Dubai is known across the globe to be a thriving city that brings huge opportunities for all. Over the past decade, it has made a name for itself as one of the top locations for real estate investment in the region. With a steady influx of people moving to the emirate, an enviably stable economy – not to mention the fantastic lifestyle and 365-days-a year sunshine – Dubai continues to attract attention from property investors, both locally and internationally. We have taken a look at some of the factors that make Dubai the best place to buy property right now.
1. Guaranteed Growth
Dubai’s housing market is increasing steadily and promises a huge growth potential in real estate prices of 46 percent in some areas in 2023. Following closely on the heels of Dubai Expo 2020, the city’s incredible plans and vision, such as the Dubai 2040 Urban Master Plan, which will see a major overhaul of the city including updates to five of the main urban areas while turbo-charging the economy, showing the city’s commitment to growth and innovation. Development such as these have meant that real estate prices are always on the rise in the emirate – 2022 saw the highest rise globally in prices of luxury homes and that has continued into this year.
2. Crypto-Friendly
Dubai has been one of the first places to embrace the digital revolution by accepting cryptocurrencies, such as Bitcoin Swiss, as a form of payment for real estate transactions. This forward-thinking approach allows Dubai to be a favourable destination for those involved in the rising crypto market.
3. A Renter’s Dream
Dubai’s rental market is expected to experience increasingly high demand for many years ahead. The supercity’s vastly growing population and the sustained increase in tourism contribute to a constant need for new rental properties, creating an imbalance in supply and demand and pushing the prices up. In 2022 alone, housing rental prices went up by an average of 27 percent. As such, return on investment continues to rise to unprecedented levels. This presents a golden opportunity for investors seeking rental income.
4. Population Doubling By 2040
Such a sought-after location for businesses and families alike, Dubai’s population has been steadily increasing over the years to reach 3.3 million in 2023. That number is expected to hit 7.8 million by 2040, a staggering increase of more than 4 million. The city’s reputation as a business hub combined with its extremely attractive lifestyle and other benefits makes Dubai a magnet for many from across the world.
5. Investors’ 10-Year Residence Visa
Last but definitely not least, in 2019 the United Arab Emirates introduced a 10-year residence visa for anyone buying a property valued at 2,000,000 AED or more, adding yet another incentive for those wondering whether to invest in Dubai real estate. This visa allows investors to live and work in the UAE for an extended period, offering stability and security in their investment and the chance to soak up some of that beautiful sunshine. What more could you want
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