Dubai’s residential real estate market has been growing at an unprecedented pace in the last couple of years. And the interest of foreign buyers plays a big role in this.
Some people opt for property in Dubai Marina for sale, while others choose Business Bay for the business trips and JVC for the recreation purposes. Whichever is your choice, it is great to know the market inside out before making your final decision.
Real estate in Dubai
By 2027, the Dubai real estate market is predicted to grow at an annual rate of 8%. This is going to happen for several reasons:
On the one hand, the authorities support developers, on the other hand, they strictly regulate the market. Each broker must obtain an appropriate license, and the legitimacy of transactions is monitored by the DLD.
Low taxes that attract investors, including zero real estate tax and personal income tax.
Low mortgage rates for foreigners: from 2.3 to 4.5%. To qualify for the 2.3% rate, you need to get a long-term visa and open a local bank account.
Actively developing infrastructure and business environment. In Dubai, the number of offices of international companies and IT startups, transport hubs and shopping malls is growing every year. The UAE accounts for half of all venture capital investments in the Middle East. This is facilitated by targeted government measures, the possibility of business ownership by foreigners and the absence of taxes on income for most companies.
The visa policy is constantly being relaxed as the country is strongly interested in attracting talent, investors and businessmen from all over the world. According to the General Directorate of Residency and Foreigners Affairs (GDRFA), in October there was a surge in the issuance of golden visas that give expats the right to live, work, study and enjoy all the privileges of a resident. In total, more than 150,000 golden visas have been issued over the past three years.
The government is constantly softening visa laws, thereby opening up new opportunities for foreigners who can legally stay in the country, work or do business.
Ease of obtaining an investor visa or a long-term residence permit (“golden visa”) based on the purchase of real estate.
The policy of the authorities in the field of digitalization and manufacturability of services and the urban environment. Among them is the creation of favourable conditions for crypto investors. Transactions can be carried out through local crypto shops, buying crypto assets with local currency and selling them for cash in the emirate. Unlike centralized exchanges, where any transaction can be tracked through the blockchain, here everything is carried out through the so-called “cold wallets”, where the cryptocurrency is stored offline, or offline storages. This reduces the risks of account blocking and hacking.
The second important direction is the launch of a number of projects in the field of metauniverses. To this end, the authorities have created the Higher Committee on Future Technologies and the Digital Economy, which will oversee the development of blockchain, Web3, VR, AI, and the Internet of things. Dubai’s Metaverse Strategy promises to create 40,000 new Metaverse jobs by 2030.
Dubai Marina
Dubai Marina is located near the center of the city. The project was laid down in 2003 and continues to develop. The plans are to build 200 skyscrapers and the world’s largest marina.
The tallest building in the area is Marina 101. This tower is the second tallest in the country after Burj Khalifa. 33 floors are occupied by rooms of a 5-star hotel. And above – 68 floors of apartments. Dubai Marina is also home to the Princess Tower, the second tallest fully residential building in the world! There are 763 apartments on the 101st floor. Princess Tower’s neighbor is The 23 Marina. It is another elite skyscraper with apartments and 57 swimming pools.
Houses and hotels have access to the Persian Gulf. Dubai Marina has a well-groomed JBR public beach, which is equipped with changing rooms, toilets, surrounded by bars and restaurants and is recognized as one of the best in the UAE. Tourists from all over the world are attracted by the promenade along the canal: this is one of the main attractions of the area.
Another popular place in the area is the Mall – a 4-level shopping center with fashion boutiques, cinemas, its own promenade and many restaurants.
By the way, there are many chic restaurants in the area. It is especially pleasant to relax in the bar on the roof of a skyscraper, which offers stunning views of the city.
Real estate in the prestigious part of Dubai is in demand, especially during the tourist season. Renting a studio in Dubai Marina will cost an average of $10,000, villas – $40-115,000. When buying, the average cost per square meter exceeds $4,300.
Property for sale in Dubai
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