Aussie Landlords Flee Domestic Market for Tax-Free Dubai Havens
Australian investors are abandoning their domestic market in droves and fleeing to tax-free havens like Dubai, where properties offer returns of 6-10% with zero personal income tax.
BNW Developments, a UAE real estate giant, has opened an office in Sydney to tap into the surge in interest from Aussie investors seeking diversification beyond Australian residential property.
The company's managing director and co-founder Vivek Oberoi said there was a 'massive' increase in engagement from local investors following federal budget announcements.
A $750,000 purchase in Dubai unlocks a 10-year renewable golden visa offering long-term residency, a lavish lifestyle, and global safety net.
The surge is attributed to the introduction of tax benefits by former PM John Howard, creating a new class of property richlisters.