Indians have been the top non-Arab investor in the UAE since 2012. In 2014 the number of Indians investing in the real estate market in Dubai was double that of the nearest other non-Arab investor, which was Britain. The Burj Khalifa is one of the most famous buildings in the world due to the fact that it is the tallest, but a less know fact is that most of the apartments are actually owned by Indians. In Dubai alone the estimated population of Indians is around 30%. Amongst the world’s richest people six of these are Indian and are based in the UAE. This is a trend that experts are citing it set to continue for some time to come.
So what is it that makes Dubai so attractive to Indians:-
– It is difficult to invest or do business in India, where many outdated processes are still in place. There are numerous obstacles such as trade union problems, shortage of labour and restrictions on use of land. Whereas the real estate sector of Dubai has been developed to be a straight forward and hassle free as reasonably possible. This investment is keenly encouraged by the Dubai Government whom are continuously assessing and implementing new initiatives to further incite this.
– Property prices to buy are comparatively cheap when compared to corresponding places in India or indeed other international cities, whereas prices to rent are exceptionally high (and the Dubai government has not imposed any tax on property rental income), therefore whether it is merely for investment or whether it is due to spending large quantities of time in Dubai getting into the property market is a wise choice.
– Dubai is also very attractive due to its favourable tax regime, its stable business environment which has contributed to the healthy growth in its commercial sector and its pleasant climate with its high standard of living. Indian’s looking for a status symbol need look no further as Dubai has one of the best skylines in the world and is constantly aspiring to produce grander and distinctive buildings and attractions in order to wow the tourists.
– Dubai is also favoured due to its geographical proximity to India with only a three hour flight to New Delhi. There are also numerous airlines offering connections to a number of destinations across India. For many businessmen time is money and therefore this constitutes a huge advantage.
– With the population of Indian’s in Dubai being at such a high level this also offers a cultural advantage with the availability of Indian cuisine and other Indian commodities along with other social aspects such as nightlife and entertainment making the adjustment to a foreign way of life that much less stressful.