Dubai is growing fast, and now is one of the best times to invest in this cosmopolitan city.
Below are a few of the reasons why.
1. Expo 2020
Dubai is holding the next World Expo. Set to kick off in October of 2020, the Expo will bring together more than 180 nations and will have an international audience of 25 million visitors. Right now a huge number of off-plan properties are currently in the design and construction stages targeting the Expo 2020. By all estimations, the property values which have been falling will soon bottom out, after which the market will grow. People who are savvy enough to start buying property now will see significant returns in the future. Serious buyers who have been keeping track of the market conditions have already begun bargain hunting and searching for the perfect properties at best prices.
Check out this awesome video showcasing the Expo 2020 site and event. Four years to go!
2. Future Accelerators Campaign
The Dubai Future Accelerators program was started to create new partnerships, deploy new technologies, and test them on a city-wide scale. It is an intensive 12-week program that matches top companies and savvy entrepreneurs with powerful partners in Dubai to create breakthrough solutions together.
3. The Ministry Of Happiness
Dubai also created The Ministry of Happiness in February of 2016 with Ohood Al Roumi appointed as the Minister of Happiness. The principal responsibility of this ministry will be to gauge how happy Dubai’s residents are and use the information they have to enhance the lifestyle of people living in the Emirates.
4. Dubai’s economy has little to no dependence on oil
Dubai’s diversification into aviation, tourism, trade, financial services and other industries is a direct response to the era of oil. Dubai now focuses on tourism by building hotels and developing real estate, which has helped to expand the economy. Port Jebel Ali has the largest man-made harbor in the world and is also emerging as a center for industries such as IT and finance. Emirates Airline is state-owned; based at Dubai International Airport, it carried over 49.7 million passengers in 2015. Dubai is also a gateway for business in the Middle East and Africa, and the government has set up industry-specific zones throughout the city.
Through 2030, the UAE is scheduled to invest over $300 billion in new tourism-related infrastructure. Spurring private development, a 10% municipality fee has been waived for new hotels opening before June 2017. Dubai is an urban retreat, a futuristic city that towers over the Arabian Desert. Dubai is the only place where you can find the world’s biggest dancing fountain; highest building (Burj Khalifa); first and only 7-star hotel (the Burj al-Arab); largest man-made islands (the Palm Islands); and largest native flower garden (the Miracle Garden). Also in Dubai, 22 hospitals are planned or under construction to help deliver a total of 500,000 medical tourists to the UAE by 2020.
Watch the 2016 New Years event at Burj Khalifa that attracted millions of people to Dubai.
6. Dubai South
Dubai South is a master planned city offering world-class community living within an urban environment. Their exquisite design distinguishes the painstakingly planned communities, excellent build quality, and include a full range of amenities, with all aspects of life taken into consideration, from work and play to fitness and education, all within a 10-minute walking radius. It is also in the vicinity of the Al Maktoum International Airport, the largest airport in the world, the Expo 2020 Dubai site, as well as the free zones and Business Park of Dubai South.
7. Dubai Canal
Dubai Canal will be a beautiful waterway by the end of 2016. There will be three pedestrian bridges that will run along the canal; also in the plans are running tracks, sitting areas looking over the water, smart lighting (that can be controlled by an app) and lots of lush vegetation. ‘The Walk’ will connect with the Jumeirah Beach running track, a plus for joggers. The area will also be very safe, due to smart surveillance cameras focused on pedestrians with face-recognition technology. Property developments will be built on both sides of the canal – with 5,345 residential units proposed, as well as 948 hotel rooms. There will be four residential towers linked with Safa Park, as well as 211 homes right on the water.
8. The Museum of the Future
Located in the Emirates Towers area, this project will be finished by 2017. It will provide the most innovative space ever heard of, with visitors being able to experience the future through cutting-edge simulations and interactive exhibits. The museum will hold scientific conferences and offer advanced courses and specialized seminars on design and innovation covering the latest scientific advancements, trends, and ideas as well as their practical applications.
9. Modern Infrastructure
Dubai is leading the world in innovation with planned upgrades to their infrastructure. As part of the Future Accelerators Campaign, some of the society’s most high-level technology businesses will work side by side with seven government entities to address infrastructure hurdles. Plans for the future include Hyperloop One, a mode of transportation that travels at supersonic speed.
10. There are residency visas for property owners.
The biggest benefit of buying property in Dubai is that you can become eligible to get a resident visa based only on your property investment. There are certain requirements which you need to match first. For example; the cost of your property should be at least AED 1 million, there should be nothing owed against your property, and it should be completely liveable. You will have to contact Dubai Land Department to get the process started.
11. No annual property taxes.
Investing in Dubai real estate is entirely tax-free. Whether you are buying a retail unit, office space or even a residential space, no tax is placed upon you regardless of your nationality. Which means, once you have bought the property, and gave the registration fee to Dubai Land Department; there is no extra government tax to be paid on your property at all.
Among the many advantages of buying property in Dubai, one is the sense of safety that residents of Dubai enjoy. It’s one of the primary reasons why people find it easy to come to Dubai to start their new lives. Numerous countries in the middle east region have gone through their fair share of political disturbance, while Dubai remains the most stable city in the MENA region.
13. Good Capital Appreciation
We all know that in real estate or any investment, it is all about timing. That is the case with Dubai’s housing market. For example, the project Al Majara. Investors who bought into this project at the time it launched in 2006 had to pay an average of AED 763 per SQ. ft. The average selling price ten years later in the same project is AED 1,609 per SQ. ft. The growth in the property sector represents a capital appreciation of 111%. Many projects across Dubai have witnessed similar capital growth.
14. Investment Opportunities
When it comes to buying in Dubai’s real estate market and relishing the benefits, there is a range of choices available. Two principal categories are residential properties and commercial properties. If your strategy is to grow your residential property portfolio you have a large selection of apartments and villas in all price ranges. There are also many opportunities in the commercial real estate sector in Dubai; you have options ranging from office facilities, labor camps to manufacturing properties as well.
15. Dubai has a consistently growing population
One of the greatest gains of buying property in Dubai is that people from all over the globe are coming here in search of a better job and business opportunities. Dubai is a cosmopolitan city where people from more than 200 different countries are residing, and the population is growing day by day. This year the population of Dubai has already reached 2.5 million. With this rate of population growth, the overall population of Dubai by 2020 will reach 3 million.
These are just some of many reasons to invest in Dubai. With such innovation and commitment towards the citizens that you find here, you can only imagine how much your property investment will prosper in coming years in Dubai