Around 76% of the expatriate residents wish to own a residential property in the United Arab Emirate, says a report. As per a government report, around 19,848 investors from 142 countries bought real estate in H1/2015 in Dubai. Abu Dhabi has introduced new real estate regulator and protective measures for buyers. These strategic moves have boosted the confidence of investors in the UAE. Property demand in Ras Al Khaimah is also expanding its economic horizon. All these have led to the strengthening of UAE real estate offerings.
Other Reasons That Contribute To The Increase Demand In UAE Property:
- Competitive Price: Ahead of the EXPO 2020, the designing and construction of lots of property is going on. It is the right time where you can bargain both in the secondary and off-plan projects. Property at prime locations in Dubai is being priced between USD 392 per square feet whereas property at prime locations in London is priced between USD 1225 per square feet. Compared to London property, Dubai property is far below in terms of price.
Property seekers can consider buying off-plan projects and developing properties in Dubai which are priced at USD 200 per square feet.
- Multiple options: Developers in the UAE are vying with each other to sell their properties. In order to increase sales, they are coming up with best offers, amazing schemes, incentives, smaller deposit options and easy payment options. Hence, you will have multiple options to choose one from that is again at a competitive price.
- Better Value: Property buyers will get the best value, if they invest in the property of the UAE now. According to a report, USD 1 million can buy 145 square meters of luxury property in Dubai whereas the same amount will buy only 96 square meters in Mumbai. Before the prices started to increase, buyers should make a right and informed decision on property buying.
- Better ROI: Real estate of Abu Dhabi and Dubai has been seeing a steady progress with high rental yields. You can have a rental yields between 7% and 8% on an average. The rental prices of Ras Al Khaimah is also increasing lower than two to three times the rental price of Abu Dhabi and Dubai.
- Huge Capital gains: According to a report, capital gain on Dubai property is higher than that of any topmost city of the world including Hong Kong, New York, London, etc. Property prices at prime locations in Dubai boosted 52% against London (52%), New York (47%) and Hong Kong (31%). Price appreciation is one of the best reasons you should buy property in the UAE.
- Tax-free returns: Compared to other topmost cities in the world, Dubai property tax and transaction costs are very less. According to a report which analyzed buying, holding and selling price over a period between 2010 to 2015, Dubai has the second lowest property tax rate which is equal to 3.6% of property price over a period of five years.
- Safer haven: With a stable government, exceptional connectivity, congenial business climate and good economic future ahead, the UAE is considered as the safest haven. Compared to other countries, UAE seems to be a better option for buying a property.
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