Dubai has become one of the fastest growing cities in the world in the past decade with strong infrastructure, a growing economy, progressive government initiatives and a strong focus on keeping its residents safe and secure. As such it continues to attract an array of ambitious, driven, and savvy individuals on a routine basis. Due to this combination of factors, it attracts the interests of investors from all walks of life. And with the city offering a wide range of real estate investments, from high-rise towers to waterfront villas – there is something for everyone as we move ahead into 2021.
Whether you are looking to invest in a rental property or looking to become a life-long resident, there has never been a better time to look at owning a property in Dubai. As such, here are 4 reasons why 2021 is the time to make the move and invest in Dubai’s property market.
The UAE passport is regarded as one of the strongest passports in the world, offering visa free or visa on arrival access to over 170 countries around the world. As part of an initiative to attract global talent and investors from around the world, the UAE government continuously reviews and the laws that govern the country. In an attempt to make sure the UAE remains on the cutting edge of, the decision makers in the country are always looking to ensure there is a continuous path to development and prosperity within the country.
Up until relatively recently, you could not live permanently in the UAE if you did not have a valid working visa, therefore making the option to retire to the country almost impossible. However, the government has recently made amendments to these laws, making it possible for non-nationals to apply for and be granted a UAE passport, and citizenship. As an investor who owns a property in the country you can now apply for citizenship. This opens up a whole new world of possibilities for expats within the UAE who can now establish or own commercial entities and properties, remain in the UAE well beyond retirement age, and gain easy, restriction free travel rights to a myriad of countries all over the world.
In recent times Dubai has emerged as one of the most popular tourist destinations in the world, attracting visitors from all corners of the globe, all year round. Heading into 2020, and pre global pandemic, Dubai International Airport (DXB) was announced as the world’s busiest international airport for the sixth straight year – with 86.4 million passengers passing through the airport in 2019. With numbers like that filtering through the city every year, the demand for short term rental residences has spiked, presenting more and more opportunities to investors to make excellent returns on their Dubai properties.
Tourism is a driving force of the economy in Dubai, and the city is built to appeal to and accommodate large swathes of travelers every year. Owning a property in a city that is this dedicated to keeping itself as one of the most sought-after tourist hot spots in the world is a unique opportunity compared to most cities of this size worldwide.
Dubai continues to attract talent from all around the world, offering unmatched career and investment opportunities across many sectors and qualifications levels. Being mostly tax-free, residents and investors are not obligated to pay taxes on property or income. This benefit alone, increases the overall rental yield of a property, compared to other major cities in the world.
Once you have bought a property in the UAE and paid the registration fee to Dubai Land Department, there is no further, or ongoing government tax fee paid against your property.
Expo 2021 is expected to be the largest event to take place in the Arab world, welcoming 192 countries, businesses and educational institutions.
Moreover, attracting global investors from around the world and welcoming millions, if not tens of millions of visitors as well as short-term residents who will be looking for quality, affordable homes in fully developed neighborhoods, such as the Dubai Marina.
Besides attracting tourists from around the world, the World Expo is expected to create 49,700 full-time jobs a year and turn short-term visitors into long-term residents.
As the demand for affordable properties increases with the initiation of Expo 2021, it is expected that the property prices will increase, and continue to grow as we go into 2022, therefore creating a perfect opportunity for investors to invest in a rental property ahead of the highly anticipated event.
All in all, owning a property in Dubai has many benefits, some of which have been highlighted above. Whether you choose to invest in a rental property or decide to make Dubai your home, the city and its people will certainly make its positive impact on you.
Georges joined Select Group as Commercial Director in 2020. He has over 18 years’ experience in destination management and expert knowledge across an array of industries including hospitality, tourism and MICE. He has a deep understanding of the GCC, and the buying behavior of the international visitors to the region.