Over the years, Dubai has developed itself into an extraordinary hub for architectural masterpieces and some breathtaking designs. The Emirate is not only known for its luxurious lifestyle avenues but also offers some luxury accommodations communities such as Tonino Lamborghini, Jumeirah Beach Residences (JBR), and Arabian Ranches Dubai. For those planning to settle here or want to visit the city for a vacation. It really has turned itself into a property hotspot that is recognized worldwide and with intense demand for the real estate properties in this part of the world, we’ve seen property prices skyrocketing in the past years. And, with all the interest that this dream destination is attracting from all over the world, the demand is not going to lower anytime soon.
What Has Caused This Spike In Property Demand In Dubai?
Everyone looking at the high demand in real estate market in Dubai first wonders what the reason behind this surge is. They want to know what’s there in Dubai’s property market that it has been able to draw this much investments. Well, the key factor here is that Dubai’s property laws let you to own freehold properties as a foreigner in Dubai. This means, you can sell and rent your property out at a profit whenever you like without any restrictions whatsoever. Furthermore, the freehold property ownership in certain areas across Dubai also allows you to have 3-year renewable residential visa as well.
Furthermore, Dubai has turned itself into a major economic hub over the years and it draws billion dollar investments every year from some of the key players in international market. As most of the companies investing in Dubai have now started to run the operations right from their Dubai offices, there’s a huge influx of jobs in the Emirate. As a result, the population of the city has seen a hike over the years. And, with the population increase, there is a direct increase in the real estate demand as well. Obviously, whether you want to own a home or rent one, you need to have a place to live. Besides, it is also a fact that the property laws in the emirate are quite simple and they require only minimal paperwork to encourage property sales.
Furthermore, there are not many taxes applied on the property investments in Dubai which is another encouraging factor for the seasoned investors to take advantage of the opportunity. It might be surprising for you to find out that there aren’t any taxes applied on the property transactions or income in Dubai.
The Attractions In Dubai Invite Large Number Of Tourists
One major factor behind more and more visitors coming to Dubai is all the attractions it has to offer. From the tallest buildings in the world to manmade islands, Dubai has a lot to offer on the plate. And again, with more people coming in, that certainly calls for more residential developments to be built here. And those investing in rental units can definitely make a fortune with their property if it is well-located near all the city’s attractions and offers a luxury living experience.
Now, if you consider all these factors listed above, it’s no wonder why Dubai remains a dream destination as far as the real estate investors are concerned. There are some of the most luxurious communities of the modern era being developed in the Emirate and they all offer one-of-a-kind lifestyle experience to the residents. Dubai is not going to stop any time soon as it sets all new records in growth and development. In fact, it is going to be the best real estate destination across the globe for all the wonderful benefits it has to offer to the property investors.