The Dubai property market happens to be one of the most profitable sectors not only in the Emirate but the entire country. Housing several communities and developments, it has a lot of scope to earn a high ROI for investors.
The place that was once nothing more than a vast area of desert is now ranked among the best places to buy property in the world. It’s certainly a dream of every homeowner to buy apartment in Dubai or any other type of residential property for that matter. And that’s certainly an achievement in itself.
With that said, let’s find out some secrets behind the success the Dubai property market enjoys:
A Safe Haven for Investors & Property Seekers:
The Dubai real estate sector is considered a safe haven for investors. It has earned this title due to many reasons. Firstly, there are very few cases of getting scammed here since the DLD governs all property transactions in the Emirate. So, unless you are buying a property without getting it authorised by DLD, there won’t be a case of getting ripped off your hard-earned money.
Other than that, the authorities require both parties to maintain transparency in transactions. This further reduces the risk of fraud and scams. For example, a person that rents a property must register the tenancy contract with Ejari. Furthermore, real estate agents must be registered with RERA as well to offer their services. You can Read it Also vietsn.
Remarkable COVID-19 Management:
The world is still reeling from the effects of COVID-19. Several companies all around the world had to shut shop due to the pandemic. The Dubai property market, too, suffered a brief sabbatical due to the novel coronavirus. However, thanks to the remarkable COVID-19 pandemic management by the government, the market witnessed a remarkable boost. The recovery period commenced sooner than anyone had expected. And the market is now teeming with lucrative opportunities for end-buyers and investors.
Life in Dubai is virtually tax-free. There’s no GST or any other form of tax, apart from VAT, levied on the residents. This is one of the major reasons that attract property buyers to Dubai as they don’t have to pay yearly taxes or bear other related expenses that add to the total cost of the home.
Properties for Everyone:
Dubai’s property market is very diverse. You can find every type of housing unit here. From luxury apartments to standard flats, lavish villas to townhouses, uber-stylish penthouses to duplexes, the options are abundant.
These units are further available in different configurations and types, such as furnished, semi-furnished and unfurnished properties available in 1, 2, 3, 4 and even 5 and 6-bed configurations. Listings for plots and lands for sale are also available in Dubai.
Having said that, it is important to note that properties in Dubai are on the expensive side. Even if you are buying a property away from the city centre, expect to burn a hole in your pockets. But, for the ease and convenience of buyers, there are home mortgage loans available.
Speaking of mortgage options, there are different types of loans available. They vary on the basis of repayment terms. Some common home mortgage loan options available in Dubai are:
- Interest only repayments
- Capital and interest repayment
- Mortgage life insurance
- Variable interest mortgage payments
- Fixed rate mortgage payments
The economic growth of the Emirate is nothing short of marvellous even during the testing times because of the COVID-19 pandemic. It became one of the first few cities that opened its gates for foreigners after the entire world was facing lockdown. The ongoing world fair, aka Expo 2020 that’s the talk of the town, is a living example of the success Dubai enjoys.
The Emirate’s economy benefits heavily from tourism. As a matter of fact, it is one of the top sectors in Dubai. Every year, tourists flock towards this city in huge numbers as it has plenty for them to explore and get mesmerised by.
There you have it! These are some of the major reasons why Dubai property market enjoys a huge success among local and foreign investors. On course of a strong recovery, the market has a lot of opportunities for new and seasoned investors. So, if you, too, want to put your money to good use, now is the best time to buy property in Dubai. Choose a reliable property portal, check out the most sought-after villas and apartments for sale, and select the best one that suits your requirements and falls within your budget bracket.