Dubai, after Abu Dhabi is the second richest emirate in the UAE. This is the response of its vast import and export trading.
As oil reserves are running out, the rulers of Dubai have set about establishing Dubai as a leading financial and tourist centre of excellence. A new Dubai is emerging: a Dubai that offers the highest standard of living with no compromise.Since Dubai allowed foreigners to purchase property, and issuing UAE residency visas, there has been a property explosion. Dubai is rapidly becoming the obvious choice for the overseas investor. High rents in the area combined with low purchase prices of properties have fuelled the house-buying boom which has lead to many exciting new developments.
Combine all this with zero property and income tax, and an unmatched standard of living; it is no surprise that Dubai is the number one emerging market today.
Currently the lack of available housing has caused rents to rise and this has also lead to increasing prices of new and off plan property too. New residents coming in to Dubai each day will put further long term upward pressure on prices.
Dubai is a safe and very prosperous city with a strong trading tradition, and its property sector was only released from restricted ownership just over two years ago.
Some of the benefits Dubai has to offer:
- All year round sunshine
- Tax-free environment
- Cosmopolitan community
- One of the world's highest standards of living
- Low inflation
- One of the safest cities in the world
- Low cost of living
- Stable currency
Dubai Property facts
2. Dubai rentals are returning between 7% and 11%
3. Properties are increasing up to 30% between build and completion.
4. Dubai is adding 85,000 housing units to accommodate the increase of population from 1 million to 3 million in the next 3 years.
5. Dubai has he fastest growing population in the world with an increase of 24% last year
6. Purchasers of property in Dubai are eligible to apply for a residence visa
7. Most properties are freehold
1 comment:
The more conventional approach to commercial Off plan property is a "buy and hold" strategy. You buy the property, invest in improvements, and bring in tenants who bring a good revenue stream with them. A general rule of thumb is that the revenue stream should be at least 20% greater than the monthly costs of maintaining the property, including labor, periodic fixes for damages, expenses incurred in moving tenants in and out, plus any finance charges on your money and depreciation and wear and tear.
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