If you want to think of a place that grew from a mere something to being one of the greatest attractions worldwide, you may as well think of Dubai. It is a city of progression flaunting its sky-high buildings, extravagant ways of living, and lots of innovative transformations. Over the years, it gained the attraction of not only tourists, but also Real Estate buyers from around the world.

What is it in Dubai that’s so attractive to the Global Property Market?

Certainly, the appealing buildings and the luxurious lifestyle aren’t the only attractions in Dubai. There is more than meets the eye.

The city’s economic strength and sturdiness, built over a period of years, is one of the biggest factors that attract the investors. Currently, it ranks amongst the top in areas of tourism, finance, trade and real estate. Even during the critical pandemics like the recent Covid, the city’s economic base was far from being shaken. Unlike many global markets, Dubai’s financial situation recovered faster than was expected. This drew the investors’ attention who then felt that investing in this city would mean investing in a growing global market. Obviously, when money is involved, most important factor is the legitimacy of the pool where the money would be invested. The quick reforms by its government in the economic sector have assured the investors that their money would be safe here with the probability of multiplying.

With the rising inflation day by day, managing the basics of living like shelter, clothes and food has become challenging. In today’s world, money is a superpower because even if one manages to procure a home, there are so many more additional charges that come with it, like the taxes. This makes life even more difficult and a man just starts to feel suffocated under so many burdens. But thanks to this majestic city with no taxes! Where most of the global cities like New York and Paris charge property taxes, Dubai has no property tax, no profit tax, and no income tax. How amazing is that! This allows a few additional bucks in the pocket of the owners which otherwise would have gone into the taxes.

The unparalleled and luxurious architecture are yet another attraction. The city has become known for its avant-garde buildings and is home to some of the most innovative residential designs in the world. Dubai is not called the city of luxury for anything. The world’s tallest building, the Burj Khalifa, offers luxurious apartments with first-class services and facilities like spas and sky lounges. There’s also Palm Jumeirah offering luxury beachfront living and holiday home in Dubai.

And this is not only from the standpoint of opulence. Dubai real estate developers have been striving to incorporate eco-friendly designs, paired with technology and innovation in their projects. This is a city that is not only working for the present, but also has a vision for the future.

Dubai has 90% foreign-born population with expatriates comprising the largest fraction. It’s a cosmopolitan culture with this huge inclusiveness. What makes it unique is that unlike other places, the Dubai real estate market offers properties to a global audience, no matter their origin. It is so easy to buy property as a foreigner. In a number of international metro cities, it is crucial for foreign buyers to abide by several rules and restrictions but in Dubai, freehold property ownership in specific locations permits overseas investors to have full property ownership. This makes mainstream buying quicker and more transparent, which fits with Dubai’s reputation as an open market for overseas buyers.

Dubai also has one of the highest rental yields in the world, making its real estate even more attractive. The rental return is approximately 5-8% yearly, which differs from property to property. Additionally, Dubai has seen an increased demand for property recently due to increased population, tourism, and influx of expatriates, which continues to drive increasing valuations.

Then, Dubai vision is ahead of its time. The outstanding infrastructure is proof that its government strives towards establishing Dubai as the center of innovation and technology in the future.

Apart from that, what started as an encouragement to invest, Dubai’s Golden Visa program has proved to be yet another attraction to investors in Dubai. According to the program, government offers 10-year residency visa to investors who purchase property worth AED 2 million or more in Dubai. This visa can further be renewed which gives investors a sense of stability, apart from offering the city’s access to numerous benefits discussed above.

With so many eye-catching developments, the city has seen an increase in the number of tourists. The most common attractions are Burj Khalifa, the Dubai Mall and the Atlantis. While it all looks all fun, it also proves beneficial for the real estate market. Tourists need a place to stay, which becomes a source of rental income.

Dubai is also one of the safest cities in the world. It has very low reported criminal cases and a very stringent law operating system. With safety as the key factor, the investors look forward to buying property on this land.

All in all, Dubai is the answer for anyone who’s asking themselves where to go or where to invest. With the agenda to make Dubai more and more innovative and sticking by it, the city’s real estate market is expected to only grow further.

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