In recent years, Dubai has emerged as a preferred destination for wealthy Indians looking to invest in real estate. There has been a significant surge in the amount of money wealthy Indians are sending abroad under the Liberalized Remittance Scheme (LRS). In FY24, Rs 3,173 crore were transferred, marking a 17 percent rise from the previous year.
While this sum covers various purposes, real estate remains a dominant category, indicating Indians are increasingly looking beyond domestic markets, seeking better returns, diversification, and even lifestyle enhancements in foreign real estate investments with Dubai being a top choice. Dubai’s real estate market has long been attractive for investors, especially due to its tax benefits, ease of doing business, high rental yields and its Golden Visa. The UAE’s ‘Golden visa’ is a long-term residence visa which enables foreign people to live, work or study in the UAE while enjoying benefits such as a long-term, renewable residence visa valid for 5 or 10 years.
If one owns a property or multiple properties in the UAE, then one is eligible for a renewable Golden Visa, without needing a sponsor. The conditions include providing a letter from the land department of the emirate where your property is located, confirming that the total value of your property or properties is at least 2 million dirhams which is around Rs 4.5 crore in Indian currency.
According to Ashwin Chadh, CEO of India Sotheby’s, the interest in Dubai properties.