Chalo Dubai - The Hottest Destination

vimal · 05-01-2008

CHALO DUBAI
Forget London – New York : Now Dubai is the hottest place for up market Indians

Dubai’s realty market is the new Eldorado for Indian’s well-heeled, who are buying residential and commercial spaces. Next to London, it’s the hottest realty destination. There are no official numbers but the market estimates that Indians spent Rs 4000 crore in Dubai’s concrete jungle in 2007.

The trend of Indian residents investing abroad is a recent one. The prime reason of investing is Dubai is tax incentives, no taxes on foreigners acquiring property in Dubai and no tax on income from capital gain.

To lure property buyers, the Dubai government has also introduced a system of granting resident visas to property owners. (You cannot work on this visa though).

In Sep, 2007, another booster was added to this property buying spree when the RBI (Reserve Bank of India) doubled the amount Indians could invest abroad annually from USD 1, 00,000 to USD 200,000 (Rs. 80 Lakhs).

Above all, despite its spiraling prices, property in Dubai is cheaper than buying a flat in Delhi or Mumbai. Land Price in Dubai Marina is around RS 18,000 per sq.ft. Prices in similar Mumbai localities would easily be around Rs. 60,000 per sq.ft. You can get a 1299 sq.ft apartment in Dubai for Rs. 2.6 crores, but a similar unit in Mumbai would be priced in multiples of that amount.

Some other compelling reasons for Indian to invest in Dubai:

It’s close to India, with several flights everyday.
Its glitzy malls offer an array of experiences.
It’s swinging night clubs attract the worlds best DJ’s.
Horse-racing, desert safaris, golf, gourmet restaurants, luxury hotels etc.
Booming real estate sector.

srikant · 05-01-2008

Sounds very good. But what’s next?

If you are an investor, this could be a good move as you can expect decent appreciation and high rental returns without attracting any taxes.

However if you are planning to migrate to Dubai, how will you be eligible to work or start your own business or get your whole family to Dubai? What does this visa permit you to do?

Good for international investors but what about people who want to settle down in Dubai?

abhi · 05-01-2008

Mate, you got some more advantages here:

1.Great Geographic location
2.More money making opportunities.
3.No income tax at all.
4.Higher returns on Real Estate investment than many other countries.
5.Specialist free trade zones for business
6.Regarded as the most sophisticated, futuristic and cosmopolitan cities in the world
7.Unsurpassed safety and security.

arun · 05-01-2008

And the disadvantages?

1.Fast paced life
2.Traffic Woes
3.No long-term surety of stay. You can never become a citizen.
4. Unpredictable future of the region
5.Expensive Real Estate
6.Confusing laws and regulations
7.Cost of living is high (expensive food and rentals)
8.Extreme Climate & Unnatural/artificial beauty
9. No Real Democracy
10.Difficult to sponsor parents.
11.Expensive and limited Education System
12.No Retirement Benefits
13.Red Tape
14.Introduction of Taxation in coming months
15.Some Racism
16.Strange Islamic Laws like you cannot eat in public places during Ramadan and you need a permit to buy alcohol.

05-01-2008	#1
vimal Member Join Date: Oct 2006 Posts: 13	Chalo Dubai - The Hottest Destination CHALO DUBAI Forget London – New York : Now Dubai is the hottest place for up market Indians Dubai’s realty market is the new Eldorado for Indian’s well-heeled, who are buying residential and commercial spaces. Next to London, it’s the hottest realty destination. There are no official numbers but the market estimates that Indians spent Rs 4000 crore in Dubai’s concrete jungle in 2007. The trend of Indian residents investing abroad is a recent one. The prime reason of investing is Dubai is tax incentives, no taxes on foreigners acquiring property in Dubai and no tax on income from capital gain. To lure property buyers, the Dubai government has also introduced a system of granting resident visas to property owners. (You cannot work on this visa though). In Sep, 2007, another booster was added to this property buying spree when the RBI (Reserve Bank of India) doubled the amount Indians could invest abroad annually from USD 1, 00,000 to USD 200,000 (Rs. 80 Lakhs). Above all, despite its spiraling prices, property in Dubai is cheaper than buying a flat in Delhi or Mumbai. Land Price in Dubai Marina is around RS 18,000 per sq.ft. Prices in similar Mumbai localities would easily be around Rs. 60,000 per sq.ft. You can get a 1299 sq.ft apartment in Dubai for Rs. 2.6 crores, but a similar unit in Mumbai would be priced in multiples of that amount. Some other compelling reasons for Indian to invest in Dubai: It’s close to India, with several flights everyday. Its glitzy malls offer an array of experiences. It’s swinging night clubs attract the worlds best DJ’s. Horse-racing, desert safaris, golf, gourmet restaurants, luxury hotels etc. Booming real estate sector.

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05-01-2008	#2
srikant Member Join Date: Oct 2006 Posts: 20	Sounds very good. But what’s next? If you are an investor, this could be a good move as you can expect decent appreciation and high rental returns without attracting any taxes. However if you are planning to migrate to Dubai, how will you be eligible to work or start your own business or get your whole family to Dubai? What does this visa permit you to do? Good for international investors but what about people who want to settle down in Dubai?

05-01-2008	#3
abhi Member Join Date: Oct 2006 Posts: 23	Mate, you got some more advantages here: 1.Great Geographic location 2.More money making opportunities. 3.No income tax at all. 4.Higher returns on Real Estate investment than many other countries. 5.Specialist free trade zones for business 6.Regarded as the most sophisticated, futuristic and cosmopolitan cities in the world 7.Unsurpassed safety and security.

05-01-2008	#4
arun Member Join Date: Oct 2006 Posts: 45	And the disadvantages? 1.Fast paced life 2.Traffic Woes 3.No long-term surety of stay. You can never become a citizen. 4. Unpredictable future of the region 5.Expensive Real Estate 6.Confusing laws and regulations 7.Cost of living is high (expensive food and rentals) 8.Extreme Climate & Unnatural/artificial beauty 9. No Real Democracy 10.Difficult to sponsor parents. 11.Expensive and limited Education System 12.No Retirement Benefits 13.Red Tape 14.Introduction of Taxation in coming months 15.Some Racism 16.Strange Islamic Laws like you cannot eat in public places during Ramadan and you need a permit to buy alcohol.