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Have you asked yourself where is the best city to buy your property? There is no better city to own your property than Dubai because of a lot of reasons like low acquisition cost relative to other cities all around the world, which attracts alt of investors to invest in Dubai real estate. The average rental return in Dubai is 5.82% which is high relative to other cities. The population growth in Dubai guarantees your profit due to the high demand for real estate in Dubai. And if you’re looking for a resident visa in Dubai, owning a property in Dubai will enable you to get a resident visa which will enable you to book a car and open a bank account in Dubai. The best thing about owning real estate in Dubai is that there is no property tax obliged. Finally, Dubai is famous for safety and security and this is one of the most important reasons why you should own real estate in Dubai. Dubai Luxury Tours will provide you with all info you might need about real estate in Dubai.
Low Acquisition Cost
Cost-efficiency is one of the major parts of real estate in Dubai. Because a higher acquisition cost doesn’t succeed in attracting buyers and investors. But the Dubai real estate market has a lower acquisition cost compared to the world's other capitals. Thus, it attracts investors both from UAE emirates and countries from all over the world. The square foot price in Dubai is about $468 but in cities like London, the square foot meter price is 3208. This huge difference attracts a lot of investors to invest in Dubai real estate.
Rental returns also play an important role in determining the value of the real estate market in Dubai. About 85% of Dubai’s residents are international, which has built up the rental market and set the accommodation hassles, so everyone is welcome to visit Dubai. The average rental return is 5.82%, so Dubai's Real Estate market is attractive to many investors.
Population growth increases the demand for real estate units especially when the growth is constant and the population is international. According to reports, from 2008 to 2018, Dubai had an 86% increase in the population. Dubai has been an international city, which is home to residents from more than 200 cities. This phenomenal population growth has made the real estate market in Dubai grows rapidly.
A Dubai Property is a Ticket to a Resident Visa
Investing in a property in Dubai enables you to apply for a resident visa. According to the history of Dubai, Dubai has consistently welcomed millions of individuals, ranging from various national and cultural backgrounds. The resident visa brings a lot of advantages to the applicant:
- Booking a car in Dubai.
- Opening a bank account in Dubai.
There is No Property Tax
Dubai is the only emirate in Dubai where you do not need to pay a property tax and you can make use of buying an untaxed property at a legit price. The Government of Dubai has not obliged any tax on the property. Tax-free properties have developed the Dubai real estate market.
Security and safety in Dubai
Another attractive fact about real estate in Dubai is the high level of security in Dubai. This encourages people to stay for a long time in Dubai and invest in more properties as they invest in a secure and safe place.
Dubai has released its plans to become the world’s first climate-controlled city. The plan is to make a 48 million sq. ft. city, which includes,
- Apartment complexes
- The world’s largest indoor amusement park.
- Around 100 hotels
- Entertainment center with a capacity of 15000 people.
The model of the city and its cost are expected to be revealed at the Dubai Expo 2020.