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Dubai’s property boom in 2023 has been initiated by a large number of global investors, crypto millionaires, corporate heads, and wealthy businessmen. The responsible handling of the Corona pandemic in 2020 and Dubai’s liberal visa regulations also managed to attract more property buyers from all over the world.
Since the year 2020, Dubai rentals have increased by about 40%, and residential land prices shot up to a staggering 33%, according to a study conducted by a leading property advisory company. According to other surveys, villa rentals in Jumeirah appreciated by almost 55% in 2023. Other neighbourhood properties across the Emirates such as the Mirdif increased by 15%, and the Damac Hills 2 community shot up by a 9% price hike.
Securing Property in Dubai, UAE
The Venice of the Gulf offers foreign ownership, in specific areas, known as freehold. To buy properties in Dubai, foreign investors have to abide by certain rules, especially for people who do not live in the UAE and other expatriate residents. Such investors can acquire property via freehold ownership rights without any leasehold rights or usufruct rights for ninety-nine years.
The Incredible Property Surge
The property surge in the emirate has compelled tenants to buy a house so that they can stop paying steep rents or risk being pushed to remote corners. Experts believe that the Dubai property market can suddenly go boom and also give unexpected downturns. Since 2010, the UAE government has introduced numerous reforms for the benefit of investors, buyers, and developers in an attempt to limit unexpected volatility.
The Boom Spell Continues
The rental prices have risen in the year 2023, and continue to escalate. Real estate agency consultants suggest that the price rise can melt down for some time and scale up after a few months. In November 2023, the rental rate growth was marginally less than that registered in October 2023. Dubai’s boom-bust periodic cycles can also be unpredictable.
According to Emaar Properties PJSC founder, the company’s construction unit has witnessed a boom in the home or residential market by up to 60% from last year. If you have the investment capacity, buying property in Dubai can be a golden chance to gain long-term benefits.
Let us point out some of the advantages of buying Dubai-based property:
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Gain high rental returns
Population growth and the steady influx of foreign expatriates have created a terrific demand for rental spaces in Dubai. This may include villas, commercial complexes, apartments, townhouses, studio flats, and more. Property owners enjoy substantial rental yields, thus happy with the steady source of rental income. Even short-term rental spaces are in high demand due to the continuous inflow of tourists every year.
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Enjoy tax-free income
Dubai is an emirate that offers tax-free income, it is a boon for investors wanting lucrative and fixed investment opportunities. With zero income taxes, realty taxes, and capital gain taxes, the city is a haven for investors to increase their wealth with negligible taxation.
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Consistent development offering a secure living environment
Dubai has a reputation of being one of the safest cities for homeowners and investors. With stable and consistent economic growth, a low crime rate, and a very dependable environment, Dubai presents a wondrous opportunity to real estate investors. The UAE government body has lately implemented various stringent measures to ensure 100% safety of residents and guest visitors. Installing automatic surveillance systems, support of a vigilant police force, and strict policies help to safeguard the UAE public.
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Purchase of property; access to UAE residence visa
An investor can secure a UAE residence visa for straight ten years if he purchases a property in the UAE. Investors can buy lands, apartments, or villas in specific freehold zones where any foreigner is allowed to purchase property. The minimum investment should be equivalent to 2,000,000 AED ($ 545,000).
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Finest and World-Renowned Building Developers
Dubai is a real estate jewel known for its superior and iconic properties built by world-class building developers. These reputed construction companies are well-recognized for their ground-breaking designs, superior construction, and use of sustainable products. Their supreme expertise ensures the buyers and investors that the buildings and properties are totally safe and highly profitable. Such projects naturally attract a lot of elite international and rich local Arab investors.
Looking Back at 2023
Various factors and their combination made Dubai an ideal location for serious property investors in the year 2023. The above-mentioned points including freedom from taxes, a booming economy, a well-founded tourism industry, and top-rated global developers have managed to make a strong foundation for the coming years.
From novice investors to experienced capitalists, the Dubai property market offers never-ending possibilities to generate wealth. You can join the bandwagon of successful investors having capitalised on the profitable property market and enjoy the perks of possessing one or more properties in the most fascinating and covetable place in the world.
Explaining The Latest Realty Market Price Trends in Dubai
Most property analysts and real estate experts expect Dubai to maintain its successful stride in the property market for the next eighteen months. In the year 2024, property prices may rise and the fast pace may slow down a bit when compared to the past few years. Even so, the city is ready to outdo other prime global locations this year.
Dubai Property Forecast 2024:
- 2 to 4 per cent capital appreciation
- 5 to 10 per cent rental appreciation
- 2 to 3 per cent rise in GDP
Investors can see the efforts and initiatives made by the UAE government along with the high demand for real estate spaces. Moreover, the dedicated real estate agencies and the robust financial essence of the city entice thousands of investors every year. All these make Dubai the most sought-after property market in the year 2024. Furthermore, the much-anticipated oil price and GDP rebound can give a new boost to the futuristic growth of real estate in Dubai.
About Company Bio
Falcon Premier Real Estate is one of the most revered and experienced companies in Dubai equipped with a team of fully trained and expert real estate agents. Their realty team can guide eager clients and investors desiring to sell, buy, or lease property in the city. From quaint townhouses to the newest model villas, nothing escapes their keen foresight when it comes to finding the most sensible deals on Dubai properties.
