Can An Indian Purchase Real Estate In Dubai?
Rich Indians have been buying more and more real estate abroad during the last few years. Entrepreneurs, professionals, and businesspeople from all over the world are trying to diversify their real estate holdings in international markets like Dubai. Here is all the information you require when purchasing a property in Dubai as an Indian citizen.
According to recent media reports, Indian businessman Mukesh Ambani has purchased a beach facing villa house in Dubai. One of the most expensive recent home acquisitions in Dubai is the property deal, estimated at Rs 640 Cr. The 10-bedroom home in Palm Jumeirah has been bought for his youngest son Anant Ambani. He would live next to Bollywood icon and another Indian superstar Shahrukh Khan, who also has a villa nearby.
Once again, this transaction has brought attention to the growing trend of Indians buying property in Dubai. For those looking to purchase real estate in Dubai, a higher standard of living, lower taxes, and a dynamic, international culture are all major draws. The ease of doing business, developed amenities, and well-connected air connectivity have all fueled this region's real estate demand. There are numerous flights between India and Dubai, operated by reputable airlines, which allow for simple air travel and connectivity within four hours.
Can Indian Citizens Purchase Real Estate In Dubai?
Yes, residents of India may purchase real estate in Dubai. In reality, for many years Indians have been among the top nations to invest in Dubai real estate.
According to Indian law, buying real estate in Dubai is acceptable. The regulation that controls these transactions by Indian nationals is known as the Foreign Exchange Management Act (FEMA), which was passed in 1999. Furthermore, residents are permitted to invest up to $250,000 in foreign real estate under the Liberalized Remittance Scheme (LRS).
Investor interest in the real estate markets has surged when the Dubai government introduced "golden visas." These visas have loosened Dubai's restrictions on foreigners owning homes. According to updated regulations for real estate investment, buyers of property worth two million dirhams or more can apply for a 10-year visa to remain in Dubai.
Where Do Indians Invest The Most In Dubai?
Indian investors have expressed a variety of interests while choosing Dubai as their investment destination. High Net worth Individuals (HNIs) from India wishing to invest in homes in Dubai have made places like Downtown Dubai, Dubai Marina, and Jumeirah Lake Towers some of their favorite locations. Other micro markets where investors have expressed desire for better returns on their investments include International City and Dubai Silicon Oasis.
What Considerations Should Indians Make Before Making An Investment In Dubai Real Estate?
Indians should make an effort to understand local customs and regulations when investing in Dubai real estate. The process is straightforward in Dubai because of the real estate markets ‘regulations and transparency.
Both parties must sign a Memorandum of Understanding (MOU) before buying or selling real estate. Additionally, the local government agency has this MOU on file. Revo Realty's founder, Farhan Safi, continues, "Indians should only purchase real estate with a reasonable market value and stay away from expensive or unsold project inventories. Additionally, every detail of an agreement should be spelled out in the MOU."
Do You Have To Alert The Indian Government About Your Dubai Real Estate Purchase?
The Foreign Assets (FA) Schedule and the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act (Black Money Act) require Indian citizens to disclose their real estate holdings in 2015. A third of Dubai's economy comes from the real estate sector. In Dubai, 80 percent of the population is made up of foreigners.
International investors now have more trust thanks to the effective management of the COVID-19 outbreak. Before buying a house, one should do their research, and they should only work with brokers that have registered with the local regulating body.