Dubai is an international city with titles such as the cleanest and the safest in the world. Due to many other reasons more than 4000 millionaires from all over the world relocated to Dubai in 2022.
These are the top reasons why you should consider buying a property in Dubai in 2023.
The impact of a steady exchange rate on the Dubai real estate market is certainly a positive one. The stable exchange rate leads to long-term market expansion.
The currency used in Dubai is UAE Dirham and can be divided into 100 fils. The Emirati Dirham is one of the world’s most stable currencies and correlates to the value of the US dollar. As it has maintained its value for more than 20 years in relation to the dollar.
High Growth Potential
The real estate market in Dubai is expected to grow by 46% in 2023. And it is expected that the prices of real estate in the city will increase by 29% by the end of 2023.
According to the statistics, the overall trend for the Dubai real estate market in the upcoming year is upward, with prices predicted to increase by a minimum of 10-15% and in certain places by as much as 46%.
Under-Construction and installment
The real estate market in Dubai is rich with opportunities to buy under-construction or off-plan properties to sell it later with a high margin of profit. The market also offers you the opportunity to invest in the real estate market in Dubai with different payment plans.
Low Rate of Crime
Due to their financial stability, and the strict deportation laws Dubai residents are less prone to commit crimes. The city as a whole has a relatively low crime rate, making it fully safe for both visitors and locals.
You can pay via cryptocurrency
Dubai accepts cryptocurrency as payment in line with its goal of becoming the global capital of cryptocurrency. As long as all legal conditions are met, transactions performed using Bitcoin and other cryptocurrencies will be accepted in the Dubai real estate market.
This makes it possible for investors to purchase different kinds of real estate in Dubai paying easily with cryptocurrency.
Property taxes in Dubai are a 4% property transfer fee and a monthly housing fee, which is also known as a municipality tax. These are the only taxes that real estate owners pay in Dubai.
High demand for Rental Properties
The average home rent increased by 27.3% in 2022, according to the most recent statistics from CBRE in 2022. Particularly, the average rent for apartments has climbed by 27.6%, while the average rent for villas has increased by 25.4%.
Real Estate Market Regulations in Dubai
Dubai’s real estate market is the most transparent in the MENA region due to the strict and ever-improving regulations and policies which improve transparency.
Due to the economy’s stability and ongoing expansion, investors are drawn to Dubai. Its economy is one of the most diverse and draws a lot of international investment each year. It is hardly surprising that Dubai just surpassed all other cities in attracting foreign direct investment.
High Rental Yields in Dubai
The real estate market in Dubai generates rental yields higher than the markets of New York, Hong Kong, and London. The average rental return is around 7.5%.
The global city of Dubai is located at the crossroad of Asia, Europe, and Africa, which in turn leads to attracting business and trade from all over the world, which leads to increasing the demand for real estate.
Rich people and wealthy families are attracted to Dubai due to its reputation for luxurious living and first-rate amenities including high-end shopping, fine eating, and world-class entertainment.
According to figures from the Dubai Center for Statistics, 6.2 million people are anticipated to live in Dubai in 2040. More real estate developments are anticipated to be launched as a result of the population expansion, which will provide investors with a promising return on their investment.
These factors are among the top reasons why now is the best time to invest in Dubai’s real estate market.
If you are looking for an investment opportunity in Dubai real estate market, you can contact us now!