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Dubai real estate Market , Demand for property in the commercial hub of UAE, Dubai has hit a record high for the first two months of 2023. But have you ever thought that why is there such a boom in the real estate of Dubai? Why people from all over the world wishing to invest here when they have the money to put anywhere across the globe?
Let’s decode what are the major reasons for this!
20 to 80 per cent cheaper prices in comparison to major cities
The major reason contributing to the boom is that the prime property prices in Dubai are cheaper by 20 to 80 per cent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, and Tokyo. $1 million approximately can fetch 105 square metres in Dubai as compared to 17 sqm in Monaco, 21 sqm in Hong Kong, 33 sqm in New York, 34 sqm in London, 43 sqm in Paris, 60 sqm in Tokyo and 87 sqm in Melbourne. This is houses for sale in Dubai are getting sold out super quickly.
Golden Visa by Real Estate Investment
Whether it be a super easy and smooth visitor visa or the newly launched category of Golden Visa for investors, Dubai has always been welcoming to everyone. This is the reason people feel more at home here and can be sure that no matter where they land in this town, they can find their tribe. Moreover, people know that the investment here is safe due to the freehold features and nature of the real estate industry.
Top deals in the world have happened recently
Recently, the popular and respected Indian billionaire Mukesh Ambani invested in the most expensive property ever for Dh600 million. Similarly, in the past year, a number of other record-breaking deals were signed, including the costliest apartment ever sold in Dubai for Dh410 million. One property has been listed for sale at Dh800 million, which would be the costliest ever to be sold. Since the news has broken, luxury villas for sale in Dubai have been getting all the limelight.
Pandemic control
As the emirate’s aviation sector and the overall economy recovered from the pandemic, Dubai has become the most connected city in the new world. The destination has witnessed phenomenal growth since then, fuelled by its safe-haven status and its position as a luxury second home hotspot, combined with the government’s robust response to the pandemic, all of which have spurred business confidence.
Promising future
Knight Frank has projected that the prime property prices in the emirate are expected to see 13.5 per cent growth in 2023, the highest among all the major cities around the world. Dubai leads the forecast with prime prices forecast to climb 13.5 per cent in 2023, its relative affordability, broadening global appeal and accessibility a key draw. The emirate led in terms of prime property price increase for the second consecutive year in 2022, registering an increase of 44 per cent out of 100 markets.
Escape the normal, and you can capture the glamour of Dubai by investing in real estate here.
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