properties in major Indian cities command some of highest rates in Asia. Amidst the glitz and glamour of the land where a few of the world's richest men reside, cities like Delhi and Mumbai are becoming increasingly unaffordable for the masses belonging to the middle- to upper-middle class.
Moreover, with one of the fastest population growth rate of the world, therepublic striving hard to turn up the supply volume.
As property becomes pricier in India, UAE is one of the first choice for investors. With $1 million getting you a mere 96 square meters of land in Mumbai, the same amount fetches a cool 145 square meters of property in Dubai.
And given Dubai's rising status as global business hub, the choice for Indian investors becomes much easier.
While renting out property might be the easiest way to make money sitting at home, a better way is to rent out a property in Dubai. The Indians are not new to the fact that Dubai offers the world's highest rental returns.
With the speculative rise in prices now easing out, rents remain strong as ever. The current rental; yields in Dubai stand well above 7%, the best among global cities.
Dubai is one of the fastest growing economies of the world. With a huge influx of visitors and tourists, the emirate is fast multiplying its monetary gains.
Because of this ever-increasing demand of property, real estate in Dubai is becoming more valuable by the day. Capital appreciation is no less than a guarantee with the development path Dubai has set its foot upon.
While the rental yields of property in India are already lower than that of Dubai, the situation is worsened by a stringent income-based taxation policy in the republic.
On the other hand, the high-end lifestyle of the emirates comes with unmatched luxury of tax-free living. So while Indians make greater profits on property rented out in Dubai, the added benefit of having to pay no tax is plain icing on the cake.
A secure and stable business environment is key to pulling in international investors and Dubai offers plenty of security for that matter. The emirate and its crystal clear, business-friendly laws are an ideal setting for investors. A city that has vending machines dispensing gold bars of various sizes doesn't really need to tell prospective investors how secure it is, isn't that so?
In its efforts to move away from dependenceon oil, the emirate has built its tourism sector like none other. Millions of tourists descend upon the city every month to be wowed by various entertainment facilities up on offer. Luxury malls, man-made islands and one-of-a-kind hotels make a trip to Dubaian all the more memorable experience.
Gauging the potential, many international investors have poured money into the entertainment and hospitality sectors of Dubai. And Indians have followed suit, naturally.
The Expo 2020 will be huge. It's slated to have over 30 million visitors in its six-month duration, opening up mammoth chances of multiplying revenue for businessmen. With the activity around the city picking up in anticipation of the mega event, business opportunities around the emirate have also started gaining pace. Masons, architects, marketers; there's work opportunity for all and sundry. Starting up a business or investing in a stake in Dubai today could well be the ideal time for gains in the future. The world has been doing that, so why did you think Indian investors wouldn't?
9.Proximity to India
Aside fromthe numerous economic benefits and a safe, comfortable environment, Dubai is also favored because of its geographical proximity to India.
A 3-hour flight is all it takes to get to Dubai from New Delhi. In the world of business, time is truly money and an ease of access to Dubai means investor from India are a short while away from their business interests.
Another reason that many Indians are interested in the property sector of Dubai is because Indians make up a majority of the city's population. There's no cultural shock for Indian newcomers to Dubai and your favorite street food is always a taxi-ride away.
For Indians, some areas of Dubai are literally home away from home with their mix of Indian cuisine and lifestyle. So for many Indians, moving to Dubai seldom feels like having to move to an entirely different setting.