As one of the major metropolitan cities of the world, Dubai is becoming a global destination for expats to settle down in for long periods of time. From its high levels of luxury to its safe environment – the city has many perks that draw in expats. When it comes to property in the city, the demand for luxury apartments has skyrocketed in the last few years, even more so during the covid-19 pandemic as people across the world have sought to escape repeated lockdowns.
Here’s a look at the main reasons why expats are investing in the Dubai property market:
The government recently changed the legislation, allowing foreigners to own 100 percent of property in certain parts of the city, along with the introduction of a 10-year residency visa for investors. When expats purchase a property with a value of over one million dirhams, they can apply for a residency permit in the UAE, which makes for easy entry and exit into the country.
More recently new types of visas have been introduced such as a new remote work visa and a retirement visa for UAE residents over the age of 55.
Currently, Dubai offers an average property yield of seven percent, which is above the average yield in international markets such as Hong Kong (three percent), Singapore (4 percent) and London (five percent). As a relatively high-risk profile on account of the growing market, investors reap the benefits of higher returns than in established markets such as London or Hong Kong. With the rental market expected to increase even more during Expo 2020, property investors will have the advantage and flexibility to adjust rental prices to increase their profits.
Due to its visionary leadership as well as its economic, cultural and environmental development, the UAE remains one of the safest cities in the world. With the city’s effective law enforcement and low crime rate, Dubai is not only politically safe, but a great location for general safety on the streets.
Having received over 89 million international passengers in 2018, Dubai International Airport is reported as the third busiest airport in the world. As a central hub of the world that connects Asia to Europe and more, Dubai is located only seven hours from London and only five hours from Moscow. Investors reap the benefits of having a property centrally located and easily accessible from all parts of the world.
With its unique experiences such as desert safaris, luxurious spas and beaches and awe-inspiring skyscrapers, Dubai boasts a world of variety. As a cultural melting pot, the city is filled with a variety of restaurants and stores inspired by every corner of the world. As an investor, you will witness the advantage of having a diverse range of experiences to explore.
Located on the Palm Jumeirah, Muraba Residences offers the best of Dubai with luxurious waterfronts and accessibility to major attractions in the city. Whether you are buying a new home or looking for the perfect second home, experience the best of both city life and a calming getaway with our exclusive luxury apartments that showcase the best investment opportunity Dubai can offer.
Contact us now to experience your unique point of view or call us at +971 4 325 3144.