If you’re considering buying real estate or settling in a bustling city, Dubai presents an excellent opportunity. The city boasts 42,356 homes valued at $1 million each, making its prime residential real estate some of the most accessible among the world’s major cities.
Why You Should Consider Buying Property in Dubai
Dubai is globally recognized as a top destination for living, traveling, and investing. It’s also ranked as the safest city in the world. The city offers a welcoming social, economic, and service-oriented environment, providing numerous benefits for residents and investors alike that are hard to find elsewhere. This makes it a particularly appealing place for investments across various sectors, especially in real estate.
Here are a few reasons to think about investing in property in Dubai this year, and we welcome you to share your reasons as well.
Living and Working Safely
Dubai’s real estate market is booming, with 27,642 property transactions totaling AED 111 billion in just the first half of 2018. This vibrant market draws foreign investors, who make up almost half of these transactions.
Investing in Dubai offers several advantages, and at PHOREE Real Estate, we provide a diverse range of properties to suit various lifestyles and preferences.
Living with High-Quality Amenities
Dubai offers an enviable quality of life with its affordable housing options, including luxury apartments for sale in Jumeirah Village Circle (JVC), world-class infrastructure, excellent dining venues, and cutting-edge leisure and entertainment facilities. The city also boasts top-notch healthcare services and internationally acclaimed educational institutions, making it an attractive place to live and work. Whether you’re looking for modern living in the heart of the city or a quiet, family-friendly environment, Dubai’s diverse real estate offerings, like those in JVC, provide something for everyone.
Competitive Rental Returns
Dubai stands out with higher rental returns than major cities like London and New York, offering a gross rental yield of 6-10%, with an average return of 7.5%. Property prices in Dubai remain competitive when compared to other global cities such as London, New York, Hong Kong, Paris, and Singapore.
Economic Growth and Stability
Dubai is a preferred choice for investors due to its robust economic growth and stability. Serving as the commercial and tourism epicenter of the Middle East, Dubai boasts a diversified economy that pulls in substantial foreign investment each year. It’s no surprise that in 2021, Dubai was a leading city for foreign direct investment projects.
Regulated and Transparent Market
The real estate market in Dubai is the most transparent in the Middle East and North Africa region. Currently, the market is thriving, bolstered by ongoing government efforts to enhance transparency through new and updated regulations. A notable initiative from the Dubai Land Department has made all real estate data publicly accessible.
Tax-Free Investing
A key benefit of investing in Dubai, particularly in real estate, is the lack of property taxes. Even with the recent introduction of VAT, which does not apply to residential property purchases, the financial impact is minimal. This means you can purchase a villa or apartment in Dubai without significant additional costs.
Population Growth
Dubai’s population is projected to reach 6.2 million by 2040, up from 3.4 million in January 2021, as estimated by the Dubai Center for Statistics. This anticipated growth suggests a continuous demand for real estate, promising high returns for investors.
World’s Safest City
Dubai and the UAE are recognized for their safety and security, often ranked as the safest places globally. A 2019 survey from the 12th International Symposium on Best Policing Practices indicated that more than 96.1% of people feel safe walking at night. As a resident and working woman in Dubai, I can personally vouch for the city’s safety.
Conclusion
In conclusion, Dubai offers a compelling real estate market with numerous benefits for investors. Its high rental yields, competitive property prices, and a growing, diverse economy make it a standout choice among global cities. The regulatory environment is robust, promoting transparency and confidence in investments. Additionally, the absence of property taxes and the projected population growth signal continuous opportunities for high returns. Coupled with its reputation as one of the safest cities globally, Dubai not only promises a secure investment but also a high quality of life, making it an ideal location for both investing and living.