Dubai is one of the fastest-growing cities in the world today and the government has relaxed its rules and regulations for economic boost. That’s why, for the last few years, Indian investors have been eyeing Dubai City to acquire properties and increase their revenue. They want to own properties outside the country and diversity their real estate portfolio. It also offers them a globalized culture, a better lifestyle, and tax savings.
If you are also looking to invest in Dubai from India, then you can do it easily. Here is the proper guide on how to invest, where to invest, and what factors to keep in mind.
Can An Indian Buy a Property in Dubai?
The answer is yes, an Indian national can Invest in a Dubai Property and in fact, has been one of the leading nationalities to invest in real estate here.
According to the FEMA (Foreign Exchange Management Act) 1999, the Indian laws have provided complete freedom to invest in Dubai’s real estate. In the LRS (Liberalised Remittance Scheme), any Indian nation can invest in a Dubai property worth up to $250,000.
Now that the Dubai government has introduced the “golden visa”, the city’s real estate market is attracting investors. The visa has simplified it for foreigners to own properties in Dubai.
Steps to Invest in Dubai from India
If you are planning to invest in Dubai property from India, these are the steps you need to follow –
- There are specific locations for foreign investment as decided by the government. You can research those locations and explore the ones that interest you.
- Make sure that the location you select matches your requirements and desires. After selecting the property for investment, download and fill the Contract Form F or MOU (Memorandum of Understanding) from Dubai Land Department.
- Sign the form and pay 10% of the property cost as a security deposit. This amount would be refunded to you once the property is successfully transferred.
- Visit the developer and get a NOC (No Objection Certificate) for a seamless process.
- Visit the DLD Office for the ownership transfer. You have to submit the original NOC, MOU, manager’s cheque, and identification documents.
Prime Locations for Investment
Indian investors have been investing in Dubai real estate for a long time and some of the locations have become a prime choice for them today. They are Downtown Dubai, Jumeirah Village Circle , Jumeirah Lake Towers, Dubai Hills Estate, Dubai Marina, and Palm Jumeirah. There is a range of property options at these locations, including luxury villas, studio apartments, and penthouses. Other micro locations that attract investors are Dubai Silicon Oasis and International City.
Factors to Keep in Mind Before Investment
Planning to invest in Dubai? Here are the things you should remember before doing so –
- Get well-acquainted with the rules and regulations to purchase a property. The process is simple and the market is properly regulated, so understanding the rules would not be difficult.
•The MOU should be signed by both parties and should be registered with the local government.
- Indians should buy fair-valued properties instead of overpriced or left-over inventory. The deal for the same should be clearly mentioned in the MOU.
Benefits of Investing in a Dubai Property
Dubai is seeing a boom in the real estate market and this is your chance to invest and gain high returns. Here are the reasons why you should invest in this UAE city –
- Economical Boost
Dubai is one of the most progressive cities in the United Arab Emirates. Its economy is moving at a fast pace with a dynamic mindset. This is introducing new business growth opportunities every day.
Investing in a Dubai property is beneficial as there are tax exemptions and incentives offered. You do not have to worry about capital gains tax or property tax. If you live in the city, you would earn tax-free income.
- Increased ROI
Dubai property is known for its high rental income. As compared to other countries, here you can get a 7% return on a property and this helps you get additional income, especially if you are buying it only as an investment.
- Diverse Real Estate Portfolio
Investors seek the best ways to diversify their real estate portfolio and Dubai is the right location for that. Here you would get studios, villas, apartments, and other options to suit your requirements.
- Upgraded Facilities & Lifestyle
Dubai is a city of vibrant culture and posh lifestyle. This attracts foreigners from around the world to come and start a new life. Whether you are seeking a property for an investment purpose or to experience a luxurious life, the possibilities here are endless.
Dubai’s real estate market is on the rise and becoming one of the top priorities for investors. After COVID-19, the policies and regulations have been further simplified to attract foreigners. If you are planning to invest in Dubai from India, then Dubai Housing is the right Place to do so!
Is it worth investing in a Dubai property from India?
Dubai is a hotspot for real estate investment right now. The process of investing in a property is simple and beneficial, making it a worthwhile decision for Indian nationals.
Is it important to inform the Indian government about the property purchase?
Indian citizens have to disclose any information regarding property investment in a foreign land. The Black Money Act (2005) and Foreign Assets Schedule have made it mandatory to do so.
What is the general downpayment amount to purchase a property in Dubai?
The general downpayment is approximately 25% of the final amount. This might vary, depending on any promotional scheme offered by the developer.
Which department is responsible for Dubai’s land rules and regulations and property matters?
DLD (Dubai Land Department) is responsible for handling all the matters related to property and land regulations. It also works to regulate and promote the city’s real estate market.