Busting Myths About Investing in Dubai: All the Reasons You Should Invest In Dubai Property in 2023

Dubai, a vibrant metropolis in the United Arab Emirates (UAE), is recognized globally as a hub of architectural innovation, with different types of properties, luxury living, and real estate investment opportunities. However, every investment comes with its own set of risks and rewards. In this blog, we’ll explore the benefits of buying property in Dubai, and bust some myths to help potential investors make informed decisions.

Why Buy Property in Dubai?

Dubai offers many compelling reasons for property investment. Firstly, the city’s strategic location, as a gateway between East and West, attracts businesses and expatriates from around the globe, fueling the demand for properties. Additionally, the Dubai government’s investor-friendly policies, tax-free living, and high rental yields, are alluring incentives for international investors.

The Emirate is also known for its strong regulatory framework, protecting investor rights and ensuring a transparent property market. Furthermore, in a bid to diversify its oil-dependent economy, Dubai has focused on developing its real estate and tourism sectors, leading to the construction of iconic properties and attractions.

Reasons to invest in Dubai

Marwan bin Ghalita, CEO of Dubai Land Department, a well-respected authority on the Dubai real estate market, said, “There are a number of risks associated with investing in Dubai real estate, but these risks can be mitigated by working with a reputable developer and by doing your research before making a purchase.” Foot Print Real Estate, one of the most trusted real estate brokerage companies in Dubai can offer you the best investment advisory services to mitigate your investment risk.

Benefits of Buying Property in Dubai

There are a number of potential benefits to buying property in Dubai. Here are some to consider:

• High rental yields: Rental yields in Dubai are high, which means that you can generate a good income from your property.
• Tax-free environment: Dubai is a tax-free jurisdiction, which means that you won’t have to pay any taxes on your rental income or capital gains.
• Strong economy: Dubai has a strong economy and is a popular tourist destination, which makes it a good place to invest in property.
• Modern infrastructure: Dubai has excellent infrastructure, including world-class airports, roads, and schools.

Busting Myths About Investing in Dubai

Let’s bust some common myths that people have about investing in Dubai.

Myth #1 High Prices

As per the table below, Dubai offers the most affordable properties in comparison to other major financial hubs.The chart below offers a quick comparison of average property prices across the globe.

Global property price comparison

Moreover, according to a recent property report by Savills, the outlook for investing in real estate in Dubai is beyond favorable, especially if you check the recent sales and transactions data.

Savills report – outlook for investing in real estate in Dubai

Myth # 2 Legal Risks

Those who invest in property in Dubai are completely protected by the Dubai government by law.

The Real Estate Regulatory Agency (RERA) is a government agency that regulates the real estate market in Dubai. RERA has a number of rules and regulations in place to protect investors, including:

• Developers must obtain a license from RERA before they can sell any property.
• Developers must provide investors with a detailed project plan and financial statements.
• Investors must be given a grace period of 7 days to cancel their purchase if they change their mind.

The Dubai Land Department (DLD) is another government agency that plays a role in protecting investors. The DLD maintains a central database of all real estate transactions in Dubai, which helps to ensure that investors are buying legitimate properties.

The Dubai Courts are the final arbiters of disputes between investors and developers. The courts have a strong track record of upholding the rights of investors, and they have the power to order developers to complete projects or pay damages to investors.

Overall, the Dubai government has put in place a number of laws and regulations to protect investors in the real estate market. These laws and regulations help to ensure that investors are able to buy and sell property with confidence, and that they are protected in the event of a dispute.

In addition to the above, the Dubai government also offers a number of incentives to attract foreign investment in real estate. These incentives include:

Tax breaks: Foreign investors are not subject to property taxes in Dubai.

Visas: Foreign investors who purchase property in Dubai can obtain a UAE residency Golden Visa for 10 years for themselves and their families.

Freedom of movement: Foreign investors who hold a UAE residency visa are free to live, work, and travel in the UAE.

These incentives make Dubai an attractive destination for foreign investors, and they help to protect the real estate investors in the emirate.

Conclusion

In a nutshell, considering all the pros of investing in Dubai Real Estate, you should get in touch with a trusted real estate brokerage company in Dubai to look at all the different investment options you have to benefit from the growing Dubai Property Market and the great number of incentives and policies that the Dubai government is offering to residents as well as to foreign individuals planning real estate investment in Dubai.