Dubai is an attractive city for property investments, especially if you’re planning to buy a house. The city offers innovation and plenty of opportunities. When you’re investing in a property in Dubai, Cavendish Maxwell recommends working with property consultants to make the most out of your investment.
Buying a House in Dubai
It’s ideal to buy a house in Dubai if you’re planning to stay here for a long time. But buying a house is about 20 times more expensive compared to renting one. For example, you might spend about Dh467,040 as a down payment for a one-bedroom apartment compared to Dh23,666 when you’re renting.
Despite the big difference, you’ll realise that you actually spend less when you buy a property instead of renting it. Eventually, you can earn back your investment with profit when you decide to sell or lease your property.
Choosing the right location of your property plays an important role as well. Think of the return on investment (ROI) that you may get in the long term. A report from My Bayut, a real estate information portal, says that the top five areas in Dubai that are worth investing in include:
1. Dubai Marina
2. Palm Jumeirah
3. Arabian Ranches
4. Jumeirah Village Circle (JVC)
Why Choose an Investment Property
Dubai has attracted investors over the years for its tax incentives, but more recently for its upcoming World Expo. The city will host the event happening in October 2020. It will have about 25 million attendees from 108 nations.
After the announcement of the expo, the off-plan property sector increased. Properties near the event site are projected to yield higher returns on investment (ROI) due to demand.
In addition, the Dubai Statistics Centre says that the emirate's population will reach 5.2 million by 2030, which means more people seeking more housing.
Dubai is a haven for property investors due to its numerous opportunities. If you’re investing in a property in Dubai, 2018 can be an excellent year. As this trend continues, expect to have more affordable options, sales incentives and other lucrative options.