Have You Always Dreamed of Owning Your Own Place in the UAE? 2022 Could Be Your Year.        

The UAE real estate sector has recovered from the effects of the Covid pandemic and today, it is back to pre-Covid normalcy, showing strong signs of long-term growth. Expo 2020 is not the only factor that has contributed to the sector's recovery. A host of reasons also helped.        

For a few years, the UAE residential property market maintained a steady course with modest price increases. On the one hand, this indicates affordability, and on the other, sustainable growth.        

As an investment-friendly country, the United Arab Emirates (UAE) holds enormous promise. Its strategic location on the world map, above all, gives it a competitive advantage like no other.        

If you have some money and want to make a profitable investment, UAE is the place to go.         

Let us go over the various factors that entice more investors to choose UAE properties.        

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Rent Vs Buy        

But does this mean that buying is now cheaper than renting?         

Well, it depends.        

Assuming one stays in the UAE for a longer period, typically for years or more, it is definitely cheaper to buy than rent taking into consideration all the fees and costs involved.        

Whereas if one is staying for a shorter period then renting is still a better option.         

The answer differs for each person and is heavily influenced by factors such as not only the price of the UAE property and the length of stay, but also the size of your down payment, your financial situation, and interest rates, to name a few.        

However, getting onto the UAE properties ladder now while prices are still good value is definitely a smarter choice.        

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Reasons to Buy Property in UAE Now        

To put it simply now is an excellent time to purchase property in UAE because valuations are attractive and prices are at their lowest!        

Here is why:        

Economic Growth and Resilience        

The United Arab Emirates has enjoyed strong economic growth over the past few years, in large part due to its strategic location, diversified, and strong economy.         

The UAE has one of the most robust economies in the Middle East. As the region's second-largest economy, the UAE's economic diversification drive has allowed the economy to strengthen other sectors such as tourism and hospitality, transportation and logistics, trade, and real estate. As a result, the country provides exponentially easier relocation for families and businesses for entrepreneurs and investors.        

It is the best of both worlds!        

Cheaper Prices        

With property prices in UAE still falling, now is the time to start looking for bargains in both the secondary market and off-plan developments. A recent launch in UAE saw villas priced between Dh1,000 and Dh2,000 per square foot.        

Even in the biggest cities of UAE, Dubai, for instance, is much more affordable than other major global cities. In addition, the UBS Global Real Estate Bubble Index rated Dubai as 'fairly valued' in comparison to other cities such as New York, London, and Paris.        

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It is Where Lies The Most Attractive of Them All: Dubai        

If you're looking for the most appealing global hubs in the Middle East, look no further than the UAE.        

Dubai, interestingly, hopes that thousands of new housing units will spring up in the near future as a result of the current boom and steady rise in deals. If that holds true, it will be the highest level of completion since 2009.        

Every investor is now interested in investing in the UAE and especially Dubai. According to official figures released this year, Indians ranked first in the list of investors in the Dubai real estate market last year. According to Dubai Land Department (DLD) records, approximately 5,246 Indians have purchased properties for sale in Dubai.        

In addition, there are approximately 2,198 Saudi investors who have invested in Dubai properties. The next level for Chinese investors is around 2,096 dollars, followed by the United Kingdom with 2,088 dollars. Pakistanis rank sixth with 1,913 investors, followed by Egypt (955), Jordan (855), the United States (682), and Canada (678).        

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Tons of Options, Tons of Opportunities        

This price decline, combined with increasing competition, has resulted in a slew of appealing offers and options for investors. Property developers are wooing customers with lower deposits, innovative payment plans, deferred payments, and a variety of incentives such as free cars, art, and vacations.        

The UAE, often referred to as the a land of opportunities, where every dream becomes a reality. Over the past years, the UAE has not only fostered peace and harmony but has also brought people of various nationalities together. Many initiatives and humanitarian efforts have been launched by the country to help maintain global peace, harmony, and unity.        

It is All in Your Favor!        

If you buy property UAE, you will be in a win-win situation.         

• Mortgage interest rates are low        
• A greater loan-to-value ratio        
• Property sales at reasonable prices        
• Service fees have been reduced        
• Price valuations that are appealing        
• Developer incentives include free appliances, fee waivers, and much more        

While Dubai had a bad situation in the past with uncertainty about job prospects, job losses, salary cuts, and tightening credit standards, they are hoping to see buyer appetite as economic conditions improve. They, for example, improve clarity on cash flow in the near to medium term and cause a market rebound.        

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World-class Infrastructure        

The UAE's economic strategies and initiatives have been lauded by the World Economic Forum, which ranks it 17th among the world's top 20 most competitive economies. The country, for its part, continues to make conscientious efforts in matters of infrastructure development and advancement. The UAE's geographical location is its trump card, and it has capitalized on it by constructing impressive air, road, and sea infrastructure to accommodate increased levels of global business and trade movements. The country's unwavering commitment to innovation in infrastructure construction and development has resulted in numerous global awards and recognition .        

Those looking to buy property in UAE and make it their permanent home stand to benefit greatly from the emirate's progress toward becoming a smart city. With advanced facilities, an improved public transportation system, and innovative entertainment destinations, the city is an ideal location for property ownership.        

Best Locations, Best Properties        

Above all, UAE’s ever-growing touristic appeal has turned it not only into a tourist or investment haven but also a living haven.        

UAE is well-positioned as one of the most cosmopolitan countries and is home to popular residential, commercial, and touristic destinations. It is home to major global cities and emirates with plenty of opportunities including Dubai, Abu Dhabi, Sharjah, Ajman, just to name a few.        

It is a well-known fact that properties purchased in desirable areas provide a higher ROI than properties purchased in less desirable areas.  So, isn’t it a good time?        

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Availability of Affordable Off-Plan Property        

One of the most obvious advantages of buying UAE property today is that projects that have not yet been built are available at significantly lower prices. When attractive payment plans and feasible offers are added to the mix, investments become more affordable when compared to built developments.        

Off-plan real estate in the emirate offers great financial flexibility to both first-time buyers and seasoned investors. With several projects announced each month, developers frequently begin competing on advantageous financial schemes and prices. A developer, for example, may offer a payment plan that allows buyers to pay 50% upfront and 50% upon completion.        

New developments planned for consecutive years will almost certainly introduce new road links, shopping malls, and recreational centers, increasing the value of properties purchased.        

Engineering innovations, which will also see developers introducing innovative smart technologies within villas and apartment buildings, are other notable additions that will add significant value to purchased properties.        

100% Ownership        

100% ownership in UAE means that you can own a property in UAE and live in it as your primary residence or commercial activity.         

UAE "freehold areas" are available in some communities offering apartments, villas, or a mix of the two. Arjan, Business Bay, Barsha Heights, Downtown Dubai, Discovery Gardens, DIFC, and Dubai Marina are all popular freehold areas in UAE.        

Previously, there were very few professional activities that allowed 100 percent foreign ownership. Today, 100 percent ownership is very much on the table.         

Almost half of all commercial activities are open to 100% ownership.        

The activities are numerous, but they include the following:        

• Pharmacy        
• Jewelry        
• Perfumes        
• Cosmetics        
• Retail        
• Manufacturing        
• General trading        

A Safe Haven        

Because of its political stability, excellent connectivity, favorable business climate, and strong economic prospects, the UAE is widely regarded as one of the region's safest countries w hich is ideal for families looking to settle down in the region. The UAE ranks third in the Safety Index.  Dubai was ranked the World’s Fourth Most Visited City in one of the global surveys in 2020. This is a clear indication of how safe and secure the UAE is.        

Additionally, the country has a very low crime rate, excellent health care and education systems, and a high standard of living.        

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Tax-free Returns        

While tax may not be the first concern for investors considering the UAE market, the after-tax returns will determine the investment's success in the long run. Dubai has one of the lowest property taxes and transaction costs in the world when compared to other cities.         

New Visa Rules        

The new UAE visa rules are also expected to increase demand for Dubai real estate. In fact, the UAE government approved a series of measures last year aiming at stimulating the economy and  strengthening the UAE's position as an ideal destination to live, work and invest in.        

For the first time, the UAE has introduced ten types of entry visas that do not require a host or sponsor for visitors to the UAE for a variety of reasons.        

This included allowing expats over the age of 55 to obtain five-year retirement visas if they own property worth at least Dh2 million, have Dh1 million in savings, or have an active monthly income of more than Dh20,000. The new rules also grant long-term visas to key workers such as doctors and engineers.        

Property investors have also been granted long-term residency visas in the last year. Those with AED 5 million in property investments can now apply for a 5-year long-term visa, which provides greater stability. Another advantage of investing in UAE property is that property investors can sponsor their family members for this long-term visa.        

Conclusion        

If you have some spare cash and want to make a profitable investment in Dubai, now is the time. Here, we collected some useful articles where you can find your preferred apartments, villas, land, townhouses, penthouses, and more all for sale in Dubai!       

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