Indian investments in overseas in UAE and European realty witnesses significant surge
Indian investments in overseas in UAE and European realty
witnesses significant surge
Markedly, wealthy Indians investing in overseas real estate, particularly in UAE and European countries are witnessing a significant surge, buoyed by immigration programmes such as the Golden Visa, and attractive rental yields exceeding 7 percent, experts said.
As per RBI data, in December 2023, Indians remitted Rs 240.2 crore in purchase of immovable properties abroad, marking a notable increase from Rs 206.8 crore in the corresponding period the previous year.
The fiscal year 2022-23 also was a witness to remittances totaling Rs 2,714 crore, a 38 percent surge from Rs 1,961 crore recorded a year earlier. Immovable property, in the context of real estate markets, encompasses residential properties, warehouses, manufacturing units, and factories.
Encompassed by European nations, Greece, Cyprus, Malta, and Spain are witnessing heightened real estate demand for immigration purposes.
In the meanwhile, the Middle East, s the UAE and Qatar, continue to attract investors with promising returns.
Real estate prices in the UAE are escalating at the rate of 16-19 percent annually, yet the demand remains strong, fueled by robust diplomatic ties and burgeoning interest in the emirates.
News Edit K.V.Raman
