Dubai is one of the most gorgeous and always more beautiful cities in the world. In recent years, the world has focused on this beautiful city and wants to be part of Dubai’s experience. For high net worth people (HNWIs) worldwide, it looks like the right way to buy luxurious property in Dubai. This is because the immobilization industry has become a major element of the Dubai economy.
Those who find out about Dubai’s prospects may query – what makes Dubai the ideal spot to buy luxury homes? Well, there are many solid factors to consider, and we will look at quite a lot of them in this post. Over the years, the number of foreigners moving to Dubai has risen. Some people regard it as a second home, and some migrated with their families permanently.
Let’s have a look at what makes Dubai an ideal alternative for HNWIs to buy luxury residences.
- Accessible luxury quota:
You may not realize that, but Dubai offers luxury property the best value compared with the world’s other major cities. Note that Dubai began foreign property ownership in 2002, which means that Dubai is practically a newcomer to the realm of worldwide luxury property locations.
Dubai’s lifestyle might be extravagant, but the property stays reasonable. According to the current wealth survey, Dubai luxury properties are considerably cheaper than those in other major cities worldwide.
From different residential property statistics, it is found that an investor may buy from major luxury cities all around the world. From the conclusions of this analysis, you may buy the following homes for $1 million –
- Monaco – 172sq. Of luxury building
- Hong Kong – 237 sq. ft. of luxury buildings
- London – 334 sq. ft luxury building
- New York – Luxury Home 334 sq. ft.
- Luxury house Geneva – 441 sq. ft.
You might be astonished to know that even places such as Shanghai, Sydney, and Paris offer luxury buildings of less than 620 square ft for the same sum of money.
More surprisingly, Dubai offers up to 1,539 sq. ft of luxurious homes for the same amount. This is equal to a price of $650 per sq. ft. You may imagine that the inexpensive cost of first-class property in Dubai entails inferior building standards, but this is far from true. Dubai boasts some of the world’s best buildings and can be matched anyplace else with other top buildings. Dubai boasts an exceptional luxury property portfolio, giving potential purchasers the benefit of a wide range of possibilities.
- Easy Transaction
Another reason Dubai is the ideal place to buy luxury property is that it is easy to transact. Dubai’s legislation and tax procedures are particularly investor-friendly. External buyers are benefiting from Dubai’s income-free system and the non-existence of additional property buying costs.
It matters not if you buy luxury Dubai property for business or personal use, be confident that the transaction process is smooth and hassle-free.
This is the benefit of the city of Dubai over other big cities, such as London and Paris, given the major tax reforms that these cities have undertaken, including charging the additional tax on the purchase of main properties for foreigners. Property in Dubai provided you with a high ROI, given its rapid population expansion and increased living standards.
- Real Estate Thriving Market
According to the DLD, property transactions alone surged to 33% in 2019. The demand for luxury residences led to a significant increase in premier properties per sq. ft. This increase has also been demonstrated in the 2019 H1 Dubai Property Market Report. Here, investor interest in high-brow structures in the center of Dubai was more concentrated; Palm Jumeirah was the Arabian Ranches.
According to a recent New World Wealth market research, the UAE has been designated one of High Net Worth’s top five favorite countries. Because Dubai is the UAE’s financial center, it is only natural that HNWIs would choose to invest there. The presence of HNWIs means a rise in the influx of wealth that is reinvested in the main property market in Dubai. These investments have led to developments such as Dubai Hills Estate and Mohammed Bin Rashid City being born.
- Dubai’s geographical location
Dubai is also an excellent alternative to buy luxury property because of its geographical location. The Dubai time zone is highly handy for companies with global interests, as it is a central point in the East and Western times. Its proximity also makes traveling easier for businessmen. You can fly to Asia, Europe, and the Middle East for 2-8 hours. Bear in mind that Dubai gives international investors long-term real estate visas, so it is a wonderful option.
- Vast Options for Property
Last but not least, another strong reason to acquire a luxurious house in Dubai is that it offers a large selection of properties. They include luxury villas, well-served flats, and spectacular penthouses. No other city in the world has these possibilities.
Recommended areas for purchasing a luxury property in Dubai
- Center Dubai
- Harbor Dubai Creek
- Dubai Marina
- Hills of Dubai
- Port of the Sea
Dubai is a wonderful choice for investment in luxury properties compared to other major cities in the world. It boasts an infrastructure of world-class and is a very safe and tranquil city.
If you are an investor or a high net-worth person, then you should consider investing in a luxurious property in Dubai if you haven’t done this previously.