Dubai is one of the fastest-growing cities in the world, the most dynamic real estate market, and one of the few places on the planet where you can resell an off-plan property at a high profit. If you want to invest in an off-plan villa in Palm Jumeirah or Dubai Hills, then go over to the Ax Capital website.
Why invest in Dubai property now
The main reasons why real estate under construction is worth buying in Dubai are:
- the constant price increase of up to 20% per year,
- the hot construction market,
- the presence of demand for housing due to the ever-increasing population and the influx of wealthy individuals,
- large selection of elite houses and apartments in modern complexes.
“This is a major air transport hub, from where you can easily get to any big city in the world. Thanks to the time zone, the city is a bridge connecting East and West. Free zones such as the Dubai International Financial Center allow freeholding of properties by foreigners, allow the repatriation of profits, favor a tax-free regime and a Western-style legal system,” said Joseph Morris, Deputy Director of Knight Frank UAE.
Moreover, foreign investors choose Dubai because of the convenient migration legislation and favorable tax regime.
Foreigners who buy a property worth more than AED 1,000,000 (about USD 273,000) can get a two-year residence permit for the whole family (spouses and minor children) with the right to renew. Dubai has no VAT, no annual property tax, and no capital gains tax.
The most promising market
According to Knight Frank, in 2019 property prices in Dubai grew the most in the world after Hong Kong – by 19%. In the first quarter of 2020, the record was broken: housing prices rose by 27% year on year. Prices rose by 12% in the quarter alone. Reidin’s data is slightly different: from Q1 2012 to Q1 2013 prices for apartments and villas increased by 17% and 18% respectively.
Today Dubai is one of the most expensive cities in the world in terms of real estate value. According to Knight Frank, luxury villas cost an average of USD 5,600 – USD 6,200 per square meter. Housing from well-known companies is more expensive than properties without a brand. For example, Armani apartments in the Burj Khalifa sell for about USD 14,500 per square meter, while ordinary apartments without branded finishes sell for USD 8,700-USD 10,200 per square meter. In Dubai Creek, Palazzo Versace adjoining apartments and row apartments are sold with a 120% difference.
This is the best time to buy real estate for investment. From 2017 to 2018, the Dubai market experienced a crisis, prices fell, many projects were frozen. In the last two years 2020-2021, prices have been rising, and today there is almost no risk of losing funds on resale.
Real estate in Dubai
Ax Capital agency searches for various emirate real estate in the database. The agency works with a variety of options, if you are attracted by one of the proposed properties, you can call them at any time or fill out the feedback form and the agency’s specialists will contact you.