Dubai, a city synonymous with ambition and innovation, has unveiled a game-changing initiative set to reshape the landscape of its tourism sector. The introduction of a 5-year multiple entry visa for Indian nationals, the largest source market for tourism in the emirate, not only marks a strategic move to enhance tourism but is poised to have a profound impact on the commercial real estate market.
The Visa Details: A Gateway to Extended Stays
The newly introduced 5-year multiple-entry visa for Indians has an efficient processing time of two to five business days. This visa allows individuals to stay for 90 days, extendable once, leading to a total stay not exceeding 180 days per year. The ease and flexibility of this visa arrangement are expected to be a significant draw for Indian nationals seeking extended stays in Dubai.
Prerequisites for the Visa: Facilitating Seamless Travel
To obtain this extended visa, Indian travellers need a passport valid for at least six months’ bank statements reflecting a minimum of INR 330,000 ($4,000) in funds, health insurance, return flight tickets, and a passport photo. These requirements facilitate a seamless travel experience for visitors, fostering a positive environment for an increased influx of Indian tourists.
India has consistently held the position of Dubai’s largest source market for tourism. In 2023, Dubai welcomed 17.15 million international overnight visitors, with almost 2.5 million visitors arriving from India alone. This marks a significant 27% increase from the pre-pandemic era and a remarkable 39% surge from the 1.8 million Indian tourists in 2022.
“As a key market for Dubai, India will continue to play an integral role in enabling us to achieve the goals of the D33 Agenda (which aims to double the size of Dubai’s economy by 2033, making it one of the top 3 cities for living, investing, and working) further reinforcing Dubai’s position as a hub for business, investment, and tourism,” affirms Bader Ali Habib, Regional Head of Proximity Markets at Dubai’s Department of Economy and Tourism.
The India-Dubai air corridor is one of the busiest, with Indian carriers continually expanding connectivity. Airlines like Indigo and Air India Express have initiated connections to smaller cities like Surat. The bilateral air service agreement between the UAE and India, inked in January 2014, allows airlines from both nations to operate up to 66,000 seats per week between Dubai and Indian cities. This thriving air connectivity contributes significantly to the consistent growth in Indian tourist arrivals.
Visa Incentives: Streamlining Entry Procedures
In addition to the 5-year multiple entry visa, Dubai has recently introduced a pre-approved visa-on-arrival service for Indian passport holders holding valid six-month visas for the US, US Green Cards, EU Residencies, or UK Residencies. This initiative issues a 14-day single-entry visa, streamlining entry procedures and enhancing the overall visitor experience.
Impact on Commercial Real Estate: A Catalyst for Growth
The extended visa initiative and streamlined entry procedures bolster Dubai’s tourism sector and act as catalysts for the commercial real estate market. Here’s how:
Increased Demand for Hospitality Spaces: With a surge in Indian tourists seeking extended stays, the demand for hospitality spaces, including hotels and serviced apartments, is expected to rise.
Retail Sector Growth: Extended stays often translate to increased spending on retail. The retail sector in Dubai, especially in key areas frequented by Indian tourists, is poised for growth.
Potential for Real Estate Investments: The influx of Indian tourists may lead to increased interest in real estate investments, both residential and commercial, as individuals explore opportunities for long-term stays or business ventures.
Expanding Business Horizons: The extended visa encourages Indian entrepreneurs and businesses to explore Dubai as a potential business hub, leading to increased demand for commercial office spaces.
In the wake of Dubai’s strategic move to introduce a 5-year multiple entry visa for Indian nationals, the emirate’s commercial real estate market outlook becomes even more promising. As extended stays become the norm, the demand for diverse real estate offerings is set to soar. As a stalwart in Dubai’s commercial real estate landscape, RG Group is well-positioned to harness the potential opportunities that this visionary visa initiative brings. The company’s commitment to innovation and excellence aligns seamlessly with Dubai’s aspirations to be a global business, investment, and tourism hub. RG Group is a key player, ready to contribute to and benefit from the transformative period unfolding in Dubai’s dynamic real estate sector. The RG Group was established in 2008 in Dubai. It is professionally operated and rapidly growing. It has been in the commercial, industrial, and retail sectors for the past 15 years, specializing in buying, leasing, selling with leaseback, financial investments, acquisitions, business mergers, and other business transactions.
The RG Group further broadened its horizons by establishing RVRG Real Estate Brokerage LLC, RGG Investments LLC, RG Interiors, YAS, and RG Development Co. In Dubai, we provide a range of investment-related services.
