BENEFITS OF BUYING PROPERTY IN DUBAI – Is Buying Property In Dubai A Good Investment
Dubai is one of the fastest growing cities in the world. It houses a plethora of amazing properties from scenic water views, to skyscrapers and idyllic spots for quiet reflection. It is also one of the most coveted investment locations in the world. With its architectural wonders and prime location, Dubai never fails to intrigue and impress. It houses the world’s tallest tower and artificial islands in the shape of palm trees.
According to property data company Reidin, the average price of houses in the emirates fell by 12 percent from October 2014 – October 2016. If you’ve always dreamed of investing in the Dubai’s real estate, there has never been a better time to swoop in a pick up a property bargain.
Dubai’s real estate market is a regulated one; the most transparent real estate market in the middle east and North Africa (MENA) region. The Government implemented an open data law that promotes sharing of non-confidential data between Government and non government entities. This further improves transparency and makes the real estate market favorable for foreign investments.
Aside from its architectural marvel and regulated market, there are a whole lot of reasons why people engage in buying or renting properties in Dubai. If you are planning of investing into real estate, here are other benefits of buying properties in Dubai:
Stable and fast growing economy
Whether you are buying property in the US or in South Africa or investing in a particular piece of land/house, it means you are investing in that country’s economy. It is always advisable to consider the economic growth of that region and note if the growth graph is dwindling or growing before investing your money.
In 2015 Dubai was mentioned as one of the 5 fastest growing economies in the world. Investing in such a fast growing and stable economy will bring a huge profit to you because your investment will return quite a large profit in the nearest future.
The United Arab Emirates (UAE) has gone through various economic challenges over the past years but Dubai has remained stable and economically strong in the whole MENA region. This stability makes Dubai a great investment choice as its market is resistant enough to withstand economic challenges.
Development and Innovation
Another key thing to look out for when investing in an area is developments and innovations. How quickly is development taking place? How welcoming are the government to innovative ideas?
Dubai is already on its way to become one of the smartest cities in the world. Everyone knows how quickly development took place in the city, transforming it into a smart, modern and iconic city.
Dubai is now synonymous with luxury. People travel to Dubai for luxurious holidays, people wish to work in Dubai and live an exciting life. If you buy a property in Dubai, you would be investing in the future.
Dubai like every other smart city gives its residents an utmost convenience with improved transportation systems, advanced facilities with lots of interesting and intriguing destinations.
Dubai government has also been actively involved in developing and promoting innovative ideas and solutions. The tallest building in the world aka Burj Khalifa is evidence of this, and now there is going to be another tower taller than the Burj as well.
More to this, the next World Expo will be held in Dubai come October 2020. The Expo’s duration is six months and will attract millions of visitors from around the world. This implies high rental demand, which is good news for property investors. Investors who are buying property near the Expo will receive a high return on investment.
These innovations and developments are a healthy sign that buying property in Dubai could be one of best decision of your life.
Safe and Secure
Investments do not thrive where there is insecurity and high crime rate. An ideal property investment requires a safe environment where residents can live and move freely and sleep soundly without fear of thieves.
The sense of security and safety is a major benefit of buying properties in Dubai, crime barely exists if not unheard of. This goes for major and minor crimes. You can leave your car window open with your wallet visibly in view and be sure it wouldn’t get stolen. And it’s also very hard to find two people getting into a petty road fight in the city.
While many countries in the Middle East region have been trying to curtail crime rates, Dubai remains unperturbed and consistent when it comes to safety and security.
Aside from its strict and stern policies against crime, Dubai is also equipped with the latest gadgets that can bust any criminal. This high sense of security is a priceless benefit of buying property in Dubai.
Steadily growing population
Dubai’s population is constantly growing. Property project launches are estimated to increase as the population grows each year.
There is no point having a property in a city where people are constantly migrating out of. That property wouldn’t yield you revenue. On the other hand, investing in property in a city that has high influx of people would mean high return on investment. Dubai is a modern city where more than 150 different countries are residing and people from all over the world are going to in search of better career and business opportunities.
The Dubai Statistics Centre announced that Dubai’s population in January 2016 was 2.4 million and will reach 5.2 million by 2030. These numbers simply mean increase in demand for housing and properties.
You would be glad to know that average population growth rate of Dubai is 4.7% which coincides with its economic growth as well.
Buying property in Dubai would be a great investment
Property Tax Free
One of the biggest reasons why expats find Dubai desirable is its tax free policy. Residents live freely with no real estate, corporate or personal taxes. This is good news for the investor because buying a commercial or residential property will not include taxes.
Yes, there is no property tax in Dubai! This is one of the special benefits of buying a property there. This also means increase in economic activities, as long as Dubai remains a tax free haven; expect expats to continue to migrate to Dubai.
This alone has great impact on the overall rental yield to be generated by your property in Dubai. If you were to buy a property in the US for example, you will end up paying up to 40% annual tax after putting together Federal, state, city, social security etc. that is just outrageous, whereas there will be 0% tax imposed on your property in Dubai. That just screams investment friendly!
So, what are you still waiting for? Oh! You still need further proof as to why you should buy a property in Dubai? Read on, I’ve saved the best for last.
Residency and property Visa
Wouldn’t it be awesome to get residency in Dubai? One of the special benefits of buying a property in Dubai is getting a chance to be eligible to get a residence Visa in the UAE. This comes with some criteria for residency which includes purchasing a property worth one million AED or more, no mortgage or financial assistance for property purchase and the property must be conducive for occupancy.
As an investor, you will have to approach Dubai Land Department to get your investor visa against your purchase of property in Dubai
You don’t a fortune teller to know that residency in UAE entitles you to a lot of benefits, as opposed to being just a foreign investor.
BONUS: A commitment to make you happy
This may sound hilarious but Dubai created a ministry of happiness in 2016. It may come across as weird but goes a long way to show how seriously they take your happiness level. The basic duty of the ministry is to develop programs and policies to improve happiness levels of Dubai residents – simply put, to make you happy.
It might be a funny benefit but it would enhance the lifestyle of people living in the emirates, along with making them happier.
With such dedication towards the masses, you can only imagine how much your property investment would thrive over the years.
I mean, why not invest in a city where your comfort and happiness is utmost concern?