Dubai is one of the most beautiful cities on the planet, and it continues to improve. The globe has turned its attention to this wonderful city in recent years, and many people want to be a part of the Dubai experience.
Purchasing luxury property in Dubai appears to be the way to go for high net worth people (HNWIs) all over the world. This is due to the fact that the real estate business has grown to represent a significant part of Dubai's economy.
Those who are just learning about Dubai's real estate potential may wonder, "What makes Dubai the ideal spot to buy luxury homes?"
Well, there are a lot of solid reasons to think about it, and we'll go over a few of them in this post. The number of foreigners who have relocated to Dubai has increased over time. Some people consider it a second home, and some have made permanent moves there with their families. Let's look at why Dubai has become such a popular choice for HNWIs looking to buy a luxury residence.
Luxury at a Reasonable Price
You may be surprised to learn that, in comparison to other major cities around the world, Dubai offers the best value for luxury real estate. Keep in mind that foreign ownership of real estate in Dubai began in 2002, making Dubai a relative newbie to the realm of global luxury real estate markets.
Although the lifestyle in Dubai is opulent, the real estate there is still reasonable. Luxury residences in Dubai are much less expensive than those in other major cities around the world, according to a recent wealth assessment.
The luxury residential property worth USD 1 million (AED 3.6 million) that an investor may buy in major luxury cities throughout the world was examined in this research.
According to the conclusions of this analysis, $1 million can be used to purchase the following properties:
· Monaco – 172sq. Of luxury property
· Hong Kong – 237 sq. Ft of luxury property
· London – 334 sq. Ft of luxury property
· 334 sq. ft. of premium property in New York
· New York – 334 sq. Ft of luxury property
· You might be astonished to learn that even places like Shanghai, Sydney, and Paris offer less than 620 square feet of premium property for the same price.
You'll be even more shocked to learn that Dubai has luxury properties ranging from 1,539 sq. ft. to 1,539 sq. ft. for the same price. This equals a price as low as $650 Dollars per sq. Ft.
You would think that the low cost of quality real estate in Dubai equals a lesser standard of living but this is not true.
Dubai has some of the best building structures in the world, which can be compared to other world-class structures. Dubai boasts an unrivaled collection of luxury residences, providing potential buyers with a wide range of possibilities.
Remember that property isn't the only thing that is reasonably priced in Dubai; other high-value commodities such as petrol and gold are also less expensive than in other cities.
Even in the areas of home upkeep, property owners in Dubai get fantastic value for money. Dubai cleaning services are 20% less expensive than in other major cities. You can also have gasoline delivered to your home for a small additional fee.
Easier to purchase luxury property in Dubai
Dubai's laws and tax structures are extremely favorable to investors. Foreign buyers profit from the absence of additional costs on property purchases in Dubai, as well as the absence of income tax.
Whether you're purchasing luxury property in Dubai for business or pleasure, you can rest confident that the transaction procedure will be quick and painless.
Given the considerable property tax reforms that these cities have undergone, including the imposition of an extra tax on foreigners purchasing premium homes, Dubai has an advantage over other big cities such as London and Paris.
Due to its rapid population growth and rising living standards, property in Dubai also provides a high return on investment (ROI).
Property Options Are Plenty
Another compelling incentive to purchase a luxury house in Dubai is the large range of property alternatives available. Luxurious villas, fully-serviced flats, and magnificent penthouses are among them. No other city in the world has such a diverse range of property alternatives.
Dubai's Geographical Location
Another reason that makes Dubai a fantastic choice for luxury property purchases is its location. Dubai's time zone is ideal for firms with worldwide interests because it serves as a crossroads for Eastern and Western time zones.
Its location also facilitates travel for businesspeople. Asia, Europe, and the Middle East are all accessible by a 2- to 8-hour trip.
Keep in mind that Dubai provides foreign investors with long-term real estate permits, making it an excellent choice.
Real Estate Market Is Booming
Real estate transactions increased by 33% in 2019, according to the DLD. The increased demand for luxury houses has resulted in a significant increase in the price per square foot for premier properties. The H1 Dubai Property Market Report of 2019 confirmed this trend. Investors were particularly interested in high-end real estate in Downtown Dubai, as well as the Palm Jumeirah and the Arabian Ranches.
According to a recent market survey conducted by New World Wealth, the UAE is one of the top five nations favoured by HNWIs. Because Dubai is the UAE's financial capital, it's only logical that HNWIs seek to invest there.
The presence of HNWIs results in an increase in wealth inflow, which is then re-invested in Dubai's prestigious real estate market. Communities such as the Dubai Hills Estate and Mohammed Bin Rashid City have sprung up as a result of these investments.
When compared to other major cities across the world, Dubai is a fantastic place to invest in luxury real estate. It is a safe and pleasant city with world-class infrastructure.
If you're an investor or a high-net-worth individual, you should think about investing in luxury real estate in Dubai, if you haven't already.
The Best Places To Buy Luxury Real Estate In Dubai
- Dubai Marina
- Dubai Hills
- Port de La Mer
- Downtown Dubai
- Dubai Creek Harbour
