Dubai is home to one of the most robust real estate markets in the world and has long been considered a reliable option for investors. In just the first half of 2018, the city has seen over $30 billion worth of transactions. If you haven’t considered investing in Dubai, then here are a few reasons why you really should.
It’s at the center of the world
We’re not being narcissistic here. Dubai is very strategically located at the crossroads of the East and the West, providing easy and direct connections to key cities around the globe. For world travelers, this is a perfect bridge between countries and for businesses, the ideal nerve center from where you can expand your global footprint.
Safety & Security
Dubai is known as one of the world’s safest cities. The crime rate is low and has dropped even further in the past five years, and the legal system is efficient and well-regulated. Even amidst political turmoil in the larger region, Dubai has remained a safe place to live and raise a family.
Dubai has, in just a short time, become a major player in the global property and it shows in the yields that its properties deliver. Compared to many cosmopolitan cities around the world, such as New York, Singapore and London, Dubai offers returns averaging 6% and going into the double digits on certain properties.
No Property Tax
One of the biggest advantages to investing in Dubai real estate is that there is no property tax, and in fact the whole city is essentially tax-free. Although VAT was introduced earlier this year, it does not have a huge impact on costs, and residential property transactions are exempt from it anyway.
One of the biggest announcements to come out of Dubai this year is that investors into the city and professionals in technically skilled fields would be issued ten-year visas. This is a huge step up from the typical two-year visa that is granted to residents, and far exceeds the length of similar visas offered in many other countries. This move will help to build investor confidence and give them more security for their investment.
This is just the latest in a solid framework of laws that have been put in place to protect the best interest of investors. The Dubai Land Department and its regulatory arm, the Real Estate Regulatory Authority (RERA) maintain a careful balance between the buyers and sellers in the property market, ensuring that developers and agents do not renege on their promises.
City of the Future
Dubai is constantly developing new ways to enhance the lives of its residents, whether through improvements in infrastructure or building new communities that have a strong focus on sustainable living. It is on the road to becoming the first ‘smart city’, is investing heavily in practical uses for AI, and has its very own Ministry of Happiness. It also continues to build on its architectural reputation with magnificent new projects such as the Dubai Creek Tower, which will overshadow the Burj Khalifa upon completion, and the Royal Atlantis, a resort and residential development that will soon dethrone the Atlantis Resort as the centerpiece of Palm Jumeirah.
Haven for tourists
Over the past decade, Dubai has attempted to tone down its glamorous image and build its reputation as a city where families would want to settle down. That doesn’t mean it has stopped catering to tourists, though. As home to the world’s tallest building (Burj Khalifa), the world’s largest man-made island (Palm Jumeirah) and the largest shopping mall (Dubai Mall), the city is always creating new and exciting experiences.
Andrew Cummings is the exclusive agent representing the Dubai, United Arab Emirates market as a part of the Haute Residence real estate network. View all his listings at LuxuryProperty.com.
Images courtesy of Andrew Cummings, LuxuryProperty.com