'Buying property in Dubai' has been one of the frequently discussed topics, especially among groups actively analyzing various regions for overseas property investments. In fact, on various occasions, the discussions have been transformed into heated debates, with the participants quite adamant on establishing their opinion on the subject. Well, if you have been a witness or involved in such events and come away feeling confused about whether buying property in Dubai is for you, then this article could assist you in making up your mind.
Buying property in Dubai, as an overseas investment avenue, is quite an interesting proposition.
The property market has grown at a phenomenal pace thus pumping up the rents and prices, and demand continues to grow. Investors from all over the world are closely analyzing the region to look for the next property to invest in.
Property investments in Dubai
In an attempt to understand the supply movement in Dubai's property market, let's begin by identifying the plus factors offered by the region, for those contemplating investment.
Dubai is a rich nation and there isn't any income or personal tax to be concerned about (hurrah!). The government has invested heavily in the infrastructure, and the Dubai landscape resembles an American city due to all the glass and concrete building. The tallest skyscrapers and the largest projects, like the Burj Dubai, are currently the identification marks of the city. This present scenario, more or less, is the realized output of Sheikh Mohammed Rashid Al-Maktoum (Dubai's ruler). Dubai has four ports; the largest port is at Jebel Ali, the world's largest artificial harbor created over 20 years ago, and is one of the world's busiest ports for container shipping.
When buying property in Dubai, the property market is quite tempting in terms of prices and prospects. This includes the construction market, which is moving at a commendable pace to quickly create grander structures than the already applauded; and they easily qualify on the quality parameter. In fact Dubai's Emaar Properties is, by now, working towards the construction of even grander structures, to further lure the interested. Foreign ownership of property is a recently introduced concept, which highlights the positive political framework in this direction. Tax advantages are explicit, which further strengthen the reason for buying property in Dubai.
To encapsulate the scenario, it can be stated that the Dubai property market's expansion drive is comparatively young, but owing to the rapid pace of developments the market has matured a little earlier than expected, thus perhaps raising concerns. However, indications of further stabilization are apparent.
Despite the boom, buying property in Dubai is still cheaper than various other commercial cities of interest. For comparable constructions in Dubai and London, the difference could be 4 times the base price. The tax advantages are also superior in contrast to various other overseas property investment options. According to recent research, the British own more property in Dubai than any other foreign nationality. One of the reasons Brits are heading for Dubai is because they can earn more income. A 'Wealth Ranking Survey' by NatWest International showed that expats can earn up to 40% more on average than their peers in Britain.
Dubai is expected to grow as a tourist attraction, as well as being the preferred business destination, while other countries present negligible scope in that direction. Dubai regions / projects, which are worth checking into include: Dubailand; The Burj Dubai Complex; Dubai Marina; Dubai Waterfront; Business Bay, etc. In conclusion, if you're looking for an investment, buying a property in Dubai could be exactly what you need.