Property News Last Week
Well-heeled Indians are increasingly investing in Dubai luxury real estate to secure the long-term Golden Visa. A tweak in UAE’s Golden Visa rules has led to the rush. A Golden Visa is a residential permit in a foreign country secured upon purchase of high-end property or investment. Business Today spoke to experts on the increasing popularity of Dubai as a destination of choice for Indian migrants.
Bolstered by strong capital growth, high yields and government-led initiatives that incentivises investment in the property sector, Dubai continued to be a prime target for investors, according to Betterhomes, a leading property consultancy.
Dubai’s red-hot property market surged in the first half of the year as investors piled in, with Russians among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions. The number of Russian buyers surged 164% in the first half of this year from the first half of 2021.
Marginal price decline in June is a ‘sign of a healthy market’, says Property Monitor. Dubai property prices fell month on month for the first time this year in June, although they remained more than 10 per cent higher on an annual basis.
After more than a year of exceptional gains, property prices in Dubai are starting to cool down as more housing units come on stream, mortgage interest rates move higher and surging inflation worries investors, according to ValuStrat.