Arguably, if you ask a property expert about buying a property in the UAE, the real estate of Dubai would be mentioned as the topmost priorities. Even if the year is 2020 and the coronavirus pandemic has slowed down the growth in property markets globally, Dubai remains one of the highly discussed topics of today. Real estate of Dubai is also predicted to see a significant change when the Covid-19 outbreak will come to an end.
So, let’s go through the pros and cons of buying a property in Dubai.
Pros of buying a property in Dubai
- The growth of Dubai’s population can be considered as one of the most substantial reasons to buy real estate here. Today in 2020, about 2.9 million people live in Dubai while showing a rapid growth in a couple of years. The average gain is 10.7% per year in this emirate. This demographic situation indicates there will always be a particular demand for new real estate.
- Dubai has a stable economy and political situation amidst all the disruption in the Middle East. It has improved its rating more the last year since there was furtherance in its public services, sustainability in the economy and human capital. Due to this, there are numerous opportunities in its real estate, tourism, and manufacturing sectors. The options will be increasing in the future as well.
- One of the main advantages of buying a property in the UAE is the absence of property tax. All the emirates, including Dubai, are free of property taxes.
- It is probably not unknown to anyone that the UAE stands as one of the wealthiest countries in the world, where Dubai has always been the talk of the town. The Burj Khalifa, the Palm Jumeirah island, Dubai International Airport, etc. are the exemplifications of Dubai’s development. It is in constant evolution and always aims to be amongst the tops. The outcome indicates that Dubai will always have unique and innovative projects.
Cons of buying a property in Dubai
- There is no possibility of becoming a UAE citizen when you are buying a property in Dubai for your retirement, where a long-term residence permit is the best you can get. If your visa is not extended for any reason, you will have to depart from the country.
- Since there are no governmental elections and lack of democracy in the UAE, laws can change instantly without any notice in Dubai. This changing atmosphere can make one put in trouble.
- It is also to be said that the real estate boom in Dubai sometimes exceeds the demand as there is a massive number of new developments.
- There are some additional costs to be added like mortgage registration fee, broker fee, DEWA fee, developer’s fee, and more in the property market here. Therefore, before purchasing property, you need to be aware of the expenses that you need to pay when required.
So, now what do you think about the real estate of Dubai? Is it worth buying a property there?
I will choose a ‘yes’, since to me, constant development is the law of a country. The rapid growth of Dubai will always grab the attention of the investors and home buyers. As a result of that, Dubai’s real estate will still be in demand, and this market will frequently be showing prosperity.