Reasons to invest in Dubai:
Investments in Dubai are different from that in other countries of the world, for when investing here, you can be sure, firstly, of the political and economic stability, secondly, of investments’ rapid growth due to the constant increase in property prices and rental rates, and of many other things.
Stable economy with high income rates
Dubai has an open economy with a high per capita income and a significant annual trade surplus. The United Arab Emirates ranked sixth in the list of world countries in terms of the number of millionaires per capita. Successful efforts to diversify the economy have reduced the share of oil and gas production in the GDP to 25%. The government is constantly increasing costs for creating jobs, developing infrastructure and also opens up new opportunities for the private sector’s more active participation in the market growth.
No income taxes or capital gains taxes
Dubai main difference from many other countries of the world is that you won’t have to pay any taxes for the property ownership here. At the same time the laws relating to foreigners’ buying property in the UAE are very transparent. Foreign nationals coming from countries outside GCC have a right to buy an apartment or villa in Dubai to fully own it.
Many experts recommend paying very close attention to the UAE. There is a really bright outlook for the local real estate market: the number of population is growing rapidly mainly due to those, who does business in the UAE, and both to foreign experts and professionals coming to work here.
Stable exchange rate
One of the main factors influencing the popularity of real estate in the region is stability of the national currency and the ease of doing business. Free economic zones and zero taxes simplify doing business in the emirate. As for the national currency, its rate in the UAE, as well as in other oil-producing countries, is tied to the US dollar and has remained unchanged since 1983.
Simple registration of investment transactions
All you need for buying property in Dubai is your passport and a POA mandate (if the buyer is represented by his agent). POA mandate must be notarized in the UAE, otherwise it is necessary to undergo the procedure of consular legalization.
Rapid development of the tourism sector (Expo 2020)
About 10 million tourists visit Dubai annually. This figure is increasing year-to-year, and the emirate’s government currently invests heavily in the development of the tourism sector. Investment attractiveness of Dubai will also definitely rise in the next few years due to its winning the competition to host the World Exhibition Expo-2020. According to early forecasts, the exhibition can attract 25 million tourists to Dubai in six months. And since 70% of the visitors will come from abroad, according to the government calculations, hosting Expo-2020 will require 45, 000 new hotel units, as well as a new grand exhibition center.
The geographical location of Dubai as the world trade centre in the Middle East
Dubai is situated at the crossroads of many trade routes from Europe to Africa and Asia. Due to this fact the emirate has developed into a major trading center in the Middle East. It has almost everything for this: the biggest sea port in the region with a modern infrastructure, operational Dubai Airport and the new one under construction planned to be the biggest in the world. One-third of the world’s population lives within 4 hours flight from Dubai. So Dubai is and will be a strategic location for international trade, and no crisis will take that advantage away from it.
Affordable prices for luxury real estate
Property prices in this category are significantly lower than prices for the same property in Europe or in Moscow. Luxury apartments in Dubai are cheaper than the same units in major European cities, and the quality of the acquired property and housing service are at the highest level. At the same time, homes are located within walking distance from the sea, which is an obvious advantage of the UAE as an all year-round resort.
Real estate market in Dubai is diverse, suiting every taste and budget
Dubai’s real estate market is highly segmented. Property market offers a huge number of different options varying from big luxury villas on the Palm Jumeirah Island and luxury apartments in Dubai Marina to middle-priced apartments in Jumeirah Village for a small budget. Everyone can find investment offers for any taste here.