Bengaluru property buyers rank among the leading investors benefiting from Dubai’s Golden Visa

In spite of the real estate boom in Bengaluru, many people are investing in the real estate market of Dubai. The Dubai real estate market is now lucrative for many Indians from Delhi, Chennai, Mumbai, and Bengaluru, as they are buoyed by the Golden Visa.

What is a Golden Visa

A Golden Visa is a residence visa which lets foreigners to live, in the UAE for a long term. Also, they can enjoy great benefits. It will give an entry visa for six months with entries with residence issuance. They will get a renewable residence visa valid for up to 10 yrs. There will be a provision to stay out of the UAE for 6 months to keep their residence visa valid.

Luxury lifestyle in Dubai

Rizwan Sajan, a real estate developer in the UAE, said that 35% of buyers are from India and from Indian expats who now live in Dubai. Out of that, most of the buyers come from metro cities such as Delhi, Chennai, Mumbai, and Bengaluru. All these buyers are with high awareness of the global real estate market. Their desire for luxury lifestyle housing options is very strong.

The Golden Visa will allow long term residency to buyers who invest in a total property worth more than AED 2 million in Dubai. For buyers, it is not only a safe choice, but it also offers staying benefits. Even though the price per sq ft is higher in Dubai than in other global hubs like New York, and London, many people prefer to invest in it.

Most of the buyers who prefer to invest are business people who have their business in Dubai. IT people and High Net Worth Individual (HNI) are also seeking lifestyle assets with high returns now.

Alok, Founder of a proptech startup at Homely Yours, said they have got a 40% increase in enquiries for Dubai real estate properties rnowdue to the Golden Visa. The middle class buyer range has grown fast than it is thought.

Once, Dubai was a target for HNIs, but salaried people people have started to invest now. The upper middle class people are able to afford small units now like studio and 1BHK flats. Buyers who are middle aged between 30 and 45, and buying to generate passive income and not for luxury.

Tier-II cities

Also, the traction from traders has raised in Tier II cities such as Jaipur, and Indore. Abhishek Goswami, the Sales Director at GCC Markets, Square Yards, said, “The mix of high pricing with high rental yields than in their local markets is the main reason that makes Dubai the top target to park their funds.”

Dubai still attracts global investors as there is a tax friendly zone. It also comes with the Golden Visa scheme. If buyers invest in a property of AED 2 million, they can get a 10 year permit that allows them to work, and live in the UAE. For Indians, Dubai’s convenience in managing investments has increased its appeal.

Prestige Group prelaunch project is Prestige Evergreen.