Dubai is one of the seven emirates that make up the UAE (United Arab Emirates). It is the most populated one, the second largest in terms of land area after Abu Dhabi. Dubai shares international borders with Oman and Saudi Arabia. The city has witnessed enormous growth in real estate over recent years as investors seek profit through property investments.
Dubai is one of the best destinations for ex-pats, and it’s easy to see why. This region has been growing steadily for years, and it is expected to continue to do so.
Dubai’s real estate market has been a primary driver of the economy, but other factors keep this city growing at an incredible rate. Dubai continues to attract new residents and businesses from around the world because it offers benefits that no other location can provide:
- A strong education system (both public and private) graduates nearly 100% of students with advanced degrees.
- An excellent healthcare system covers everyone regardless of income level or age
- Arts programs are offered in abundance throughout the city, including theater productions from both local talents as well as international artists.
Top Market Trends
The real estate market in Dubai is expected to grow at a CAGR of 6.5% from 2022 to 2023. Apart from that, the real estate market has also witnessed steady growth from 2016 to 2022.
The investment sentiment towards this market is high as investors look at it as an opportunity for diversification. This is mainly because of the emirate’s strategic location, which makes it attractive to businesses looking to expand. This trend is expected to continue this year and in the future.
Dubai has the most expensive office rents among all the global markets, with an average rent of USD 216 per sq ft per year or three times higher than New York City’s average rent. It also houses one of the world’s most significant commercial developments by size and value – Dubai international sectors, including banking and finance, tourism and hospitality, education, and healthcare.
UAE Residency options
The UAE’s economy is bolstered by a strong financial services industry and the wealth of natural resources in the country. residency in the UAE is a fantastic asset for people doing business in the region.
When obtaining the UAE Residence, it grants its holders access to a thriving business hub and unrivaled quality of life. With no legislated physical residence requirements and expedited processing times, the UAE does make a lot of sense for the global and business-minded alike.
Investing a minimum amount of AED 750,000 into real estate would grant investors the ability to access their UAE Residence Permits. The initial Residence is granted for a period of two years and can be renewed if the investment is maintained. Main applicants can include their spouse, children, and parents as dependents attached to the same conditions.