Real estate boom in Dubai, Covid-19 plays a crucial role.

The cost of a one-bedroom property in a well-located, beautifully landscaped luxury apartment is approximately Rs 30 crore. In the two waves of COVID-19, wealthy Indians bought a second home in Dubai, mainly attracted by preferential tax laws, and obtained instant residency status through investment in real estate, not to mention the international lifestyle and the coast of India distance. 

Far away from India-it has attracted several Indian billionaires. The minimum amount of investment required to obtain a residence visa is 1 million dirhams (2 million rupees). Experts say this is more affordable than investing 500,000 euros (4.4 million rupees) in real estate to obtain residence visas for Portugal and Spain. The beautifully landscaped luxury apartment sells for approximately Rs 3 crore.

In the past five months, due to the influx of foreign investors, Indians have injected 6 billion dirhams (121 billion rupees), while British investors have injected 2.9 billion dirhams, and Chinese investors have injected 1.4 billion dirhams. The Dubai government Senior consultant Mahmoud AlBurai said on Twitter a few days ago that these sandcastles are certainly not cheap: luxury apartments, villas, and even hotel rooms can cost as much as Rs 20 crore to over Rs 200 crore.

The villa is very popular. Depending on the size and style, the cost of a four-bedroom villa can be as high as Rs 7 million. The payment terms are also very simple. For properties under construction, buyers can pay 25% to 40% before delivery, and the rest will be paid in accordance with a three-year or longer post-delivery payment plan. Puri said that rental returns are attractive, with returns on quality assets ranging from 4% to 6%. "Dubai real estate has grabbed more attention now than ever. Investing in real estate has become the fastest way to obtain a residence permit in the UAE. Since 2017, Indians have been one of the top countries to invest in real estate in Dubai," Dubai Said GCC Shajai Jacob, CEO of ANAROCK Real Estate Consultants.