What Makes Dubai the Best Place in the World to Buy Luxury Homes?

Cybercity Marina Skies

Without a question, Dubai is a magnificent metropolis that ranks among the best-built and most attractive cities in the world. The city's infrastructure has developed considerably in the previous decade, and the real estate industry continues to flourish as more investors express interest in purchasing buildings and establishing free zone businesses in the city.

Those who are discovering Dubai's real estate possibilities may wonder, "What makes Dubai the greatest spot to buy luxury homes?" Well, there are a lot of solid reasons to think about it, and we'll go over a few of them in this post. Let’s get started. 

Affordable Luxury Quotient

People who are familiar with Dubai's lavish lifestyle believe that purchasing a luxury apartment or villa in the city would be too expensive. However, the misconception has been dispelled. In comparison to other major nations across the world, Dubai is a city in the United Arab Emirates that offers the most reasonable real estate pricing. 

The city expanded in terms of foreign real estate ownership in the early 2000s, and during the following two decades, Dubai has gone to the top of the worldwide luxury property destinations. This was only feasible because of the reasonable pricing it has provided. 

For $1 million, an investor can purchase a golf course front villa in Dubai, which is far larger than the area of luxury residential properties available for the same price in Sydney, New York, Paris, Hong Kong, and other cities. This clearly indicates that buying a luxury home in Dubai is less expensive than in other locations.

Easy to Buy

By easy-to-buy, we imply that the transactions an investor undertakes while buying a luxury property are carried out with ease. The city boasts of investor-friendly tax regimes and legislation. As a foreign buyer, you may take advantage of Dubai's income-tax-free system. 

There are also no additional expenses when purchasing a luxury property in Dubai, whether it is for business or residential use. Given the numerous tax reforms that prominent cities such as Paris, London, and New York have undergone, Dubai does not impose any additional taxes on international purchasers or investors purchasing top luxury houses or assets. 

Geographical Location

Aside from the low prices, simplicity of transactions, and gorgeous infrastructure, there is another crucial aspect that contributes to Dubai's status as the greatest area to buy luxury properties. It's the city's excellent geographical position! 

For businessmen and real estate investors with worldwide interests, the city's time zone is perfect. It is the center of both Eastern and Western time zones. Traveling for business representatives is also made easy due to its ideal location. Dubai to Asia, the Middle East, and Europe is a 2-8 hour flight. Not to forget that Dubai offers international investors a long-term real estate visa. So, why won't they consider it the finest spot to invest in luxury real estate?

Booming Real Estate Market

According to Deloitte, real estate market sales are expected to increase by an average of 2.6% a year until 2024. Given that, the United Arab Emirates is considered one of the world’s five nations in which High Net Worth Individuals want to live. The major focus of investors/buyers in Dubai, which is the country's financial hub. The increased number of HNWI in the city is one of the reasons for the booming wealth influx, which is then invested in Dubai's premium real estate market.

Vast Property Options 

Last but not least, one of the best reasons to buy a luxury home in Dubai is the broad range of property alternatives available. Investors can select from a wide range of property alternatives to find the one that best suits their needs. The range of options, which includes luxury studio apartments, family flats, holiday villas, penthouses, and fully-serviced apartments, is very extensive, and it will only grow in the coming years. 

What’s more, if you're an investor or a high-net-worth individual, you should think about investing in luxury real estate in Dubai, if you haven't already. If you're excited to learn more about investing in Dubai's real estate market and want to explore the best deals in Dubai, feel free to contact Shoma Property, one of the leading real estate specialists in Dubai, for a free consultation. We’re happy to help!