Dubai’s real estate – Pinnacle of Lifestyle Living

Dubai’s real estate

Dubai is a hot-shot destination among tourists. There are ample opportunities available here to work and make a life which is among the best foreign countries. 

The real estate market in UAE has recovered very well, and properties are in great demand after the pandemic’s devastating effects, unlike the world’s property market. 

Some of the best real estate developers anticipate that this demand is due to the UAE’s operative management of the pandemic. Also, this demand for prime homes is expected to rise eightfold in the coming years. This demand has been lucrative for Individuals and established investors, which also indicates that the general temperament among the various segments in the market is upbeat.  

Within this country, there is an initiative known as the free trade zone initiative (i.e., one with full ownership right) wherein residents of foreign countries can purchase properties and also run a business. The business can be owned completely by them and doesn’t require them to be citizens of the country.

Some locations are not only famous in Dubai for their real estate but are known for their infrastructural advancement also around the world.  

Some of the places are:

  • Palm Jumeirah 
  • Dubai Marina

Dubai also hosts quite many real estate and property trade shows, which attract a large number of investors and high net value individuals, which has a thumping impact on the supply side as well so that there is not a huge gap between demand and supply.

Indeed, the city has introduced visa and business reforms that allow individuals to live and work liberally without a local partner. 

We have established that Dubai real estate market is more than an exciting place for many, and to put this into perspective, here are the reasons to look out for real estate opportunities in Dubai:

  • Accelerating Economy: Contrary to popular belief, Dubai’s GDP doesn’t rely majorly on oil reserves. Many other industries have a thriving growth rate, such as hospitality, tourism, trade activities, etc. Major domestic companies that are looking for expansion to foreign countries consider UAE as it is strategically located between the west and the east. International investors are more interested in this city of gold due to the levels of growth the city has been seeing in the last few years are unimaginable. Along with the rapid growth, the government of Dubai is leaving no stone unturned to attract companies and thus employees by forming extremely investor-friendly visa policies. Lenient labor laws make it easy for people to immigrate and invest in the country of UAE. 
  • Rich target audience: This city can also be termed the global city- as the demographics of this city comprises people from all over the world. The life this city has given to these people is amazing, and hence, the Dubai population is rising year after year. According to the latest reports, the current population, which is around 3.5 million, is supposed to be doubled by the year 2040, which will be a great achievement for the country. Keeping in mind the population boom that is slowly taking place here, the government is completely ready. It has come up with a master plan for 2040 so that people continue living their lives even better than what they’re experiencing now.
  • High Standard of Living: The country of the Sheikhs has a mind-blowing standard of living thanks to their ancestors, but the credit must also be given to the generations that are working hard, be it infrastructure or hospitality, and they’ve made it a point to make Dubai stand out in the world as a city that can be renowned as the futuristic city. Some things that one may experience here are things of the future that will be followed by other nations in the coming years.
  • Rapid Infrastructural Development: From Burj Khalifa to some of the tallest and amazing looking buildings or properties that Dubai has, infrastructure is at a boom currently with no downward curve in near sight. The huge shopping malls for which the city is famous have adopted some of the best technology-driven ideas, with innovation being the king of all. The world knows what kind of a masterpiece the art of “Artificial Intelligence” is and what wonders it can do for humankind. Dubai already has some years ahead in this race of AI, along with robotics as well. The city never seems to dwell on the past glories achieved but has just kept marching ahead with all pride and has been heading in the right direction. 
  • Tax-free transaction: The most likable part about investing in real estate is the amount of tax that needs to be paid. Dubai has been able to crack this code for its investors. Wealthy individuals that are interested in parking their funds in real estate always look for such lucrative benefits – that Dubai offers. They charge no tax on annual property, no income tax, and also no capital gains tax levied. This kind of proposition is really difficult to be mirrored in many countries in the world. This is where Dubai gets the first mover advantage in the world of real estate. On purchasing a property in Dubai, the investor will just be charged once during the property transaction and additionally only has to incur registration costs, not a single recurring cost more than this. Recurring taxes are the norm in many other leading cities in the world.

Investors are looking at real estate developers in dubai for making investments in real estate and ESG. The majority of investors in Dubai are hopeful and positive about the nation’s economic output being world-class among some of the best cities despite the fear that is looming upon our heads, i.e., Inflation. As per some of the latest reports, since the year 2014, the rate at which rental returns are growing has been recorded the highest now. Because of this, people are looking to invest in off-plan properties in Dubai, which are cheaper compared to other properties that are proving ready to move in.

By Michael Caine

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