Why Now Is the Right Time to Buy a Property in Dubai

Dubai is a popular destination for international visitors/investors due to its gorgeous architecture, luxury shopping, white sandy beaches, and a thriving real estate market. With property prices in the emirate falling in recent years, there are many options to acquire a house in Dubai at a fair price.

According to statistics, the UAE's GDP is predicted to expand by 2.1 percent in 2021 compared to last year. GDP is also predicted to rise by 2.57 percent by 2024.

According to New World Wealth, the UAE is also the wealthiest country in the Middle East, with Dubai emerging as the wealthiest city. As a result, Dubai has a lot of potential to become the Middle East's business hub.

As a result, many foreign nationals are showing an interest in investing in properties in Dubai that can yield high returns. If you want to invest in real estate in Dubai, you've come to the perfect spot.

This article will look at why now is the best time to purchase a property in Dubai. Let's get this article started!

Dubai's Real Estate Market Is Expanding

Dubai's real estate sales increased by 20% in 2019. Analysts are concerned that now that the pandemic has passed, the economy will begin to stabilize in the coming months.

Investors might expect a gross rental income of 7 to 12 percent. This is possible because Dubai offers a higher return than many other mature commercial markets, such as London.

The government of Dubai has decided to limit the number of installations accessible each year. The limits are crucial for investors because they might help improve the property market.

The Living Costs in Dubai are Relatively Low

Whether you want to retire, relocate here for employment, want a change of scenery, or are thinking about investing in real estate in Dubai, knowing how much it costs to live here is helpful. The image of Dubai as a resort solely for the wealthy is quite widespread. According to a study, Dubai ranks 42nd on the list of most expensive places to live in, with Ashgabat and Turkmenistan leading the way.

Let's take a glance at the figures. The monthly rent for a one-bedroom flat in Dubai downtown is around 5,431 AED ($1,478.55). In comparison, the average fee for a real estate agent in Vein is $1,046. A three-course meal for two in a mid-range restaurant costs almost 250 AED ($60.06), while monthly transportation costs about 300 AED ($81.67). Living in Dubai is less expensive than in London or New York.

In addition, inhabitants of Dubai earn a lot of money. The UAE is one of the few nations that does not have the notion of income tax; therefore, residents keep ALL of their earnings.

Property Prices Are Low

According to data, residential property prices in Dubai decreased by an average of 4.4 percent between Q4 2019 and Q4 2020. However, prices increased by 1.2 percent quarterly, implying that prices may rise more. As a result, you may now buy a home in Dubai at a reduced price that is predicted to rise in value.

By purchasing assets at cheaper rates and reselling them at higher prices, you may make significant gains.

As an investor, you must also be aware of and seek undersupplied assets in the market. There are villas in places like Jumeirah Golf Estates, Jumeirah Park, Arabian Ranches, and Palm Jumeirah. 

Conclusion

Dubai is a major destination for business, leisure, and real estate investment. With relatively lower property prices compared to other major cities like Tokyo and New York, Dubai is a reliable place to consider buying property.

Since 2004, Dacha Real Estate has been the top property agency in Dubai, specializing in selling and renting luxury properties. Our world-class services adhere to a single guiding principle: to make business transactions as simple as possible for our clients. Contact our Dubai real estate team now.