In the midst of the Koro crisis, Indians in Dubai spent Rs. Purchase of assets worth Rs 12,100 crore

- More than 8,000 new investors enter Dubai's real estate in the first six months of the current calendar year, despite the Corona-19 ban

MUMBAI: The Corona epidemic has created serious economic uncertainty around the world, although some have taken advantage of the opportunity to make large investments at low cost. Wealthy Indians have done something like this in real estate in Dubai. Indians have bought assets worth 3 billion dirhams in Dubai's real estate amid the Koro crisis. In Indian currency, it is calculated to be worth Rs 12,100 crore. So UK investors have invested 2.5 billion dirhams in Dubai's realty sector and Chinese have invested 1.5 billion dirhams, said Mahmoud Alburai, a senior adviser to the Dubai government, in a tweet.

Wealthy Indians have bought a new home for themselves in Dubai amid the Corona crisis, largely due to simple tax-friendly rules and immediate resident status through investments in real estate.

It is worth mentioning that houses are not cheap in this sandy region. Luxurious apartments, villas and hotel rooms also sell for between Rs 1 crore and Rs 50 crore.

Due to the geographical distance of Dubai from India, many wealthy Indians are attracted to buy houses there. The minimum investment in a property to obtain a residency visa is 1 million dirhams (about 3 crore). Experts say it is more reasonable to invest 5 lakh euros (about Rs 2.5 crore) in real estate to obtain a resident visa in Portugal and Spain.

The growth is also attributed to the UAE's Golden Visa program, available to global investors and top talent, in which they receive visas for 10 years. These visas are available to doctors, specialists, scientists, inventors as well as talented creative and individual athletes and investors in trade, startups and real estate in the emirate.

In the last five months, NRIs living in the UAE and India's richest people have invested 3 billion dirhams. In April 2018, the Dubai property market recorded 200 sales of 6 billion, the highest in four years.

In April, about 50 per cent of sales transactions were for secondary or ready-made property and 30 per cent for ready-made assets so far. In April, 18 under-construction properties worth ૧ 31 million and six ready-made properties worth 2.17 billion were sold.

According to preliminary estimates, more than 3,000 new investors have entered Dubai's real estate in the first six months of the current calendar year, despite extremely low travel and mobility due to the Corona-17 ban.

Resident Indians are allowed to send લાખ 2.5 million (Rs 1.5 crore) abroad every financial year. Real estate investors are eligible for a three-year Dubai resident visa if they invest at least 1 million dirhams in a property and if they invest 3 dirhams, they get a 3-year resident visa. This real estate investor visa includes a permit for a spouse and children.