Now Is the Best Time to Buy Property in Dubai, and Here Are the Reasons

Introduction

Dubai has become one of the world's most sought-after destinations, and it's not slowing down. From owning a business to investing in New Projects in Dubai, there are endless opportunities for families and investors alike. This article will focus on the benefits of buying real estate in Dubai,

Dubai is one of the most loved destinations in the world.

Dubai is considered one of the most loved destinations in the world. It's a city where you will find everything that your heart desires.

Dubai is a global city that has been ranked amongst the top 10 places to live and work according to Mercer's Quality of Living Survey. Also known as an international business hub of the world due to its strategic location and excellent infrastructure facilities, many successful Property Developers in Dubai have entered the market to invest and raise new projects to add to the city's skyline.

Booming Tourism Industry

Dubai's booming tourism industry is expected to grow even more in the future. Dubai receives over 16 million tourists and is one of the world's top tourist destinations right now. The city's tourism industry is expected to grow even more over the next five years, with annual visitor numbers expected to exceed 24 million by 2025.

There are many reasons why now is the best time for you or your family members to invest in property in Dubai:

 

Higher ROI

ROI stands for return on investment. It's the percentage of profit you make on your property when it comes time to sell or rent it out. For example, if you invest $1 million in a property and sell it after five years for $2 million, your ROI would be 20 percent.

The average ROI in the UAE is about 11 percent. So what does this mean? If you want to buy land or property in Dubai and then sell it five years later, you can expect an average ROI of 11 percent. But what happens if we look at more recent data? Let's consider all sales made between 2020 and 2021 (18 months). We see that there were 506 properties sold with an average sale price per square foot of USD 2,278 - meaning that each square foot cost about USD 3 less than what was reported by the WAM news agency back in 2020.

An easy way to get maximum ROI on your investment is to invest in Apartments facing Burj Khalifa, as the apartments for sale in Downtown Dubai have witnessed good short and long term rentals and scarcity of new projects that will make it physically impossible for people to buy a house in Downtown Dubai in the near future.

 

Visa Options for Long Term

Dubai has visa options for expatriates to live and work in the country. The most popular are the Golden Visa, Investor Visa, Residence Visa, and the sponsored Employment Visa. As a result of these visa options, Dubai is expected to garner increasing foreign investment and get a significant boost in need for Apartments for sale in Dubai.

 

Attractive Tax Regime

A second reason to buy property in Dubai is the attractive tax regime.

Property owners will be liable to pay a registration fee of 4% on the purchase price of their property and no further taxes apart from this.

While on the other hand, the government levies no income tax on residents or nonresidents, making it stand out worldwide and deeming it more attractive for foreign nationals.

World Leader in Infrastructure

Regarding the overall quality of life, there is no better place to live than Dubai. As a global infrastructure leader, UAE has an extensive network of interconnected roads that connect the seven emirates while also linking the major transportations hubs and population centers. Furthermore, the infrastructure of the UAE is head and shoulder above other developed countries in the region. Serving as a global aviation hub for the world UAE is now home to 7 international airports throughout the country, whereas two well-renowned international airlines i.e., Emirates and Etihad are also based out of the UAE. Thanks to the port facilities that cater to the oil and gas industry, container shipping and the general cargo industry. The strategic geographical location of the country has allowed it to become a center for maritime activity and transportation.

Dubai's growth rate is one of the highest in the world—it has grown at an average annual rate of 10.7%. At the same time, the city's population is expected to nearly double from 3.5 million today to a 5.8million by 2040 as more people move here from other countries. That makes it imperative for investors to build their portfolio with Dubai kept in mind.

 

Conclusion

As you can see, there are many reasons to invest in Dubai. The city offers one of the world's most sought-after real estate markets. And with its booming tourism industry and flexible visa options, it's an excellent place for investment.

So, if you're looking for the best time to invest in Dubai property, now is the time. And if you are looking for an exciting new project in Downtown Dubai that offers a penthouse, or a  2 bedroom apartment in Dubai, check out Imperial Avenue by Shapoorji Pallonji.

FAQs

1.    Is it a good time to buy a property in Dubai now?

This is a great time to buy a property in Dubai. A growing population and strengthening economy is pushing the Dubai real estate market from strength to strength. We are seeing plenty of domestic and international buyers entering the market for the first time.

A growing population paired with a strengthening economy has pushed the Real estate market of Dubai to new heights after the pandemic. With expats investing heavily in the real estate industry and new projects being built every day. This recovery run by the reality market makes it a great time to buy a property in Dubai.

2.    Will property prices fall in 2022 in Dubai?

A recent poll done by Reuters of 13 property market analysts showed that there is a median rise of almost 7.5% in house prices in Dubai in 2022, the poll gave the same results as the one taken two months ago.

3.    Is it a good time to buy real estate in Dubai?

Compared to the performance parameters like Monthly Property Sales Value, and Monthly property price per sq.ft in 2022 (source: https://famproperties.com/dubai-real-estate-performances). This is the best time to buy real estate in dubai. Dubai has beaten the Covid-induced uncertainties and slowdown in development to reach the spot of fifth best city in the world.