India’s rich prefer Dubai as ‘second home’;
27 October 2022 – WAALI News – www.newswaali.com
A few days ago, Indian businessman Mukesh Ambani bought a beach side villa in Palm Jumeirah, Dubai. Mukesh Ambani has paid 163 million dollars for this villa i.e. about one thousand 350 crore rupees. Before Ambani, many Indian billionaires have bought expensive houses in Dubai. Overall, Dubai is becoming the favorite city of India’s rich. Many people in India buy their houses in Dubai as soon as they become billionaires. Currently, there is competition among Indians to buy property in Dubai. According to Property Consultants, prime real estate prices in Dubai have increased by 89 percent in the last 12 months. Indian billionaires are buying properties in Dubai in large numbers.
Due to the increasing demand, the price of villas in Dubai has increased by more than 100 percent. According to consultants, since the start of the Corona epidemic, the prices of Amazon Boroughs such as Palm Jumeirah, Sale Emirates Hills and Jumeirah Bay Island have increased.
Government policies in Dubai are liberal. Therefore, more foreign investors are attracted to this city. As a result, the demand for property is also increasing rapidly. Many wealthy Indians prioritize Dubai as their ‘second home’. All these conditions are giving them an opportunity to easily buy property in Dubai. Dubai is benefiting from all these things.
Advantage of real estate market-
Prime residential value is applied as houses should be bought in Dubai. A 29 percent increase in home sales has been recorded here in the third quarter alone. Sales of properties priced above $10 million also hit new highs. In the first nine months of this year, 152 ultra-prime homes were sold.
The demand for buying villas in Dubai is steadily increasing. Eight new villas are due in prime residential areas by 2023 and 2025. Developers have not yet launched their new projects in the market. In the short to medium term, prices are expected to increase by five to seven percent by the end of the year. This increase will be about 60 to 80 percent more than last year.