5 major reasons to invest in Dubai real estate
Dubai is not just a tourist attraction; it is one of the fastest-growing economies, where opportunities to work and make a good living are growing every year. As a result, it has welcomed people across cultures and regions. The knock-on impact is on the local real estate market, where properties are now in demand.
There are more than 60 free zones where foreigners can purchase real estate with full-ownership rights. This allows investors to select from a variety of city neighbourhoods. While famous locations such as Palm Jumeirah and Dubai Marina continue to attract investors, new areas such as the Expo 2020 site are expected to add a new dimension to the supply side. Here are some of the reasons why Dubai is a good investment destination.
- Fast-paced economy
One of the biggest benefits of buying a property in Dubai is the thriving economy. Dubai, as the strategic conduit between the East and West, is an ideal location for companies looking for expansion. The city is drawing more international investors than ever before, thanks to economic diversification. More recently, new labour laws and investor-friendly visa policies have incentivized buyers. Dubai’s economy has matured greatly across all sectors and is seeing phenomenal capital growth due to the government’s efforts to position the city as a leader in the global mix.
- The demographics
Dubai is a city thronged by people from across the world. So, it has garnered a distinction as a global city — a melting pot, where people cut across geographical and cultural lines can live happily. As a result, Dubai’s population has been on a steady rise. In fact, the current population of 3.5 million people is expected to nearly double in the next 20 years. However, taking stock of the imminent population growth, the government has proactively launched the 2040 Urban Master Plan to ensure residents can continue to experience good liveability.
- The lifestyle
Due to its high quality of life and top-notch infrastructure, Dubai is often regarded as one of the best locations to live in. With serene locations, good public governance, exemplary connectivity, cutting-edge recreational facilities, and an overall healthy lifestyle, Dubai has become synonymous with a futuristic city. Celebrities and policymakers from across the world flock to Dubai for the same reason.
- Development and ingenuity
From the tallest buildings to the largest airports, Dubai has excellence at its centre. In the past couple of decades, it has made significant strides in technology adoption and innovation-driven growth. Today, Dubai is arguably a leader in AI, robotics, and fintech in the region — a blueprint for others to follow suit. Its ability to never rest on past laurels continues to steer the city and its leaders in the right direction.
- Tax-free opportunities
Investors need not fret over taxes when buying a property in Dubai as it has no annual property tax, income tax, or capital gains tax — a proposition matched by few, if any, in global real estate. Following the purchase of a property, owners will only have to pay one-time property transaction and registration costs and no further or recurring taxes. Periodic taxes are applicable in many leading cities.