Reasons Why Dubai Is The Best Place Globally To Invest In Luxury Properties
A growing number of global residents of different nationalities choose Dubai as their second home. A lot of people see Dubai as the ideal place to buy units for investment. Investing in luxury homes in Dubai is an appealing option for high-net-worth individuals (HNWIs) globally as the real estate market is one of the strongest features of Dubai’s economy. Let’s look at how Dubai compares to other high-profile international cities around the world and the factors that make it an alluring property investment hub.
Ideal Location
Dubai’s location plays a vital role in its ever-increasing charm for investors. The city offers businesses the best of both worlds – the West and the East. The emirate’s time zone is one of the most favorable time zones for businesses as it provides them a center point to match the timings of the West and the East thus helping them expand globally.
Dubai’s location facilitates global connectivity in terms of travel. It is as convenient as taking a two to eight-hour flight from Dubai and can connect you to key cities like the Middle East, Asia, and Europe. Like the cherry on the cake, investors also can get long-term real estate visas.
The Affordability
Dubai provides unmatched value for luxury properties. As Dubai only adopted foreign homeownership in 2002, it is relatively new to the league of global luxury property hubs such as London, Singapore, and New York. Dubai remains highly affordable even with the lavish lifestyle which is commonly accepted standard in the city. According to the report of some leading real estate consultancy, luxury properties in Dubai are much more affordable in value than those in other major global cities, even after a 44 percent growth in real estate prices.
How much square foot will $1M will get you in prime properties across the globe:
- Monaco – 183 sq. ft
- Hong Kong – 226 sq. ft
- New York – 355 sq. ft
- Singapore and London – 366 sq. ft
- Geneva – 398 sq. ft
- Los Angeles – 420 sq. ft
- Dubai – 1,130 sq. ft
Even cities like Shanghai, Paris, and Sydney offer less than 480 sq. ft of luxury real estate under the same budget.
Hassle-Free Process
Dubai has a high reputation for being a haven of luxurious real estate and upmarket areas. The taxation system and the laws in Dubai are investor-friendly. This is why the city is an undisputed business hub in the region. Foreign homeowners in Dubai mostly benefit from the absence of additional fees and levies on real estate purchases and the income-tax and capital tax-free system.
So, if one is buying luxury property in Dubai as an investment or for personal use, one can enjoy simpler processes and easy transactions. It is also easy to get a home loan in Dubai.
The Luxury Of Choice
Though many essential layers are working in Dubai’s favor, the emirate’s most alluring contribution remains the diversity of luxury real estate available for purchase. As of now, there are more than 40 branded luxury residential developments in Dubai, which is one of the highest across the globe.
From fully-serviced apartments and lavish villas to premium penthouses, Dubai’s luxury real estate portfolio is unmatched. The luxury real estate for sale in Dubai consists of a massive range of choices. The buyer can choose the property types, the areas, and the price they wish to pay for a prime property.
Verdict
As compared to other major cities in the world like London, Sydney, New York, Singapore, and Shanghai, Dubai remains a highly competitive choice. The city offers a top-notch luxury lifestyle at a price much more affordable in comparison to other global cities across the globe. So, investing in luxury real estate in Dubai persists to be a profit-making option for HNWIs and investors globally.
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