Know the Benefits of Buying Property in Dubai
What picture comes to mind when you imagine Dubai? Most likely, a concept of luxury and enjoyment all around. And that is correct!
With luxury and enjoyment all around, it makes sense to own a property in the city. And, the city's attractiveness has prompted an increasing number of foreigners to make the city their home.
But, let us acquaint ourselves with the benefits of owning a property in the city. Read on:
Growing Population
In Dubai, the population is growing remarkably. Moreover, due to the attractiveness, many people from different countries have relocated to the city.
In a city where there is a steady influx of people, you get immense benefits from owning a property. You can easily rent out the property to generate income.
As people from the world come to Dubai to advance their careers or engage in lucrative business opportunities, they need a house to live in, creating significant demand for rental properties. For instance, a Dubai work visa is granted to skilled and professional foreign nationals.
According to the World Population Review, Dubai's population is increasing at the rate of 10.7 per cent year-on-year.
Interestingly, the fast population growth has not created any scarcity for properties in the city. Instead, there is ample supply. Therefore, you will find many new housing projects going on in Dubai to accommodate the growing population. But, at the same time, it has also created investment opportunities for property buyers looking to get a higher return on their investments.
Development and Innovation
A city becomes more attractive when more development work goes on and innovative ideas are put to action every year.
In Dubai, you will find innovative projects going on now and then. And what is more, it is going to become the world's most innovative city. So it says why you should invest in a property in the city.
When new activities happen all the time, it becomes an attraction for people. And they come to visit the place.
Dubai has Burj Khalifa, the tallest building in the world. And there will be another building taller than Burj Khalifa.
With all the innovative things in place, buying a property in Dubai is a smart move in your life. With the developments, you will get all the necessary facilities adjacent to your property, like shopping malls and roads.
Ministry of Happiness
You might find it a bit hard to believe in the first place, but it is true. Yes, there is a Ministry of Happiness in the Dubai government, which has instituted the ministry to ensure the residents remain happy.
The presence of a Happiness Ministry can also be one of the reasons for you to invest in a property in Dubai.
The fundamental responsibility of the ministry is to measure the happiness level of the residents and initiate effective measures to improve the lifestyle of its residents to make them happy.
You can easily imagine the value of your property investment in a city where the government cares so much for the residents.
Security
Reliable security is one of the most remarkable benefits of investing in a property in Dubai. And it is also among the major reasons people come to Dubai to make the city their home.
Notably, many Middle Eastern countries are sustaining political disturbance, but Dubai has remained a stable city in the MENA region.
Dubai Police are prompt and helpful. You will not see people fighting in the street in Dubai. If you encounter any issue, call the police. They will assess the situation and take action against the guilty.
In Dubai, you will not hear about theft and robbery. For example, you can leave your car's door open in the parking place, and no one will even touch things inside in your absence.
Tight security is one of the reasons for buying a property in Dubai. You can ensure safety for your family.
UAE Property Visa
When you buy a property in Dubai, you are eligible to get a resident visa. And you can regard that as one of the most significant benefits of purchasing a property in the city.
However, you should fulfil a set of conditions to get a residency visa. For example, the property you purchase should be worth at least AED 1 million, and there should be no mortgage against your property.
You need to approach the Dubai Land Department to get your investor visa against your property purchase in the city.
Many Options to Choose From
One of the remarkable aspects of investing in Dubai's real estate market is the variety of property options available.
Moreover, you can get residential and commercial properties for purchase in Dubai. An apartment or villa can be your option if you want to purchase a residential property. Alternatively, you can buy an office if you want to buy a commercial property.
Affordable Prices
It can be soothing to your ear when you hear that Dubai's property prices are lower compared to the other major cities in the world. It is one of the biggest benefits of buying a property in Dubai. For example, the average price per square foot in Dubai is around USD 468. But in London, the price is much higher at around USD 3,208.
High Rental Yields
Rental returns in Dubai are higher than in many cities in the world. In many areas of Dubai, rental returns can go up to 10 per cent. While in New York it is only 3.91 per cent, in London it is 3.21 per cent, in Singapore, it is 2.83 per cent, and in Hong Kong, it is 2.82 per cent. If you purchase a property for renting out, acquaint yourself with the Dubai Tenancy Law.
No Property Tax
In Dubai, there is no property tax. Yes, you heard it right. Once you purchase a property and pay the registration fee to the Dubai Land Department, you need not pay any government taxes.
Conclusion
Now, you know the benefits of purchasing a property in Dubai. So, if you are mulling purchasing a property in the city, buy it.