In addition to serving as CEO of Better Homes, Ryan Mahoney (Dubai, UAE) is also the owner and CEO of CenCorp. This article will look at Dubai’s property market and how a raft of government measures have made Dubai more alluring than ever for foreign investors.
Home to the tallest building in the world, the Burj Khalifa, Dubai is a city that enchants and amazes. Popular with expats seeking to work and live in this modern and dynamic metropolis, Dubai is also attracting a growing number of investors interested in its property market.
With an unrivalled property portfolio, a booming economy, and some of the most attractive returns on property investment available anywhere today, the UAE has emerged as a global magnet for foreign investment, an achievement that is particularly commendable considering the country’s small population size and aggregate GDP. Political stability, economic diversification, location, and quality of life are attracting investors and expats from all over the world, with freezones like Dubai International Financial Centre becoming thriving hubs of economic activity.
Expats have long been attracted to Dubai, and little wonder. The city has a global reputation as one of the most luxurious cities on the planet. Dubai’s allure lies not only in its opulence but as a tax haven, enabling residents to grow wealth without incurring tax liabilities. Dubai is one of just a handful of countries worldwide that allow foreign citizens to live and work without levying taxes on their income.
Despite the city’s reputation for glitz and glamour, it is not all about excess. Redefining luxury, Dubai is a lifestyle destination that is also one of the safest places in the world to live and raise a family. With an extremely low crime rate, violent crimes are virtually nonexistent in Dubai, making it one of the world’s safest cities.
With year-round sunshine, Dubai only has two seasons: winter and summer. Summer starts in May and winter in October. However, even in winter, the city enjoys blue skies and hot and sunny weather.
For real estate investors, Dubai offers superior property yields when compared to other major cities like New York or London, with between 6% and 10% average gross rental yield. Property prices in Dubai are also more competitive than in other international hubs like New York, London, Paris, Hong Kong, or Singapore.
Boasting worldclass infrastructure and unsurpassed connectivity, Dubai has established itself as a major international hub. In its Smart Dubai 2021 Strategy, the Dubai Government announced far reaching and ambitious plans designed to transform Dubai into a world-leading smart city, with seamless integrated services and optimized use of city resources, presenting enriched life and business experiences for all. Located in the middle of the UAE, Dubai enjoys an optimal geographic location, with most flights lasting four hours or less and excellent aviation links.
Benefiting from continued steady growth and stability, Dubai has one of the most diversified economies in the whole of the Middle East, attracting both business and leisure travelers, as well as a high volume of foreign investment. Rated as one of the most transparent markets in the whole of the MENA region, the real estate market in Dubai is currently at a high point with no signs of slowing down. Through new legislation and revised initiatives, Dubai’s government is striving to make the market more transparent still, making the city even more enticing for foreign investors.
Over the course of the last decade, Dubai has established itself as one of the world’s most dynamic cities, attracting investment from far and wide. Dubai’s foreign-friendly legislation, worldclass infrastructure, and strategic location create a plethora of opportunities for investors seeking to tap into the city’s booming property market.
