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Thursday, February 29, 2024

Rich liking Dubai, Indians buy property worth 1.86 lakh crores in 7 years

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The craze of buying property in Dubai among the rich all across the globe is increasing consistently, and Indians are not lagging behind in the same. As per government statistics, between April 2015 and March 2022, immovable property worth 1.86 lakh crore rupees was bought by Indian citizens alone in Dubai. The report has also stated that the craze of buying property in Dubai among Indian gained ground after 2004. Here, Indians are the highest number of foreigners buying property after the British and the Russians.

One reason behind this trend is also a special law, under which, someone who buys property in Dubai can live there for up to 10 years even without a visa. Post the pandemic period, in 2022, the demand of property in Dubai has risen rapidly, and the rate of residential properties has become as high as 30 thousand rupees per sq. feet. During the last one year, the interest of the Russian, Ukrainian, and British rich has increased in Dubai.

One reason behind the same can be the Russia-Ukraine war, while another reason can be the rapidly hiking property rates in Britain. And the property rates in Dubai increased at a slower pace as compared to in Europe.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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