RUSSIANS LAND AT FIFTH SPOT

Top buyers among expats in June and Sept quarters; deals led by lure of golden visa, better returns

Bengaluru: Indians have become the largest re- ‘al estate investors in the Dubai property market, playing a pivotal role in shaping the city’s reales- tate market.

The Betterhomes Residential Market Report showed Indians topping the nationalities list in the June and September quarters-up from No. 2 in the first quarter when Britishers led the field -in the purchase of new homes for end-user de- mand or investors seeking better yields and Gol- den Visa eligibility. Indian homebuyers have consistently been among the top five buyers in the Dubai housing market. However, rising we- alth and factors such as Russia’s geopolitical isolation have rearranged the pecking order. “Whether driven by end-user demand or inves-

tors seeking higher yields, Indians have been instrumental in new home purchases,” said Ri- chard Waind, CEO of Betterhomes, a Dubai-based property consulting firm. “Russian nationals dropped out of the top three buyers for the first time in 18 months, with the declining ruble weighing on affordability. However, this was more than offset by demand from Indian and British nationals, many using property investment as a path to the Golden Visa.”

The Golden Visa offers investors and their families five-year residency in Dubai, extendable up to 10 years. Among the criteria is having a residential property worth 2 million dirhams (4.5 crore).

Dubai continues to attract a diverse set of global buyers as people seek a safe haven, tax efficiency and positive investment returns, experts said. Indian and British nationals remained the two most prominent real estate buyers in the third quarter of 2023, with Russians moving to the fifth position for the first time since the second quarter of 2022.

Source- The Economic Times