A distinct, developing economy, investor-friendly government policies and having one of the fastest growing real estate markets in the world are but some of the reasons why luxury properties in the UAE are now in tremendous demand.
Investors from all around the globe, local residents and expats are flocking to view high-end properties in premium locations and to consider the quality of life they can look forward to should they decide to settle in one of the Emirates’ most coveted family villas and townhomes.
Luxury real estate developments in Dubai such as Cassia at The Fields offer stylish, ultra-spacious villas featuring forward-looking architectural design and first-class amenities. The community is surrounded by abundant green spaces, but it’s just a few minutes away from Downtown Dubai. Modern luxury living is also the idea behind Jade, a development that features a community of deluxe townhouses set amidst luscious gardens and impeccable landscaping, and strategically located in Mohammed Bin Rashid Al Maktoum City.
Interested investors can also consider the following five more reasons to invest in Dubai.
1. Steadily Expanding Economy
When you decide to invest money in real estate, you have to remember that you are not solely investing in that particular piece of land or home; you are also investing in that country's economy as well.
For this reason, one of the most significant elements to examine when making a property investment decision is to study the economic growth of that country and region. If in recent years, the graph of economic growth has grown, that is a good sign that you are looking to invest your money in a suitable location.
The economy of Dubai has consistently been growing at an impressive pace over the past few years. In fact, while other rich in oil Middle Eastern countries have undergone dips in their economy due to recent oil crises, Dubai has prospered and come out as a winner of planning and economic growth in the region.
Due to the consistent upward movement of Dubai's economy, it is unquestionably one of the best places in the world for property investment.
2. Consistently Growing Population
In addition to its steadily expanding economy, Dubai is also home to a consistently growing population. As a cosmopolitan city, home to people from more than 100 countries, the population of Dubai is increasing daily.
It is predicted that the overall population of Dubai by the year 2020 will reach three million, while it could reach as many as 3.4 million people by 2030.
Therefore, one of the most significant reasons to purchase property in Dubai is the knowledge that demand is only increasing. Numerous new housing projects by the leading real estate companies in Dubai have already been initiated to provide for this booming population. This is expected to bring more investment opportunities for savvy investors or luxury buyers who eventually want to get a higher return on their investments.
3. Ministry of Happiness
Now, this may seem like a weird benefit to mention, but the fact that Dubai has a minister of happiness shows that their government is continually striving towards making the lives of its residents better and that they value their citizens’ satisfaction.
The primary responsibility of this ministry is to gauge the fulfillment level of Dubai's residents and deliver activities and actions which will improve the lifestyle of people living in the city.
Considering this innovation and devotion toward the general public, you can only dream how much your luxury villa investment in Dubai will prosper in the coming years.
4. UAE Property Visa
Without a doubt, one of the biggest draws to purchasing property in Dubai for expats is the fact that you potentially will be eligible to obtain a resident visa. That being said, there are specific requirements you will need to meet. The value of your home must be at least AED 1 million, you should have no mortgage on your property, and it should be completely habitable.
To arrange your investor visa for your purchase of property in Dubai, you will have to contact the Dubai Land Department.
5. No Property Tax
And finally, the unique benefit of purchasing property in Dubai — there is no property tax! This means that once you have acquired the property and given the registration fee to the Dubai Land Department, you will be asked for no other government tax.
Let that sink in for a moment!
Without a doubt, this aspect has a significant influence on the overall yield produced by your Dubai property. To put it in perspective, if you were to buy property in Hong Kong, you would end up paying up to 15 percent annual tax on that property, while the ration in Singapore would be 13 percent. Thanks to the 0 percent tax imposed on your property purchase in Dubai, it makes the choice to purchase property here even more obvious.
So, what are you waiting for? Are you convinced? Now is the time to jump into investing in property in Dubai.