The United Arab Emirates is a unique place. Blessed with infinite oil riches, the wealthy ruling class has made the UAE a world of its own. Needless to say, the year-round sunshine, spectacular beaches, desert quests, massive shopping malls and a crowd of incredible super-buildings such as the Burj Khalifa (tallest building in the world) and Palm Jumeirah attract a lot of attention from investors from around the world. The average internet user has for sure seen an advertisement that says ‘Luxury Dubai houses for sale’ before. UAE real estate is quite possibly the most exciting market in the world at the moment, and that’s why investors from around the world are trying to get in on the gold rush.
1. Amazing Investment Returns
Even though real estate investment has rapidly risen over the past few decades, in UAE the cosmopolitan market is still open to the average investor. Property prices compared to New York, London, Mumbai, etc. are very low. Dubai could be thought as the New York of the Middle-East by associating the top-quality luxury amenities and commercial services while offering an outstanding location and price. Here’s a breakdown as to why real estate in UAE is much better than its contemporary cities -
One Million USD has the purchasing power of -
- A 146 square-meter residential property in Dubai
- A 25 square-meter property in London
- A 40.2 square-meter in New York
Add to this equation the fact that the tourism industry of the country has registered record increases in the annual number of tourists and resulting demand for housing and rental properties.
2. Growing Tourism, Consequently a Growing Economy
As the United Arab Emirates prepares for the highly anticipated Dubai Expo 2020, countless job seekers, entrepreneurs and massive businesses are scurrying toward Dubai, to redeem the revenue projected from tourists annually.
In the highly anticipated Dubai Expo 2020, more than 20 million tourists are expected to officially visit the state. Although that number is slightly higher than the average annual inflow of 8 million tourists, the fact that the country is ready and prepared to setup an environment where foreign investment is celebrated is a huge positive. As stated by a report from WTTC, the tourism industry accounts for 8.4% of GDP (117.4 billion dirham) in U.A.E economy. The hiring openings will increase.
3. Free Investment Zone for Expats
Dubai is essentially a free zone area for investors. A UAE citizenship card or even a residency visa is not compulsory. Right from the turn of this century, Dubai has begun allowing expats to purchase property in the United Arab Emirates. In the real estate industry, investors have the liberty of investing and buying as many properties as they please because in free zone areas, such purchases can be made without having any special certification.
Most of the foreigners tend to invest in commercial and residential properties in Dubai only to lease it out at a profitable rate. This makes sure that they have a decent piece of investment return waiting for them when they visit the country to collect their rental income. Rental income for a lot of investors is mandatory in order to maintain the luxury life of the Middle Eastern country. Furthermore, procurement of properties in the UAE that cost more than 500,000 Dirham makes investors readily qualified for residency visa.
4. Tax-Free Investment
In UAE, real estate investments are totally tax-free. Irrespective of the nature of the property purchased, be it a small office space, a rental unit or a residential apartment, in the UAE like most commodities, real estate investments are totally tax-free. Although most people find this to be too good to be true, one can indeed invest in Luxury Dubai houses for sale and get tax exemption.
5. Demand and Prices are expected to Increase
The Real Estate Investment sector of UAE, especially of Dubai, is expected to boom even further in the coming years. By 2030 itself, buyers have a legitimate chance of magnifying their fortunes, as the nation is awaiting a huge increase in the number of visitors, immigrants, etc, in the future.
The Need for Appointing the Right Property Consultant
The Dubai real estate industry is very dissimilar to other republics in the world. For investors who are entirely based in the West, investing in Dubai real estate could be a real culture shock. Having an experienced and trustworthy real estate agency to guide investors through the procurement processes is very important.
Leger Invest offers real estate in Dubai. We focus on setting our clients up with properties in some of the most sought-after locations of Dubai. Real estate broker like Leger Invest help potential investors by–
- ü Accompanying them in their search for their ideal real estate property
- üTotal assistance in the overall acquisition procedure
- üLeger Invest also offers extremely luxurious goods in addition to amazing investment products that come with a guaranteed Return on Investment of 8-10% and profitability forecasts beyond 12% annual. This diverse range of investment options can be exemplified by ultra-luxurious super apartment packages on the Palm Jumeirah island stretch and the more investment-based apartment hotels in the Downtown area overlooking the Burj Khalifa.
Other assistances include -
Dubai’s real estate sector is thriving and with alterations in property retaining regulations, more and more renowned real estate professionals from around the world are racing to the Emirates. Consequently, this has led to a rise in untrustworthy real estate agencies in Dubai who resort to tricking investors into making additional payments.
Any individual of any nationality or economic background is allowed to buy freely in Dubai’s freehold real estate market. These are designated locations as sanctioned by the Ruler of the Emirate of Dubai, Sheikh Mohammed bin Rashid Al Maktoum. A freehold real estate market means that the properties being sold and purchased are done so in the owner’s name for an unlimited time. Once the property has been purchased by you, only you have the right to sell, rent or lease the property. The basic guidelines that need to be followed include -
- üBefore a transaction can get authorized, the property has to be pre-registered with the Lands Department by the buyer
- üTo register a property, a Sales & Purchase Agreement contract, the buyer’s passport or residence permit (in case they have residency in Dubai) is required
Leger Invest continues to be one of the leading real estate brokers offering top-class properties in the nation to willing investors. Dubai, being among the finest communities in the world, is expected to continue its prosperity in the property sector, as it is branded to be well flexible as against the modifications in the commercial conditions. The brilliantly engaged financial situation in Dubai makes it an exciting place to own real estate. Going after luxury Dubai houses for sale and joining this movement to own some of the best real estate properties is an amazing prospect – something people from around the world are doing.
However, entering the Real Estate game in Dubai comes with an overwhelming need to be prepared about market conditions. For inexperienced investors with limited capacity in the field of real estate, tying up with trustworthy real estate brokers like Leger Invest is a must as they assist their clients in property management, short deal rentals, private property arrangements, leasing and whatever matter they need guidance on. Before committing, having sufficient information and a reliable agency with experience in the Dubai Real Estate market is a must.