Why buy now in Dubai: Reasons for buying in Dubai at the moment.
The Dubai residential market is currently close to the bottom of its current cycle. (Head of Research at JLL Mena) The average house price in the emirate fell by 12 per cent between October 2014 and October 2016, according to property data company Reidin. What’s more, residential property prices dropped 6 per cent year on year from November 2015 to November 2016.
“We believe the Dubai residential market offers good long term growth opportunities and purchasing around the bottom of the cycle is always a good time to buy for those taking a long term view,”.
According to Real Estate Experts, $1 million (Dh3.67 million) can buy almost nine to seven times more space in Dubai than Monaco and London.
An investor can buy 155 square metres of prime property in the emirate for $1 million compared to only 17 square metres in Monaco; 20 square metres in Hong Kong; 21 square metres in London; 39 square metres in Singapore; 41 square metres in Sydney; 50 square metres in Paris; 79 square metres in Moscow’ 48 square metres in Shanghai, and 96 square metres in Mumbai.
Return on Investment
Rental yield in the emirate are globally unrivalled, with gross rental yield tax free for apartments ranging from 7 to 10 per cent per annum compared to mere 2 to 3 per cent in other global cities.
Dubai is the host city for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April 10, 2021. Over Dh25 billion investments is expected in infrastructure-related projects, with 277,000 new jobs being created.
Diversification, Business & Leisure
Many multinational Companies are based in Dubai, it is the Business Centre for the Middle East, South Africa and North East Asia. Also due to tax free income incentive many individuals and companies chose to trade and work from Dubai . Revenue spent by tourist is the most in Dubai compared to other Global Destinations. Dubai has Modern infrastructure, it is also the 4th most visited destination in 2016. Emirates Airport is the busiest transport hub and currently underway is Al Makhtoum Airport with its own budget airline. Dubai is open accessible and constantly improving infrastructure and facilities for businesses and families.
A number of encouraging trends that will contribute to the performance of the real estate sector over the longer term include the continued diversification and open nature of the Dubai’s economy, high levels of government investment in creating an attractive city in which people want to live and work, and effective measures to improve the transparency of the realty sector.