Reasons why Dubai is Ideal to Purchase Luxurious Properties
Dubai offers everyone an extraordinary experience, especially for the people who are looking for their ideal homes or universal investment spot. Real estate is the biggest aspect of the economy which is why purchasing luxurious homes in Dubai is a desirable choice for high net worth individuals (HNWIs) all over the world.
A booming number of people from across the world prefer Dubai as their second home. Many global citizens view Dubai as the best place to purchase properties for investment especially for the luxury real estate market and LuxuryProperty.com is playing a vital role by listing the finest homes of Dubai. The city also offers long-term visas to real estate investors along with other advantages.
But when it comes to the reasons why Dubai is an excellent place to purchase luxurious homes, there are many. In this article, we will go over some of the reasons which will guarantee Dubai a high spot in your preferences.
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Dubai boasts unbelievable value in the luxury real estate market. Similar to Singapore or London, Dubai is a newcomer in the global luxury property spot because the foreign homeownership became active in 2002. The city offers huge real estate developments curated to satisfy people with a high-quality lifestyle.
Even with the wealthy living standards of Dubai, the city is affordable. According to the Knight Frank’s 2019 Wealth Report, Dubai’s luxurious property is comparatively cheaper irrespective of the fluctuations in the market.
In $ 1 million, the following global properties can be purchased:
Hong Kong: 237; square feet
Geneva: 441 square feet
Monaco: 172 square feet
Singapore: 388 square feet
London and New York: 334 square feet
Moreover, Sydney, Paris and Shanghai have lower than 620 square feet of lucrative property in the same budget. But Dubai provides twice in this budget. In $ 1 million, you can get 1,539 square feet of property at a very low price of AED 2,400.
The residents can enjoy a lavish lifestyle and get all sorts of help such as workers, gardeners and nannies. Dubai’s home cleaning services are 20% cheaper than other global cities. Dubai even delivers petrol to the doorstep for very less additional cost.
● Easy process of purchase
Another factor is the ease of doing real estate business. The entire tax system and laws are compatible with investing. The Emirate is an unrivaled business hub boasting upmarket communities and luxury property. The transactions are straightforward and the income-tax-free plus no extra levies are major advantages which are favorable for foreign real estate investors.
All these benefits aren’t found in other cities of the world. Dubai also offers healthy ROIs in the residential market which makes it an even better investment decision. If you want a home loan in Dubai, it’s easy to achieve as well.
● Thriving real estate market
According to DLD, a 33% increase in real estate transactions was observed in 2019. There was also a significant rise to the demand for luxurious property. In another report of the same year, similar growth was reflected. Investors were heavily attracted to upscale properties of Arabian Ranches, Palm Jumeirah and Downtown Dubai.
A recent research has ranked UAE as one of the best places liked by millionaires. Majority of HNWIs and rich expats prefer Dubai as a migrating destination. As more HNWIs enter the real estate market, wealth inflow becomes frequent.
● Dubai’s attractive location
Dubai has the charm of both east and west. It’s timezone is convenient for business owners because of the synchronized timing of east and west. Moreover, the city’s location offers global connectivity in travel. A short flight is enough for traveling to key cities in other continents. Along with the long-term visas provided to business owners and investors, Dubai is a great place to buy property.
● Freedom of choice
Excellent diversity can be found in the prime properties of Dubai. Investors can buy completely serviced apartments, rich villas and upscale penthouses. No one can match the portfolio of its luxury properties. Buyers can enjoy the wide option spectrum in the luxurious properties of Dubai. Moreover, investors can select the cost they want to pay, the location and type of property. The luxury real estate market of Dubai is broadly categorized into villas and apartments.
● Best areas to purchase apartments in Dubai
The most demanded spots to purchase apartments in Dubai are Palm Jumeirah, Downtown Dubai and Jumeirah Bay Island. The premium apartments in Downtown Dubai having AED 2,189 per square foot is the most desirable choice for investors. Palm Jumeirah’s price per square foot is AED 4,367 and Jumeirah Bay Island’s cost is AED 3,372. These locations give a ROI of 5%.
Other locations famous for upscale flats are Bluewaters Island and Dubai Marina. Numerous penthouses are scattered throughout Dubai which are available in the above mentioned areas. The costs of luxurious penthouses range from AED 1 million to AED 93 million.
● Best areas to purchase villas in Dubai
Investors are usually more inclined to Palm Jumeirah, Jumeirah Bay Island, Emirates Hills and The Worlds Islands when it comes to buying villas. If someone wants lavish villas at a cheap cost, Emirates Hills is the best option which has the lowest per square foot price of AED 1,686. The most lucrative choice for per square foot is Jumeirah Bay Island giving AED 1,032.
Emirates Hills is the Beverly Hills of Dubai made by the leading developer, and furnished with golf courses. The cost of luxury villas at sale in Dubai can go as far as AED 150 million depending on the amenities and space. All these locations boast an average ROI of 3%. Among them, Jumeirah Bay Island has the highest, giving 4.3% returns on investment. Other important places are Al Barari, Mohammed bin Rashed City and Arabian Ranches.
To conclude, Dubai is a competitive place as compared to other global cities. You will not find such top-level luxurious lifestyle standards at such a cheap cost anywhere else. Even being a newcomer in this realm, Dubai beats the long-standing key players. Therefore, investing in Dubai is a great choice for HNWIs and investors.