“High Net Worth Individuals (HNIs) Flock to UAE Amid Tightening of Golden Visas in EU”
Real estate prices in several European Union (EU) countries have risen, causing an increase in the investment threshold or the termination of golden visa programs for the wealthy.
As a result, experts indicate that Indians are once again turning to the United Arab Emirates (UAE) for such residency opportunities.
In May, Greece will double the investment amount required for a golden visa, while Portugal and Ireland have already terminated their programs. This has made the UAE an attractive option for high-net-worth individuals (HNIs) seeking residency as it offers a 10-year visa for investing 2 million dirhams (approximately ₹4.5 crores).
During the Covid-19 pandemic, ease of movement became a critical factor in determining residency status, leading to increased demand for golden visas or residency by investing in real estate in EU nations such as Portugal, Greece, and Russia in Europe, map chart Europe, and Spain, particularly among the wealthy seeking mobility.
However, this has also driven up real estate prices in the EU countries, prompting them to raise investment thresholds or end golden visa programs. “Therefore, the UAE has emerged as a viable alternative,” according to Puri. (countries in Europe/ eastern Europe/ western Europe)
“However, this increased the real estate prices in the EU countries, prompting them to enhance the threshold for investing or stop the golden visa route,” Puri said.
Dubai-based prop-tech startup Realiste said it has seen an increase in the number of investors from India in Dubai in the last few months.
According to Alex Galtsev, founder and CEO of Realiste, the recent termination of golden visa programs for real estate investors in European countries has significantly contributed to this trend. In contrast, the UAE, particularly Dubai, still offers ex-pats the opportunity to obtain residency in exchange for investments, which is a valuable incentive for Indians.
The increasing demand for Dubai’s housing market is also attributed to the declining value of the rupee, with many Indians seeking to safeguard their capital. Realiste data suggests that the Dubai housing market could surge up to 46% in 2023.
Moreover, Arjun Sahay, an advisor to India Sotheby’s International Realty, noted that Indians living in London and the US have been investing in real estate in EU countries, but with the termination of golden visa programs, they are likely to shift their focus to purchasing second homes in the UAE (Europe)
Moreover, Arjun Sahay, an advisor to India Sotheby’s International Realty, noted that Indians living in London and the US have been investing in real estate in EU countries, but with the termination of golden visa programs, they are likely to shift their focus to purchasing second homes in the UAE (Europe)
As per the CBRE Dubai Market Report, Dubai’s residential market saw total transaction volumes of 9,229 in January 2023, marking a growth of 69.2% from the previous year.