Some sectors hold paramount importance for a company’s economy. From agriculture to livestock, or manufacturing, leading industries may vary from country to country. In the UAE, the real estate sector is one of the fastest-growing industries and one that greatly contributes to the country’s economy. The flourishing industry greatly owes its success to Dubai.
Often termed the futuristic city, Dubai is an architectural spectacle and is a great source of attraction for people and businesses from around the globe. In addition to the great returns on investments, several other factors make Dubai so intriguing. We will go through some Dubai real estate facts to give you a better idea of why the city is heaven for visitors and investors.
Real Estate Industry in Dubai
When comparing the pros and cons of moving to Dubai, the advantages usually outweigh the negatives. Dubai’s charm isn’t limited to one business as there are other lucrative investment opportunities such as opening a car rental among many others. However, real estate has its say as a business with great returns.
From skyscrapers to luxury villas and small apartments, you can expect to find a property to your liking and budget. Additionally, the law and order condition in Dubai is second to none which makes buying property in Dubai all the more intriguing.
Dubai Real Estate Facts
From a living or investment perspective, Dubai can be a viable option in either case. Let’s go through some lesser-known Dubai real estate facts to help you understand what makes the real estate market so attractive.
COMPARATIVELY LOW ACQUISITION COSTS
Acquisition costs are one factor that may influence people’s decisions when buying a property. One of the lesser-known facts and advantages of buying property in Dubai is the low acquisition cost. While there are some hidden costs of buying a property in Dubai, the low acquisition costs can help save some money upfront.
Compared to other big cities, Dubai has a low acquisition cost. Moreover, the amenities and world-class structure Dubai offers is second to none which makes it more appealing to have a property in the city.
HIGH RENTAL RETURNS
Good rental returns help determine a property’s value. Luckily, Dubai with all the facilities it offers gives high rental returns. The huge population of expatriates has increased the demand for properties in the city. With more and more people looking for a property for rent in Dubai, you can expect to gain good rental income.
GET A RESIDENCE VISA BY BUYING PROPERTY
The opportunity to get a residence visa by purchasing a property is also among the unbelievable facts about Dubai real estate. The offer for a property investment visa in the UAE extends to the seven emirates of the country.
The residence visa comes with several benefits. From getting a driver’s licence in Dubai to opening a bank account, all of these and more can be availed with a residence visa. Moreover, a residence visa also allows the holder to explore new opportunities in the country.
INCREASED POPULATION GROWTH
Dubai is a major tourist attraction point. With all the facilities and employment opportunities the city offers, it’s not surprising to see a huge influx of tourists and investors. The increasing population in the city has also contributed to the rise of the property market in Dubai. This remains among the many lesser-known Dubai real estate facts.
FREEHOLD AND LEASEHOLD AREAS IN DUBAI
To make property buying convenient for both locals and foreigners, the government has divided the areas into two types – freehold and leasehold. Locals and foreigners can buy properties in the freehold areas. Conversely, leasehold areas are designated for the local population.
However, foreigners can lease properties in the leasehold areas for up to 99 years. The difference between freehold and leasehold properties in Dubai can help you better understand the two types of properties.
NO PROPERTY TAX IN DUBAI
One of the most interesting facts about Dubai real estate is that there’s no property tax. The no-tax aspect makes Dubai’s property market more attractive. Property tax is an additional expense homeowners bear in the majority of countries. However, by buying a property in Dubai, people can make use of the no-tax policy and enjoy the other perks that follow.
DUBAI HOSTS SOME MAJOR GLOBAL EVENTS
The city of gold hosts some of the major global events. For instance, world expos, cricketing events and major auto events such as Icons of Porsche among many more. All these events attract huge crowds from all over the world.
The huge influx of tourists also contributes to the rising demand for properties. Tourists, in particular, are looking for a property for rent in Dubai and this accounts for good rental income for homeowners.
SAFE AND SOUND CITY
The city’s safe and serene environment also contributes to the interesting Dubai real estate facts. Dubai offers an ideal environment to investors and individuals alike. Additionally, strong adherence to the law also ensures no party involved crosses any legal boundaries to attain unlawful profits.
Moreover, laws for unfinished projects in Dubai and other related services by government entities ensure buyers’ and sellers’ safety. All of these factors account for making Dubai a safe haven for real estate investors.
These were all the amazing facts about Dubai real estate. People consider several factors such as feasibility, security and returns when buying or investing in a property. Luckily, Dubai provides it all, along with many other facilities. With the real estate market in Dubai flourishing at a rapid pace, you can expect to get healthy returns on your investments in the segment.
That said, you can also turn your Dubai property into a holiday home and earn some good returns. Moreover, you should know about the UAE real estate myths as false information can influence buyers’ decisions. If you want to invest in Dubai’s real estate market, there are different types of properties for you to choose from. Check out the following:
Stay tuned to UAE’s top property blog for more real estate facts.
