What Makes Dubai The Best Place To Buy Luxury Homes Worldwide?

In the recent years, Dubai was able to establish its position as a major cosmopolitan business and tourist hub. Due to its strategic location, the wealthy city of skyscrapers and beaches is often regarded as the Middle East’s premier entrepôt. The government has taken serious initiatives to enhance openness towards business opportunities; the real estate industry has flourished in the recent years making Dubai one of the most coveted locations worldwide for renting, leasing or purchasing property. Let’s explore the reasons behind Dubai being an attraction point for investors.  

Safety

Dubai is considered as one of the safest destinations in the Middle East. The crime rate is nearly zero. Security forces are found around the clock and cameras are fixed everywhere even in public transport. Drugs are strongly prohibited and violators will face strict legal consequences ending with their deportation.  

Affordable Luxury Homes

According to Knight Frank’s Wealth Report, Dubai offers the best value for luxury property as it is considered as one of the most affordable cities to invest in real estate. The price of property has decreased 3.4 percent from $ 6,966 per square meter to $6,729 per square meter making the properties much more affordable than those of cities like Berlin, Paris, London, New York, Hong Kong, Singapore and Shanghai. Dubai offers high-standard living style with affordable prices. With USD 1M (AED 3.6M), you can purchase in Dubai a property as much as 1, 539 sq Ft. whereas with this amount you can get nearly 600 sq ft. maximum in cities like London, New York, Hong Kong, Geneva, Monaco, Shanghai, Sydney and Paris. Despite the affordable prices as compared to other major cities, Dubai boasts of a variety of eye-catching luxury building structures that suit different lifestyles and can compete with top buildings worldwide; property owners get great value for money.

Investor Friendly Initiatives

The government has taken significant steps towards enhancing successful business opportunities by supporting investors. Whether you are buying a property for business or personal use, hassle-free transactions are facilitated with the least amount of bureaucracy and foreign buyers benefit from the income-tax-free system in Dubai. Major cities like Paris and London impose taxes on foreigners who wish to purchase property. Dubai attracts people from all over the world whether as investors or as job seekers leading to a rapid growth in population making it one of the highest return of investment (ROI) options. The rich emirate provides free zones that allow company formation with full ownership, zero import duties and 100 percent profits. 

Booming Real Estate Market

According to the Dubai Land Department (DLD), the real estate market has flourished in the recent years. Transactions rose to 33% in 2019 alone. The demand for luxury properties led to a noticeable rise in the price per sq. Ft. According to a report by Bloomberg, Dubai’s prime real estate prices rised 89 percent. In more popular locations like Palm Jumeirah, Jumeirah Bay and Emirates Hills, the prices increased more than 100 percent. According to Arabian Business, the purchase of a villa in Palm Jumeirah sold for $82 million in July, exceeded $325 million in September.  According to a report by CNBC, Dubai witnessed $35 billion in property transactions in 2021. “Prime residential values in Dubai continue to strengthen, growing by 29 percent in the third quarter alone, fueled by a persistent deluge of ultra-high net worth individuals who are zeroing in on Dubai’s premier districts in search of second homes,” said Faisal Durrani, head of Middle East research at Knight Frank, in an interview with Bloomberg. According to a market study conducted by New World Wealth (NWW), about 108,000 millionaires migrated their countries in 2018 compared to 95,000 in 2017. The global market research group ranked the flow of millionaires into 12 countries by dividing the number of new millionaires by the total number of high-net-worth individuals already living in the country. The UAE was named as one of the top 5 countries preferred by High Net Worth Individuals.  

The Geographical Location of Dubai

Dubai lies in the heart of the Asian, African and Indian triangle making it an easy connection point to business networking and foreign trade. Dubai is a global commercial hub that links Asia, Africa and Europe. The location of Dubai gives it a very distinctive time zone; business men can travel in a 2-8 hour flight to easily reach Asia, Europe and the Middle East.  

Vast Property Options

Dubai boasts a wide array of luxury properties built and designed to suit each and every taste. Whether it is an apartment, townhouse, penthouse, villa or mansion, Dubai has an answer to every question. The city enjoys a wide variety of options to choose from with convenient payment schemes. Dubai is an attractive hub for investors, tourists and residents. Some of the most popular coveted locations to live and invest in are: Downtown Dubai, Dubai Creek Harbour, Port De la Mer, Dubai Hills and Dubai Marina. When comparing Dubai to major cities worldwide, Dubai is the ultimate choice for many investors. Enjoying a peaceful and safe environment, providing world-class properties with top-notch services and facilitating investments opportunities compared to other major cities, Dubai is definitely the ultimate destination for both investors and residents.

More To Explore

TIMI Property is committed to availing a truly pragmatic, and efficient one-stop service platform