If you’re looking to invest in real estate or settle down in a thriving metropolis, this is your opportunity to buy property in Dubai. With 42,356 homes valued at $1 million, prime residential real estate in Dubai is now among the most affordable in major cities.
For first-time homebuyers in the UAE, the main driver to invest in a property stems from the confidence that this country is one of the world’s safest places and one of the best countries in which to live.
Other financial and social factors have also contributed to a remarkable rebound in Dubai’s property market as it continues to grow with month-on-month transaction volumes increasing steadily. Chiefly, the fact that the UAE was among the first countries to open to visitors, a decision that was backed by an energetic vaccination programme and open-door policies. In addition, recent visa reforms have made Dubai even more appealing to investors as more people are willing to call the city their permanent home.
If you’re looking to invest in real estate, or wanting to settle down in Dubai, now is the most favourable time to buy property in this thriving metropolis. According to consultancy firm Knight Frank LLP, the emirate’s prime residential real estate is among the most affordable in major cities, with 42,356 homes valued at $1 million, second only to London.
Sterling is at its three-year high, which means buying a property in Dubai has become much more affordable as UK investors, for example, buying in pounds, could now save over 20% when buying a luxury apartment or a villa compared to prices in 2019. Additionally, a recent study by Knight Frank suggests that off-plan projects can become 14.8% and 11.2% cheaper if you are buying in euros or sterling.
Here are five more reasons why you should buy a home in Dubai now:
According to Property Monitor, a leading market data & insights provider, Dubai’s high return on property investments stands above 5%, tempting many residents to buy investment units.
Long-term visa options
The UAE government recent visa reforms allow citizenship and passports to investors and professionals, enabling them to acquire Emirati nationality under certain conditions. With other visa options like the UAE Golden visa and the 5-year renewable retirement visa, Dubai is expected to see a significant increase in property demand.
Dubai offers the best work-life balance, with high-end malls, pristine beaches, world-class restaurants, and adventure sports destinations.
A tax-free haven
Dubai’s simplified tax system is a major advantage to purchasing in the UAE. Beyond the property registration fee, which is 4%, there is no property tax in Dubai, and you won’t incur tax by renting your property out.
The UAE has been rated ahead of the USA, Canada, and the UK for being one of the top 3 countries for infrastructure investment. And with the recently launched 2040 Urban Master Plan, Dubai expects to be the best city providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years.