Over the past few years Dubai’s economy has grown exponentially in every field and has become one of the world’s fastest-growing economies. The city has taken advantage of its diversity, contrasts, and geographical location. Over the years, the city has evolved into an international business destination as well as a cosmopolitan destination for shopping and entertainment.
Dubai is appealing to foreign investors because it provides great access to important markets like Africa, Asia, and Middle-East and also because it has a greater connectivity to other international business centers in Europe and America.
Here are some of the top reasons why you should invest in Dubai property:
- Relaxed visa rules
The government of UAE has announced new economic reforms enabling 100 percent foreign ownership in companies and long terms residency visas for skilled and creative employment categories. The UAE has recently rolled out a lot of visa incentives for property investors. Now, with as less as AED 1 million of an investment will make you eligible for a 2-year residence visa in Dubai.
In addition to this, the UAE offers visa-free entry for over 60 countries & several visa on arrival initiatives as well for the other countries.
- Tax-Free Investment
Another major benefit of investing in Dubai, especially in the real estate market, is the lack of property tax. Although VAT was introduced earlier this year, it is still negligible in terms of overall costs and does not apply to residential property purchases. This makes it extremely attractive for people from all around the world to come and work in Dubai, as well as invest in property.
- Booming Tourism Industry
With world-class attractions such as the Burj Khalifa, Palm Jumeirah and some of the most well-reputed hotels in the world, Dubai remains one of the top tourist destinations in the world. As Expo 2020 looms on the horizon, Dubai will continue to add even more lifestyle offerings that will keep the crowds coming in.
- Strong Regulatory Framework
This announcement is just the latest addition to a strong framework of laws and regulations that are designed to protect an investor’s interests in Dubai. This is especially true in the property market, where the Dubai Land Department and its regulatory body, the Real Estate Regulatory Authority (RERA) continue to implement rules that ensure property developers deliver on their promises in a timely manner.
- Safety & Security
Dubai is also known as one of the safest cities to live in the world, with a very low crime rate and an efficient legal system. UAE is not only the safest country in the MENA region but in fact, one of the safest in the world with crimes and theft almost never heard off. People from all walks of life can come to the city and not have to worry about anything.
- High return on investment
Compared to many of its counterparts throughout the world, including New York City, Hong Kong and London, Dubai offers some of the highest returns on property investment. You can expect returns upward of 6%, even hitting double digits in certain areas and on certain properties. For the savvy investor, Dubai is a very lucrative option.
Lack of taxes, relating to property appreciation, capital gains, salaries and rental yields should mean strong return on investments.
- Expo Dubai
The 2021 event is expected to host 25 million tourists and business visitors, of which 70% will come from overseas. Expo will open gates to world class infrastructure, next generation technology and gain multicultural traction that will turn Dubai into a futuristic destination for investors and tourists alike.
- Quality of life
Dubai is an internationally recognized most desired lifestyle destination with top-notch living standards and outstanding connectivity. Dubai has a Ministry of Happiness that is always working towards making lives of its residents better and keep them happy. They work towards enhancing the lifestyle of people living in the emirates along with making them happier than ever.
With such innovation and dedication towards general public, one can only imagine how much your property investment will flourish in coming years in Dubai.