Abu Dhabi: The United Arab Emirates (UAE) Golden Visa changes are rapidly boosting the Indian ex-pat population in Dubai, specifically their contribution to the real estate market.
From 2015 to 2021, Indian investors alone contributed Dirhams 83.62 billion (Rs 18,75,19,26,55,193) to the UAE real estate market. By 2027, the number of Indians with high net worth is expected to rise by 107 percent.
Indian population represents the largest demographic of expatriates at 27.49 percent.
The growth rate is anticipated to rise further, which would be the reason for the real estate market to reach the forecasted Dirhams 300 billion in sales transactions by the end of 2023.
Reportedly, Indians are among the top three countries to purchase property in Dubai, follwoed by UK, Italy and Russian oligarchs
As per founder and Cheif Executive Officer (CEO) of Unique Properties, Arash Jalili, “The Emirates has witnessed huge economic growth over the past decade and it is projected to continue with Dubai, intended to make the city top 20 wealthiest in the world by the end of 2023,” quoted by Arabian Business.
“Indians will continue to be a driving force for many years to come, but they will be even more so in the second half of 2023; as additional tax collections imposed by India, encourage Indians to invest in nations like the United Arab Emirates, where they can take advantage of favourable tax advantages,” he added.
About golden visa
The Golden Visa was first launched by the UAE government in 2019. It is a long-term residency visa designed to attract foreign talent to live, work or study in the UAE while enjoying a range of exclusive benefits.
These benefits include a six-month entry visa with multiple entries to facilitate the issuance of residency, a long-term and renewable residency visa valid for five or 10 years, the luxury of not requiring a sponsor, and the ability to stay outside the UAE for longer than the standard six-month period without affecting your the validity of their residence visa.
Furthermore, the golden visa allows its holders to sponsor family members, including spouses and children of any age, as well as an unlimited number of domestic helpers.
In the event of the death of the primary holder of the golden visa, the family members are permitted to remain in the UAE until the end of the term of their permit.
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