There are plenty of investment opportunities in Dubai. You are not likely to fall short of options! There has been a rapid rise in the number of investments made.
Here are the top reasons to consider investing in real estate in Dubai:
Upcoming Expo 2020
Dubai hosts the next World Expo in October 2020. The Expo is expected to lure in nearly 25 million visitors from 180 nations. Already, the announcement of the Expo in Dubai has made a huge impact. It has boosted the off-plan property sector. Investors who are buying property near the Expo are bound to receive a high return on investment. The Expo’s duration is six months. Thus, plenty of visitors will need to rent a property. The rental demand will be high as well. This will make it possible for landlords to be flexible enough to increase rents.
The happiest city in the world
Dubai has been known to create the Ministry of Happiness in the year 2016. The primary duty of this ministry is to create programmes and policies to better the happiness levels of Dubai’s residents.
A decent return on investment
Dubai’s real estate market is maturing. This is because the city’s population is increasing each year. Investors who know about the growing demographic, are purchasing property to supply the boost in rent demand. This is certainly a wise thing to do!
Great tourist industry
Dubai’s economy includes tourism, trade, business services, and some other industries. Thanks to the expanding tourism industry of Dubai, many new hotels and real estate projects are getting constructed.
The Museum of the Future
The Museum of the Future enables visitors to experience the future through advanced-level simulations and interactive exhibits. The museum is likely to include scientific conferences and offer advanced courses on new scientific achievements and trends. The museum will also focus on solutions to the top three challenges pertaining to climate change. These major challenges are water supply, food security, and self-sufficient cities.
Safety and zero crime rate
Dubai provides you with a great sense of safety. This is one of the most prominent advantages of buying property in Dubai. After all, safety is a huge factor. Minor crimes might occur. However, the crime rate is way lower on a relative basis.
Great transportation routes
Dubai is advancing its transportation infrastructure. The US-based Hyperloop One is building up an expedited transportation route between Dubai and Abu Dhabi. Hyperloop One is launching the world’s first operational Hyperloop system. It enables passengers to travel between the emirates in pods at 1,200 km per hour. The project’s major aim is to provide transportation from Dubai to Abu Dhabi in 12 minutes. Hyperloop One estimates that almost 4,000 vehicles commute daily from Abu Dhabi to Dubai.
No property taxes on a yearly basis
Investing in Dubai’s real estate market is free from taxes. Usually, buying a commercial or residential property does not include taxes. When the property is bought, owners will not be obliged to pay additional taxes in the future.
Property project launches in Dubai are likely to increase. This is mainly because its population increases each year. The Dubai Statistics Centre announced that Dubai’s population in January 2016 was 2.4 million. It is expected to reach 5.2 million by 2030.
Gourmet restaurants, entertainment
Dubai provides exclusive experiences that have desert safaris, luxurious spas, beaches, yacht communities, skydiving, and water parks. The city is known for its vast selection of gourmet restaurants from each region.
Relatively relaxed visa rules
In Dubai, buying a property worth at least Dh1 million now enables the investor to apply for a residency permit. Dubai implemented a law that allows 100 percent foreign ownership of companies. This was followed by the introduction of a 10-year residency visa for investors and specialists.
Dubai’s real estate market is one of the best-regulated in the GCC. It is highly transparent. The government has adopted several measures such as the escrow regulation, rental cap, rental increase calculator, and a rental dispute settlement, to generate such a framework.
The non-oil sectors create 70 percent of the UAE’s GDP. This is expected to reach 80 percent by 2021. Dubai’s non-oil sector contribution has almost reached 95 percent.
Political and social stability
Dubai is known to be politically stable. One of the major reasons behind this is the visionary leadership that works towards development in economic, social, cultural, environmental and political domains. Though many countries in the middle-east region have gone through and still going through a lot of political disturbance, Dubai remains the most stable city in the MENA region.
Dubai is clearly a transport hub with multiple modes. It caters to 8.2 million passengers per year. Dubai International Airport is one of the world’s busiest airports, without a doubt.
Dubai is a place where you can get a lot of developments. In fact, Dubai is on its way towards becoming the smartest city in the world. There is always something new about Dubai.
Dubai is home to tallest building aka Burj Khalifa. Currently, there is going to be another tower taller than the Burj as well. Thus, Dubai is full of innovative ideas. These ideas are presented and initiated by the Dubai government. It is a probable sign that buying property in Dubai could be the best decision of your life.
Great range of options
In Dubai, you can enjoy the benefits of buying a property. You can get a huge variety of options available to choose from. The two main categories include residential properties and commercial properties. In case your plan is to invest in a Dubai residential property, you can either buy an apartment or a villa and if you want to invest in commercial real estate in Dubai, you have options that range from offices, labor camps to industrial properties.
Low Acquisition Cost
The acquisition cost in Dubai is way lower than in most other prominent cities in the world. The average price per square foot in Dubai is USD 468 while in London, you might have to pay USD 3,208 to acquire the same property.