DATE: 22 Dec, 2022
Dubai is renowned for being a tourist and transportation hub. The emirate is considered one of the most beautiful cities in the world. Thanks to its location, economic stability and policies that embrace the expats, the world is keen to be a part of the growing city.
High net worth individuals (HNWIs) around the globe are flocking to buy into luxury apartments in Dubai. There has been a surge in the number of foreigners relocating to Dubai. Some view it as a second home, whereas others have become citizens. So today, we will look at three reasons that make Dubai the perfect option for HNWIs to acquire luxury homes.
Affordable Luxury Quotient
Compared to other major cities, Dubai has the best value for luxury property. It was not until 2002 that foreign ownership was legalised in the city. Considering how Dubai is a newcomer to the global luxury home destinations list. The town now caters to a luxurious lifestyle of all flavours for every individual.
The Knight Frank 2019 wealth report analysed how luxury homes in Dubai are less pricey than those in other major cities like Monaco, Hong Kong, London, and New York. With $1 million or AED 3.6M in Dubai, you can get as much as 1,539 sq. ft. of luxury property, stated the report, compared to 334 sq. ft. of prime property in London and New York.
One might presume that the low cost of prime property might mean lower construction standards, but that couldn’t be further from the truth. Dubai has a portfolio full of superlative property developments. The best real estate developers in Dubai allow the comfort of choice as an ultimate advantage to interested buyers. At the same time, such is the luxury on offer that one can get petrol home delivered at negligible extra cost!
It’s Easier To Buy Luxury Property In Dubai
Dubai is a global city with a cosmopolitan population. This means that many people from different cultures and backgrounds are looking for luxury homes in the town. As a booming economy, it is one of the most prosperous cities in the world. Making it an ideal place to invest.
Foreign real estate investors benefit from the capital and income-tax-free system, with additional levies missing from property purchases in Dubai acting as the cherry on the top. This means you will have simpler transactions, more profit and more property to your name compared to other cities.
Combining this with a rapidly growing ROI in the emirate’s residential market, steady population growth, and a premium standard of living makes luxury residential property for sale in Dubai an exciting prospect.
The Location Of Dubai
Dubai is situated on the Persian Gulf in the United Arab Emirates. It is roughly at sea level (the Persian Gulf is shallow compared to the oceans). Dubai shares boundaries with Abu Dhabi in the south, Sharjah in the northeast, and Oman’s exclave of Musandam in the northwest. The north of Dubai is covered with desert, while the south has sandy beaches. The coastline along Dubai is about 87 kilometres or 54 miles long. At the same time, there are several off-shore islands like Palm Jumeirah, Deira Island and others that have been created using land reclamation.
The emirate geographically gives businesses the best of both the east and west worlds. The time zone it falls under is also convenient for businesses that aim to expand globally, acting as a centre point to match the timings of both the western and eastern sides. Besides, air travel connectivity is also an added privilege. Within a day, you can land in key cities in Asia, Europe, or the Middle East using air or water travel. Pair this with a long-term real estate visa, and nothing can hold the investor or business person in you from buying a luxury home.
Dubai has long been a sought-after destination for luxury home buyers from all over the world. And it’s no wonder why – with its stunning architecture, world-class amenities, and incredible location, Dubai has everything you could ever want in a luxury home. If you’re considering buying a luxury home in Dubai, Imperial Avenue Downtown Dubai by Shapoorji Properties should be at the top of your list.
1) Which property is best to buy in Dubai?
Ans: Imperial Avenue, Downtown Dubai, by Shapoorji Pallonji, is a luxury residential property in the heart of Downtown Dubai. The project offers the finest living amenities like two infinity swimming pools, an indoor and outdoor play area, a mini theatre, and much more. Located in the vicinity of the legendary Burj Khalifa, the views of the majestic Dubai skyline paired with an exceptional living standard are hard to beat when it comes to properties in Dubai.
2) What are the benefits of buying property in Dubai?
- Availability of property in luxury areas
- Affordable luxury homes for sale.
- Availability of affordable off-plan property.
- Availability of freehold areas.
- Consistent development.
- Dubai property visa.
- Technological advancements.
- Secure Living
3) Why is it the right time to buy luxury property in Dubai?
Ans: With the real estate market surging and a predicted uptrend in the following years, right now is the best to invest in Dubai to experience the highest Return on Investment. Dubai’s foreign investment market is relatively young; thus, the government is nurturing an investment climate with schemes like a zero-income tax for residents and expats.