Purchasing property is a time-honoured way to earn a good return on an investment, but as every real estate speculator knows, you have to make sure that you purchase property in the right location, at the right time, in order to maximize the profitability of your investment.
Popular cities for real estate investment like London and Hong Kong no longer offer the scope for the fantastic profits taken for granted only a few years ago, so investors would be wise to look to markets that still have the potential for good long-term growth, and one of those markets is Dubai.
Property in Dubai Is Still Great Value
Dubai is a thriving international city, yet its property prices are still significantly lower than in other property hotspots around the world. According to global real estate consultants Knight Frank, $1 million will purchase 21 square meters of prime real estate in London, but in Dubai for the same money you can buy 155 square meters of outstanding property.
Rental yields on Dubai property stand at around 7 to 10% annually, compared to the much lower returns of 2 to 3% in other leading cities.
Dubai is also host to the 2020 World Expo, a 6-month long spectacular event, expected to draw a global audience of 25 million visitors. With the world’s spotlight on Dubai and so many people exposed to the splendour of the UAE’s most prestigious city, interest in acquiring investment property in Dubai and taking part in the cosmopolitan lifestyle that the city offers is expected to soar.
Dubai Has a Growing Economy and a Growing Population
Unlike other oil rich regions in the Middle East, Dubai diversified from reliance on the uncertain performance of crude oil in world markets, and its economy has flourished as a result. This kind of foresight is typical of the future oriented planning of the city, and is just one reason why Dubai had one of the fastest growing economies in the world by 2015, when so much of the world still stagnated in the slump generated by the crash of 2008.
The excellent career and business opportunities available in Dubai have been at the root of the influx of foreigners determined to make Dubai their new home. This influx shows no signs of slowing down, with the population in 2020 expected to grow (in line with current trends) by half a million people. Dubai has one of the fastest growing populations in the world and this growth is augmented by a robust tourism industry, which is expected to bring in 20 million visitors annually by the end of this decade.
Property Purchases in Dubai Are Safe and Straightforward
Dubai has made the purchase of property very straightforward for foreign investors. While purchases are restricted to certain developments in the city, you won’t be short of choice. If you take a look on propertytrader.ae you’ll see plenty of properties for sale in a variety of the city’s most popular and most prestigious neighbourhoods. Choose from communities like the impressive oceanfront Jumeirah Lake Towers and Dubai Marina developments. Retreat to the exclusive enclave of Emirates Hills with its luxury mansions and golf course, or dive into the heart of Downtown Dubai. The impressive mix of accommodation in the city means that there’s something to appeal to everyone.
Dubai property really stands out as a prime investment opportunity for 2017 and beyond. It’s a forward thinking, appealing, dynamic city, well equipped to navigate a prosperous path in today’s uncertain world.