A property in Dubai is one of the world's most sought after real estate assets, and last year India's richest man Mukesh Ambani bought a Rs 1,350 crore mansion in the city. But he isn't the first to do so, as top celebrities in India from Shah Rukh Khan to Shilpa Shetty among others, also own houses in Dubai. With Business Bay and Downtown Dubai attracting the highest demand, Indians spent Rs 35,500 crore on buying homes in the city.
Emerging as a hub between the east and west, the tourist hotspot-turned tech oasis has become popular among high net-worth Indians looking for a home near the Burj Khalifa and popular malls. The spending recorded in 2022, was twice as high as it was in 2021, and 40 per cent of all property buyers in Dubai were from India. A large chunk of these people came from Delhi NCR, Ahmedabad, Surat and Hyderabad, followed by NRIs based out of Dubai and other parts of the world.
With business going global, senior executives from India are setting up a base in Dubai, in order to connect with the world. After sliding 30 per cent during the pandemic, rents in Dubai have also surged back to their peak in 2015-16. This also makes investment in a flat in Dubai, an attractive investment option with higher yields.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)