The increase in the worth of real estate throughout the countries that make up the European Union has led to the raising of investment thresholds as well as the discontinuation of the Golden Visa program, which was previously made available to individuals of significant wealth. As a direct result of this, Indian investors are increasingly focusing their attention on the possibilities offered by the United Arab Emirates (UAE) to obtain residency in that country. High-net-worth individuals (HNIs) in the United Arab Emirates have the opportunity to acquire a residency visa that is valid for ten years if they invest 2 million dirhams (approximately 21.5 crores) in a real estate asset.
People who are employed in the financial services sector and have stockpiles of investable capital that are greater than but do not quite surpass 5 crores are referred to as “high net worth individuals” (HNIs). The term “high net worth individuals” (HNIs) refers to this group of people. Due to the fact that these investors have a comparatively low net worth, the financial industry categorizes them as private investors. According to the CBRE Dubai Market Report, the total transaction volumes in Dubai’s residential market reached 9,229 in January 2023, indicating an increase of 69.2% from a year earlier. This information was obtained from the report.
According to Akash Puri, director of international operations for India Sotheby’s International Realty, modifications to the Golden Visa program in some EU countries have resulted in an increase in interest from Indian high-net-worth individuals in the UAE Golden Visa program. This increase in interest has led to an increase in the number of applications for the UAE Golden Visa. The United Arab Emirates Golden Visa allows its holders to become residents and comes with enticing financial advantages.
Because of the COVID-19 outbreak and the subsequent restrictions imposed on travel, the capacity to move about freely has evolved into an essential component that must be met in order to qualify for residency status. This led to an increase in demand for Golden Visas or residency by investing in real estate in EU nations, specifically among the wealthy who were looking for a path that allowed for more mobility. This demand was driven primarily by wealthy individuals who were searching for a path that allowed for more mobility. On the other hand, as a consequence of this, real estate prices in EU countries increased, which prompted those countries to either increase the minimum investment necessary or discontinue the Golden Visa route.
Realiste, a property technology company with headquarters in Dubai, has observed, over the course of the past few months, an increase in the number of investors hailing from India and conducting business in Dubai. This is probably due to the fact that a lot of people in India are trying to find ways to safeguard their riches because the value of the rupee has been going down. The growth of the real estate market in Dubai is projected to reach as high as 46% in the year 2023, according to data that was supplied by Realiste and published by The Economic Times. This growth is expected to occur in the city of Dubai.
According to comments made by Arjun Sahay, an adviser to India Sotheby’s International Realty, as reported by ET, Indians living in London and the United States have also been investing in real estate in countries of the European Union. However, due to the recent closure of Golden Visas for real estate investors, it is likely that they will turn their attention to purchasing second homes in the United Arab Emirates.
No comments yet