Is now the right time, to buy property in Dubai

buy property in Dubai

Property in Dubai

The coronavirus pandemic made lots of individuals uncertain about investing, but people who are interested in buying assets in the UAE and offering their recently purchased property for rent in Dubai weren’t discouraged. The thing is the real estate prices greatly decreased thanks to the lockdowns and shutdowns in 2020. That caused those who had the chance to buy villas or flats before but postponed a call looking forward to better circumstances to finally act. From the start of this year to the third quarter of 2021, people got twice as much money for selling their property than in the whole of 2020 — and that they sold plenty, mostly in Dubai Marina and Business Bay.

But let’s review the advantages of shopping for property within the UAE in detail.

The cost of living in UAE is comparatively low:

Whether you wish to retire, decide to move here thanks to work, simply wish for a change of scenery, or have considered investing in property in Dubai, it’s helpful to have an understanding of what proportion living here costs. The image of Dubai being a destination just for the rich is super strong. As research reveals, Dubai is number 42 within the list of most expensive cities to live in — with Ashgabat and Turkmenistan taking the lead.

Let’s take a quick look at the numbers. The one-bedroom apartment in Dubai downtown will cost around 5,431 AED ($1,478.55) per month. The price of a 3-course lunch for 2 in a very mid-range restaurant is almost 250 AED ($60.06) and therefore the monthly transportation will cost you about 300 AED ($81.67). Living in Dubai is cheaper than in London or the big apple.

Also, residents of Dubai have quite high salaries. The UAE is one of the very few countries that don’t have the concept of revenue enhancement, so people receive all the income they earn. (There are additional conditions to styles of businesses that don’t have to pay taxes, though — you’ll be able to check if your business qualifies here.)

Booming tourism will earn you money:

Over the previous years, Dubai has evolved into one among the world’s most prestigious and opulent cities, tempting experience-seekers from different corners of the planet.

As an area that’s famous for the very best of skyscrapers, most luxurious shopping malls, gentle climate, and incredible international cuisine, it’s unsurprising that Dubai faces a tourist boom. The high vaccination rates and also the government’s appropriate steps to combat the pandemic have strengthened the position of Dubai as a secure destination for travellers, that contributes to the number of individuals going there on vacation too.

Why is that the flow of tourists the significant reason to buy houses and apartments in Dubai? The tourist boom gives you higher chances to make revenue from renters. people who rent out their apartments or villas, and hotel and hostel owners get millions thanks to travellers annually.

The city that grows fast will keep attracting more people:

New World Wealth says that the UAE is the wealthiest among the middle East countries: Dubai is the richest city within the region and also the most lucrative business hub. It’s grown immensely since the discovery of oil in the sixties.

It’s impossible to get bored here, the city is buzzing with life and colours. The Dubai Museum will tell tourists about the history of Dubai from ancient times to nowadays; its admission fee is simply 3 AED ($0.8). Jumeirah Mosque lets foreigners find out about the faith and culture of the UAE citizens. The zoo museum called The Green Planet are going to be of great interest to people with kids — the ticket costs 90 AED ($24,5).

Transportation in Dubai is super simple: people rent cars or bikes or simply use the metro. The typical bike rent cost is around 200 AED per day (54,45 USD).

All of that a range of cultural knowledge and entertainment options for people with different tastes with different backgrounds is one more reason Dubai gets such a large number of visitors, both traveling and relocating. And, as it’s already been mentioned, that’s why it’s beneficial to speculate in the local property.

Final thoughts:

Known for its luxurious shops, white sandy beaches, and as of 2020 strict anti-epidemic measures, Dubai has become a hotspot for travellers. Tourism is flourishing here along with the property market. Investments are pouring into the city.

For an investor, the Dubai housing market provides long-term value, obviously, but it also provides them with a good quick revenue source (if they’re to rent their new villa or apartment out). So, is now the correct time to step into the real-estate market here? Undoubtedly!

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