Hey there! Big news in the Dubai real estate scene—Indians have officially taken the crown as the largest investors, surpassing even the British. It’s a game-changer, and it’s shaping the landscape of the real estate industry in the region.

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According to the latest Betterhomes Residential Market Report, Indians now lead the pack in buying new homes, whether for end-users or investors eyeing the Golden Visa perks. They weren’t at the top spot in the first quarter, but by June and September, they claimed the throne from the British, who were leading initially. The dynamics shifted, thanks to factors like Russia’s geopolitical situation and the rising wealth of Indian investors.

Richard Waind, the CEO of Betterhomes, noted, “Whether it’s driven by end-user demand or investors seeking higher yields, Indians have played a crucial role in driving new home purchases.” Interestingly, Russians, who had been in the top three for the past 18 months, dropped out due to the declining ruble, but this gap was more than filled by Indian and British nationals, many of whom see property investment as a ticket to the Golden Visa.

The Golden Visa allows investors and their families to reside in Dubai for up to five years, with the option to extend. One of the key requirements is owning a residential property valued at around two million dirhams (approximately Rs 4.5 crore).

Experts say Dubai remains a magnet for a diverse range of global buyers seeking a safe haven, tax efficiency, and lucrative investment opportunities. In the third quarter of 2023, Russians slid to the fifth position, with British and Indian nationals dominating as the top real estate buyers.

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Despite economic challenges, Dubai continues to attract expats, with the population growing by almost 100,000 in the year to July. Richard Waind added, “With the UAE expected to attract 4,500 millionaires in 2023, rapid growth persists in the luxury segment.”

The surge in demand is driving up real estate and rental costs. Estimates suggest Dubai’s premium real estate prices surged nearly 50% in the year ending June, maintaining its top position for the eighth consecutive quarter and marking a 225% rise since the pandemic low in the third quarter of 2020.

So, in a nutshell, Indians are now the real estate power players in Dubai, and it’s not just about buying homes—it’s about shaping the city’s skyline and influencing its property market trends. Exciting times in the Dubai real estate story!