Is it the right time to buy property in the UAE? The Covid-19 pandemic has affected everyone around the world, leaving everyone uncertain about making their next step, especially investors. Still, there has never been a better time to buy a property in Dubai than now. The UAE is now the center of the new world, especially Dubai, which flaunts all types of properties and societies. Living in Dubai is like a dream come true for many people worldwide, and the future is yielding much more for the city of dreams, increasing rental opportunities for property owners. Property developers in Dubai such as Sobha Realty, provide unique luxury properties you can’t find anywhere else. Whether you’re looking for villas or apartments, prices are starting to go up again with the end of the pandemic. If you are looking for an investment property in Dubai, it's now or never. According to statistics shared by the Dubai Land Department (DLD), Dubai’s real estate market is finally getting back on its feet in 2022 after the pandemic.
Dubai’s real estate is currently oversupplied with ready-to-move or near-completion properties as 127,000 units are scheduled to be completed in 2023. ( we’ll need to update the number) Due to the high supply of properties, the market hasn’t been able to increase Dubai property prices, creating the ultimate opportunity for potential investors looking to invest in Dubai Villas will recover quickly and will have more significant price increases in comparison to apartments in Dubai. So whether you can afford to buy villas or apartments, today is the best time to do so because the key to success is buying low and selling high, and this pillar is present today.
Dubai’s real estate market is attracting people from all over the world for work, study, tourism and more. A market that provides high-end luxury lifestyles at an affordable price, Dubai ranks ninth in the world and third in the middle east regarding rental yields and returns on investments (ROI). Since rental yields in Dubai are the keystone of property and real estate investment, Dubai is offering the future.
Property prices in Dubai are respectively lower than many other similar locations around the world, giving investors a huge advantage to buy now, benefiting from these lower prices because they won’t be that low forever. Prices per square foot are notably lower compared to other major cities such as New York, the most expensive city in the world. According to Statista, in 2018, Dubai's prime residential area’s price per square foot was 730 USD, while in New York, it was 2610 USD. ( mention the price per square foot Dubai vs other places, the rough estimate to give an idea) Whether you’re looking to buy a villa or an apartment in Dubai, you’ll find everything you’re looking for at Sobha Hartland, with different locations, sizes, and prices. Real estate investment in Dubai has never been easier and more profitable than now.
Investment in Dubai’s real estate is one of the most friendly investments as it attracts no annual property taxes, income taxes, rental revenue taxes, value-added taxes (VAT) or capital gains taxes. That’s why Dubai's tax systems are one of the best in the world. Dubai is climbing up the global real estate market with flexible tax systems, high rental yields, and flexible investment options. Be a part of this hugely rewarding property market by buying a property in Dubai, for the price of land is sure to rise due to its limited availability, which makes now the best time to invest.
If you are willing to invest in Dubai, it's essential to understand the costs of living in Dubai in order to understand the clients you’re attracting by investing in the property market here. For people willing to live in Dubai or planning to rent a property in Dubai, it has been found to be 30% cheaper than living in New York and has been rated as the 58th most expensive city in the world. So compared to other major cities like London and Paris, the cost of living in Dubai is relatively reasonable. But lifestyle affects the cost of living as anywhere else around the world. Living in a Dubai villa is unlike living in a luxury apartment in Dubai or in a moderate one. Everything comes at a certain price but taking the average cost of living in Dubai into consideration, it is reasonable to expect many people to move to Dubai from other countries.
Tourism in Dubai is blooming, another aspect to consider before investing in properties in Dubai. Dubai has become a target for tourists from all over the world because of its luxurious properties, Burj Khalifa, malls, unique locations such as Palm Jumeirah, and wonderful sandy beaches. In addition, domestic travel to Dubai from within the UAE has also increased. No wonder tourists and UAE citizens are drawn to this wonderful city for fun and relaxation.
● Is now the right time to invest in Dubai?
Yes, the city is predicted to remain the paradise of investors, at least for the next five years.
● What are the expectations of property prices in Dubai in 2023?
Dubai’s property market has been recording strong growth over the last few months, with prices increasing month-on-month.
● Why invest in Dubai?
Dubai is known to be one of the wealthiest cities in the world and is also known for its breathtaking views, mesmerizing waterside locations, and unmatched luxury aesthetics. According to recent statistics, Dubai’s growth rate is predicted to continue growing by 3% in 2024.
● Is Dubai a good city?
Dubai is a city that offers security, good quality of life, and high living standards to all residents and tourists with the most impressive infrastructures in the world.
If you are still unsure about where to invest or buy a property in Dubai, please don't hesitate to contact us at Sobha Realty, and we will be delighted to help you make the right decision.