With one of the fastest growing economies in the world, it’s no wonder that Dubai continues to attract a lot of real estate investment.
The last property boom peaked in 2014, and property experts are expecting a rebound in the market during 2017.
The rental market has remained robust, with yields averaging 7% and sometimes reaching as high as 12%. This compares better than any of the major global cities.
The all-year-round warm climate brings in tourists as well as workers. The Expo 2020 event is expected to bring in 30 million visitors in six months alone. It is expected to create hundreds of thousands more jobs. When people come to Dubai, they need places to stay. The booming economy combined with the alluring glitz of Dubai can only mean rising property values.
Major investors from across the globe are looking to buy real estate in sunny, sophisticated Dubai. They appreciate that Dubai is the symbol of prestige and luxury, and that it offers a modern lifestyle like no other. This is a place where home ownership really moves you up the social scale.
There are other reasons why investing in Dubai real estate is such a good idea. First, there’s no property tax to pay, just a one-time fee to the government.
Property transactions in Dubai are uncomplicated too, with no permits or special visas required. Registration paperwork is perfunctory. Essentially, you find a property you like and pay the owner. Deposits are around 20 – 50%. If you spend over AED 500,000, you even get a residency visa with the property.
Expats can buy properties located in the free zone areas, without needing a permit or residency visa. Many lease their properties and enjoy a steady income from them.
The continuing tourist boom should increase the demand for property, especially furnished apartments. For this reason alone, Dubai real estate is a very attractive proposition.