A lot of people have been asking, “Is it worth buying a property for sale in Dubai?”
Here’s a short and sweet answer: YES!
Of course, answering that question with a quick yes is not enough. I’m sure you want some reasons why.
Dubai is known to be one of the premier cities in the world. As a result, you would see properties here to be more expensive than other places you might know.
However, this is the best time for you to penetrate the real estate market in Dubai while the property prices have dropped. For the last few years, Dubai has seen an oversupply of properties. And you know how the law of supply and demand works. Because of increased supply, there is less demand and with less demand, developers are forced to lower their prices.
Now, don’t think that this trend is here to stay. The government is working hard to bring back the robust performance of real estate in Dubai. As a result, as early as the first quarter of 2020, you will see prices to start increasing again.
Thus, if you are planning to buy an apartment or any type of property, do it now while the average price is still not going up.
The real estate market is set to recover these coming years. If you’re going to buy property today at a cheaper price, you will have a higher return on your investment.
For those who are planning to put up their property for rent, Dubai is known to give you an average of 6-7% annual rental return. This rate is higher than most popular cities such as Paris and New York.
If you are planning to buy a property today and sell it in the future, you will surely make a good profit as properties in Dubai increase in price each year. For example, Dubai villas for sale, especially on the beachfront, have seen an increase in value.
Dubai Expo 2020 will be one of the largest events in the world. The Expo, which has started in 1851, has historically helped its host city to earn billions of dollars.
Next year, Expo 2020 is expected to attract millions of people from as many as 180 countries. With more people coming in, there would be more people spending their money. Accommodations are primarily needed and if you have a property for rent, you would surely have a lot of customers. Not only that, but the Expo is going to run for six months. Imagine how much money you can earn in that time frame.
Dubai is known for its tourism. So, even after Expo 2020, you will still have a continuous stream of renters. To give you an idea of how big the tourism in Dubai is, consider this: in 2016 alone, tourists spent a massive US$28.5 billion. This made Dubai the number one city for tourists spending.
One of the reasons that a lot of people are coming to Dubai is how safe the city is. Dubai’s police department is among the most technologically advanced and sophisticated government agency in the world. Because of this and other factors, people in Dubai enjoy a low crime rate. This means that your property and your tenants will be safe in Dubai.
The United Arab Emirates is no doubt among the wealthiest countries in the world. It is not difficult to see why Dubai has such a thriving economy.
With Dubai’s strong economic performance, investing in this city is no doubt a perfect choice if you have the means. Because the economy is going well for Dubai, you can also expect that you will get a good return on investment.
Whether you will be using your property as your primary residence or as a source of income, having a property in Dubai gives you access to some of the best things this world could offer. Whatever the purpose of property acquisition, you will not regret choosing Dubai.
Investing in Dubai is an interesting topic. There are a lot of things to talk about and this blog isn’t enough to cover them all.
For this reason, you would be happy to get as much information as possible from Rocky Real Estate. We have been in the real estate market for more than four decades. With competent, qualified, and experienced real estate experts, they are the right people to give you buying property in Dubai advice. Don’t buy a property in Dubai without getting in touch with us first. Give us a call now!