4 Reasons Why Indian HNIs Are Among Top Investors In Dubai Real Estate
Entrepreneurs, celebrities, or top-notch honchos, the allure of Dubai is captivating. The United Arab Emirates' (UAE) business hub, Dubai, has been as a real estate destination for the privileged ones across the world for a while now.
Recently, the city's department of land claimed that in the first half of 2015, Indians invested close to Rs 30,000 crore in Dubai's property market (says a report in The Economic Times). This was the highest total investment figures recorded by any foreign country in the city's real estate.
MakaanIQ tells you why Dubai's realty market has emerged as a hotspot for cash-rich Indians.
Unrest in the Indian realty market
The Indian real estate sector is very volatile. The sector is plagued with multiple problems such as inflated prices, delays in projects, extension for possession, multiple approval chains, and insurgence among builders toward government policies, etc. All of these act as potential deterrents for investors and steer them towards international real estate destinations.
Investors are wary of red-tape and formalities in getting approvals to purchase a property but Dubai's realty market is a breeze where property can be bought by simply paying the owner the cost of the property. Considering the Indian buyers' sentiments, this ease of buying property is very fascinating.
Keeping economic gains aside, Indian investors prefer Dubai because of its geographical proximity. A direct flight from New Delhi would just take three hours to reach Dubai.
Buying real estate assets in Dubai is a good proposition as the government of UAE charges no tax on rental income or any kind of capital value gains on purchased property. On the other hand, the rental yield for residential property in India is riddled with taxes and hassles.
The Arab country offers various other privileges such as ease of exit, no lock–in period and single window clearance for approvals. All of this, combined with unmatched opulence and life style of emirates is the reason why wealthy Indians have made Dubai their second home.