If you’re thinking of buying a real estate in UAE or Dubai in particular, then now is the best time. With the steady growth of the real estate industry of the UAE, more and more people are turning their attention to this great city in the Arabian Peninsula.
Dubai is considered a ‘hybrid’ city that has attributes of either ‘emerging world cities’ or ‘new world cities’ and has a “superior live-ability’ equation compared to their national and regional peers.
Dubai was considered to be the most transparent real estate market in the Middle East in 2016. This has resulted in increased foreign investor activity.
While UAE nationals made the most transactions, pumping an estimated Dh4 billion to the sector, significantly, Indian nationals invested about Dh3 billion in Dubai properties and have done more than 1,500 transactions.
Saudi citizens have also made their contribution of almost Dh1.3 billion. Other nationalities that are now benefiting from Dubai’s real estate market include Chinese, Russians, Jordanian, Egyptians, and Canadians. During the last 4 years, British nationals have invested AED 31.3 billion in Dubai’s real estate. Dubai is expecting more foreign nationals buying a property for sale in Dubai.
In the first quarter of 2018 alone, the Dubai Land Department reported Dh58 billion worth of real estate transactions, resulting from more than 13,700 sales. There was a 10 percent increase in secondary/resale prime residential market over 2016. Dh16 billion worth of transactions on prime residential off-plan market also indicates a demand leaning to pre-construction units.
Most experts and analysts agree that the 2018 first quarter report is a strong sign that there are more good things to happen in Dubai real estate market. This trend is seen to continue for many years to come, fueled by the confidence and optimism of people in the real estate sector.
As the city prepares for the Expo 2020, there are ongoing and additional strategic infrastructure projects that will further increase real estate value. Dubai is currently building the world’s tallest man-made structure in Dubai Creek Harbour while still holding the record for having the world’s tallest tower – Burj Khalifa.
Also in the works are:
Foreign investors in the country will be offered 10-year residency visas, as well as 100 percent business ownership. A remarkable change compared to the recent 2-year residency visa being granted. With the UAE’s new residency programme, this will allow investors to make more long-term plans on their property investments and mortgages to offer better choices and options.
Aside from investors, specialists working in the field of medicine, science, engineering and technology, as well as exceptional students, can also secure visas of up to 10 years.
Dubai provides a specialized market, giving more business opportunities for domestic players. It offers a wide range of investment opportunities, from commercial to residential business ventures. With this in mind, it is not difficult to see why Dubai real estate investments should be taken advantage of at this time.
If you are interested in knowing how to penetrate this market, contact Rocky Real Estate today. We have registered and trusted real estate agents in UAE that can help you make the best investment in Dubai.
End-to-end property management services are available for overseas landlords.