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DUBAI, EPICENTER OF REAL ESTATE MARKET

Sun, 10 Jan 2021

By admin@newwayint

Dubai is not just famous for its jaw-dropping touristy spots but also known for its creatively constructed building around the desert.  A lot of countries have well built buildings and structures but Dubai is one of the top on it. It was also named as the business capital of the United Arab Emirates.


Dubai is the UAE's second largest Emirate, with an area of around 4,100 square kilometers and has succeeded in becoming the most recognizable middle eastern city name globally. Just in small span of time, they excel and use their wealth to invest in infrastructure, finance, tourism, manufacturing and trade, as well as initiating growth in other sectors that are typically active in western markets.


When you are living in Dubai for a quite long now or even just visiting in and out you can really say that they manifested the vision of how advanced and established they could be when it comes to infrastructure, touristy-spots, and many more to mention.


Dubai is known for its great security, world class facilities and fastest developed country in Middle East and safest place to live. These are just the few among the good things that dubai has hardly acquired along their journey to success.


 



But what makes Dubai different from other countries around the globe when it comes to Real Estate? What are the advantages in investing properties in Dubai?


 Take note that Dubai property market is very different to other countries in the world; make sure you have a Dubai real estate agent/agency you trust to guide you through the process. And you must also familiarize the leading agencies or companies to consider that are related in the real estate in the country


DUBAI LAND DEPERTMENT (DLD), which is the main governing body for real estate in Dubai.


The DLD is responsible for managing, overlooking and ensuring secure and transparent real estate trading in Dubai. This government-run entity has been given the responsibility to safeguard the interests of investors, landlords and tenants by providing a proper regulatory framework, dispute resolution system and other relevant customer services.


The Dubai Land Department is also the sole authority for legalizing the purchase and sale of land and property in Dubai. 


 According to DLD;


 Dubai is also amongst world’s most attractive real-estate investment destination. The real estate and properties transactions were valued at AED4.6 billion in total during the week ending 24 December 2020. A total of 92 plots were sold for AED482.59 million; 808 apartments and villas were sold for AED1.32 billion.


 


Over the last two decades, Dubai has emerged as one of the most popular destinations for real estate investment. But as with any market, there are ups and downs. But why you should invest in Dubai not in the other country?


The city offers higher rental yields than many other mature real estate markets. On average, investors can achieve gross rental yields of between 5-9%. Property prices per square foot are lower than many other cities globally, making Dubai an affordable location to own prime real estate.


Anyone will agree that real estate development in Dubai takes place in a volatile market with an unpredictable future while you cannot do anything to change the laws and rules of the game. However, the high rental yields and the rapid development of the city will always keep the interest of investors and home buyers. 


 


Dubai's real estate market is maturing as the city's population is increasing each year. Investors aware of the growing demographic are wisely purchasing property to supply the boost in rent demand. Also, Dubai's economy incorporates tourism, trade, business services and other industries. The construction of new hotels and real estate projects is a direct result of Dubai's growing tourism industry


 


1. City in development: The Burj Khalifa, the Dubai Mall, The Dubai Fountain, Dubai International Airport, the Palm Jumeirah island, this city is in continuous development and always aiming for the top. Dubai will always be the home of innovative and groundbreaking projects. These are just the fewamong the many projects that dubai has showcased around this time.


2. Demographic situation: In 1968 there were only 59.000 people living in Dubai. Fast-forward to 2020 and the number of inhabitants has risen to 2.9 million. This increase in residents makes Dubai one of the fastest-growing cities in the world, with an average growth of 10.7% per year. This means that there is always demand for new real estate. As dubai’s market is increasing so as the people. The more people, the bigger the demand.


3. Stable economy and political situation: Amidst all the unrest in the Middle East, Dubai is an oasis of stability. As a result, the economy has been steadily growing, owning to the success of real estate, tourism, and manufacturing. They have the most stable community around the globe.


 


4.. No property Tax: One of the main advantages of buying a property in the UAE is, of course, the absence of property tax. Unlike other countries, dubai has no tax so many of businessmen were seduce  to do an investment in this country.


 


Dubai has always been eyed as one of the most profitable venues for real estate investments. Whether you are buying a property for residing or as an investment picking an area where the resale value is good, and the rental prospects are bright, it would be a good choice. This would be a future proof decision for financial security. Considering such aspects, Dubai real estate delivers some of the best investment opportunities for home buyers with varied requirements.


What makes dubai special? Because the people behind all of the success, puts so much love, tears, and sweats just to make their vision into reality. They just don’t settle for less, they keep on striving to be the best than what they ever had. And lastly, they are always open for new doors that are in the future might benefit to them.

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