Why Invest in Dubai
Dubai is a city that's grown from small desert city mainly relied on fishing to a vibrant modern city in a very short span of time under the vision and guidance of H.H. Sheikh Mohamed Bin Rashid Al Maktoum, vice president, Prime Minister of the UAE, and Ruler of Dubai. Today Dubai shares the spotlight with some cosmopolitan cities in t world and it’s attracting visitors from all over the world. So, if you’re looking for a lucrative yet low- risk investment opportunity that'll generate a great return on your hard-earned cash, you need to consider investing in property in Dubai.
Dubai’s population is set to double in the next couple of decades. That's a staggering amount, considering the population hit 3.5 million people in 2022. Many of these people are from other countries around the world, making it a hub for expats looking to move.
WeThe city itself is looking for high value workers, meaning talent yields more economic activity. Many of these workers will be looking for places to live as they enter the country, which is why investing in real estate early is a smart idea.
Here is why increasingly more people are choosing to invest their money in real estate in the city of Dubai.
Smart Financial Investment
Purchasing a property anywhere in the world is considered a solid investment. Property tends to increase in value, and one can make money in a number if ways of that property. Hence buying property in Dubai is an exceptionally smart financial move.
The real estate market in Dubai, one does not have to spend much to make money. Although Dubai is a city filled with wealthy individuals, property is surprisingly economical as compared to other major cities in the world like London, Hong Kong, Singapore, New York City etc.
As of June 2022, the average selling price for property in Dubai is $277.43 USD per square foot.1 Properties in Manhattan, a borough of New York City, sell for an average of $2,132 USE per square foot2, while Singapore properties dell between approximately $1,042 and $ 1, 490 USD per square foot3. Dubai is seven times less expensive than Manhattan – this itself explains how one can save thousands of dollars less by choosing to invest in Dubai.
Dubai Is a Great and Safest Place to Live
It’s undeniable that Dubai is currently one of the most sought-after cities in the world. Dubai has a low crime rate, making it a go-to location for expats. Not only is it a great city to live in, but it’s also been ranked third safest city in the world for solo female travelers. No matter where in Dubai one plans on putting down roots, one can be rest assured that safety will not be an issue.
Everyone wants to visit Dubai and plenty of expats have already moved to Dubai with their families and counting … as more and more people are looking for places they can rent while living in Dubai. This is driving up the real estate industry of Dubai in terms of loading properties as well as property purchase and sales within the city.
Since rental properties are in high demand in Dubai, there’s no better time to invest. And this investment will be a smart one. Dubai is more than a wealthy city. Dubai is one of safest cites in the world for families. That means you’ll reap the rewards of your investment for years to come.
Dubai is filled with family – friendly neighborhoods. Communities throughout the city are carefully planes, with a focus on public parks, supermarkets, leisure sports, and plenty of activities like shopping malls and cinemas.
Additionally, Dubai is a great place to raise children thanks to its widely available infrastructure. Throughout Dubai, there’s good healthcare, excellent educatio0n facilities and plenty of opportunities to pursue careers.
City of Vacation Homes
Dubai is fast becoming a city that’s popular for holiday or vacation homes. Many investors are purchasing property in different destinations in the city. All sorts of destinations are widely available that suit one’s needs, wants and budget. Higher budget destinations Like Palm Jumeirah, Dubai Marina, and Downtown Dubai in the Burj Khalifa District to lower budget destinations like JVC, JVT, Sports City, Al Meydan, Al Jaddaf Meydan and plenty other destinations as holiday residences.
And they’re doing so because it’s a smart investment. When you invest in a vacation home in Dubai, you’ll enjoy more than rental earnings and financial return. A residence visa, which is given to anyone who owns property equals to Dh1 million.
Dubai Has No Income Tax
In Dubai, there are no government property taxes. Along with waving those yearly property taxes, you can expect not to be taxed on your income as well. However, you can expect to pay some taxes, whether owning or renting, to help local services.
Dubai Has Regulated Real Estate
In order to protect tenant, landlord, and foreign investments. Dubai established the Real Estate Regulatory Agency (RERA) in 2007. Its core responsibilities include:
- Licensing real estate activities.
- Maintaining lease agreements
- Making sure foreign and domestic buyers and sellers are aware and well protected by the regulations.
Along with creating transparency across the board in the real estate industry, the RERA has also worked with the Dubai Land Department to launch a plethora of smart applications to create the most seamless buying and selling experience possible for everyone.
Dubai Is Focused on City Development
In order to properly accommodate the massive influx of people expected to reside in Dubai, the Prime Minister and Ruler of Dubai has set out the 2040 Urban master Plan. While the city continues to attract tourists and residents alike, the future of Dubai lies in sustainable urban development.
One of the main limiting factors in Dubai’s development is limited space. However, the Master Plan takes into consideration and focuses on improving what already exists. Some of the main highlights of the plan include:
- Developing urban areas.
- Expanding the size of public beaches,
- Improving the main public transportation.
Dubai Has High Rental Yields
While it might not be fun to talk about, at the end of the day, the main objective of investing in real estate is the high-income potential. Properties ae in high demand in Dubai, with new initiative and foreign investors cashing in on these high return rates.
Although many of the areas in Dubai are worth investing in, there are some that have yielded higher returns than others, for example. Jumeirah Lake Towers boasts an annual return of 9.19 percent – far higher than the market average of 5.9 percent. Following closely is Dubai Marina, with an average annual return rate of 8.75 percent.9
Easy Connectivity to And from The World
From the beautiful skyline to beautiful beaches, Dubai is a gorgeous vacation destination. However, even if you aren’t flying directly to Dubai, there’s a chance you may stop if you’re flying anywhere in Europe or Southeast Asia.
According to Arabian Business, six of the 10 busiest international airlines run though Dubai. For those looking to move to Dubai, that means easy travel access to almost any destination in the world. For property owners, that means a higher likelihood of people looking to rent as transportation is always high on the list of things people consider when looking for a place.
Dubai Makes Property Investor Visas Relatively Easy to Obtain
Good news for those interested in a UAE property visa – since 2019, it’s been easier than ever to obtain many types of visas including long- term residency and investor visas. So, whether you’re looking to buy property for yourself or to rent out, the ease in restrictions is sure to help.
There are no restrictions on who can buy property in Dubai. Whether you live or work there doesn’t matter, as long as you have the money to invest, and the property meets certain criteria. If those boxes are checked, all you need to do is look at obtaining the proper visa.
For a quick response, consider the Six – Month Multiple Entry Dubai Property Visa. For longer term investments, the Three- or Five-Year Dubai Property Visas area worthwhile investment.
Start Your Property Search
Are you ready to invest your money to work for you?
Investing in property in the city of Dubai, you could earn money through rent or other passive income opportunities.
If you’re looking for a place to begin to begin your search for properties in Dubai, consider City Walk, Jumeirah Village Circle, or Dubai Marina. These areas of the city are in demand right now, and they’re also home to plenty of desirable of all kinds. You can find apartments, townhouses, and even houses at affordable prices. And they’re also cities desirable with renters - meaning you’ll be able to make a good income off the rent.
Choosing the right Dubai property is Key.
We are at your service to provide you with all the assistance with your real estate requirements. We will do the research and choose a good, in – demand area of the city for you that can help you watch your money grow with a smart investment.