Dubai real estate market was always an attractive alternative for real estate investors. One of the main reasons is a stable economy and a great geographical location of UAE. But is it enough to make a decision when it comes to real estate investments? Dubai real estate market has a lot to offer, despite the current market situation. The market is on its way to stabilization and it will improve in a short period of time due to recently implemented governmental laws and regulations. But what exactly makes Dubai real estate so attractive for international, and local, investors?
Governmental support of Dubai real estate market
During 2018, governments across the Gulf have introduced several initiatives to support real estate markets. The UAE has reduced government fees down to 2.5% of the annual rent of commercial establishments from 5% and relaxed regulations around foreign ownership in businesses located outside of free zones. It has also approved a long-term residency visa program, which offers 5 to 10-year resident visas for foreign investors who invest between AED 5 million to AED 10 million in real estate projects. Such changes will positively benefit the Dubai real estate market as opens more opportunities for investors and businesses.
Numerous real estate projects
Dubai real estate market is booming. A number of new affordable projects, concentrated on the middle-class investors, has been launched. It gives an opportunity for people to shift from rented apartments and start owning their own place. Wide variety of properties allows the future investor to choose the most suitable unit according to their budget and preferred location. Nowadays, even one of the most prime locations can have units, affordable for everyone.
It is expected that more than 30 million people will visit Dubai during Expo 2020 which will take place between 20th of October 2020 and 10th of April 2021. Among all expected visitors, a good number of them will eventually settle in the city even after the event is over. It will boost the economy of Dubai and bring more opportunities to Dubai real estate sector, in particular.
Dubai is a place which everyone wants to visit. This city has everything one can think of. World’s tallest building, the world’s only 7-star hotel and the tallest hotel in the world. Once we thought that’s impressive and enough, the city came up with the design of even a taller building, Creek Tower, to break its own record which is set to be completed by 2020. The government of Dubai has set a plan to establish Dubai as the city of the future. Dubai implementing all the latest technologies to make the life of its residents easier and more exciting. The vision of Dubai rulers is to create a perfect environment for its residents, regardless of their nationality, profession or age. Every single person should be happy and free, living in Dubai. This is the main goal and development course in the city.
Dubai is one of the best places to live in. The growing economy, increasing population, safety, and numerous real estate investment opportunities make this city number one destination for the majority of real estate investors. Recently implemented rules and regulations, related to Dubai real estate investments, added even more confidence for international investors.
If you are considering investing in Dubai real estate market – contact one of our property advisors. Universal Prime Real Estate will be happy to share all the benefits which are waiting for you, as an investor.