India’s businessmen are moving to the UAE, driving demand for luxury properties in Dubai

There is an increased demand for Dubai’s residential real estate luxury sector, among Indian businessmen following the second wave of COVID-19. 

UAE has favourable policies like allowing remote registration of offshore companies, giving full foreign ownership of businesses, along long-term residency visas. Such policies are influencing the demand. 

“Not only have these laws made Dubai more attractive for Indian industrialists and businessmen, but they have also added to the real estate demand,” said Shajai Jacob, CEO – GCC of Anarock Property Consultants. He also mentioned that the demand has mostly come from cash-rich Indian businessmen and entrepreneurs, looking for premium and luxury properties. 

Experts believe that these HNWIs and businessmen are moving from India to countries that offer better healthcare infrastructure and security. 

A Chennai-based independent financial consultant, R Guha, implicated the issues with hospital facilities, availability of drugs, and oxygen supply that has led people to opt for a country like the UAE; UAE seems to have handled the pandemic well with superior infrastructure and planning. 

Dozens of foreign investors have established their fully owned onshore companies in Dubai, due to the amended Commercial Companies Law. 

According to Dubai Land Department, Indian nationals topped the list of overseas investors in the real estate sector in 2019.