Following the second Covid-19 wave in the Southeast Asian country, the residential real estate industry in Dubai, particularly the luxury segment, is seeing a rise in demand from Indian businessmen. According to industry insiders and experts, tax concerns in India have also prompted high-net-worth families to immigrate to the Gulf.
This tendency is also influenced by the UAE government’s favorable regulations, which include complete foreign ownership of enterprises, remote registration of offshore firms, and long-term residency visas.
According to Shajai Jacob, chief executive officer–GCC of Anarock Property Consultants, told Arabian Business, “The new [UAE] visa laws have certainly contributed to the demand from Indian businessmen we are witnessing. This demand has got further impetus with the revamped company ownership laws. The UAE government has been extremely proactive in addressing the pain points of the market.”
Jacob, who is also a managing director and country head of the ApnaComplex, a society and apartment management technology platform acquired by Anarock technology, further stated, “Not only have these laws made Dubai more attractive for Indian industrialists and businessmen, but they have also added to the real estate demand.”
Jacob also added these buyers–the cash-rich Indian businessmen – were more interested in the premium properties and have shown a propensity for areas like Palm Jumeirah and Downtown Dubai.
“Indians have also contributed in the buying activities in this end of the spectrum [recently],” he says.
Jacob said that their firm was also observing increased inquiries from high-net-worth individuals (HNWIs) in India to own properties in Dubai.
“These demands have mostly come from business communities and entrepreneurs,” said the chief executive of Anarock which attentions on handling property investments by Indians in the UAE.
HNWIs and businessmen from India are making serious movements to countries with better healthcare infrastructure and security, according to financial sector analysts.
“While commercial considerations are on one side, the recent panic situation in India has exposed the soft underbelly of the country’s weak health infrastructure in handling the sudden surge in the infection levels,” R Guha, a Chennai-based independent financial consultant says as per an article by Arabian Business.
“This has impacted the rich and poor alike in terms of acute shortage of hospital facilities, poor availability of drugs, oxygen and has got everyone worried.
“Contrast with this, a country like the UAE seems to have handled the pandemic well with superior infrastructure and planning,” said Guha, who is also the former finance head of a multinational company.
The UAE’s open-arm policy of luring HNWIs and highly talented people through long-term visas, permitting full foreign ownership of enterprises, and advantageous tax rules, according to Guha, has fuelled interest in relocating to the UAE.
Source: Arabian Business
