For expats looking for a new life, Dubai calls out with its beautiful weather and thriving opportunities, but what makes it one of the best places to buy property for both expats and investors? At Mortgage Finder we take a look at the top five reasons why Dubai is a safe bet.
1. The UAE is among the safest places in the world
It’s quite a boast but the UAE government are confident that it’s the truth. According to the Numbeo crowd-sourced global database, over 96% of people state that they feel absolutely safe walking outside at night and 90% saying they never fear their car will be stolen.
Major General Dr Abdul Quddus Abdul Razzaq Al Obaidly, the Assistant Commander-in-Chief for Quality and Excellence said that “despite the sense of a drop of safety across the world, the UAE has become a safety oasis.” – and public opinion backs up his belief!
When it comes to buying property, crime levels and safety are a major consideration no matter what country you are in – knowing that you, your family and your property is safe is a strong enticement.
2. A mature property market
For a location as young as Dubai, the property market has reached maturity at an impressively early stage. This gives property investment a high level of transparency and provides a full range of investment opportunities with a diverse demand for existing property and future developments.
Dubai attracts investment from all over the world, with property being one of its main and dominant industries accounting for 6% of GDP.
All property markets experience a loop of highs and lows and as a market shifts into a low and bottoms out it is inevitable that an uplift is soon to follow. Property prices in Dubai have been in decline in recent years, which has been beneficial in making property more affordable and attractive for investors and residents, however it is generally thought that an uptick in prices is not too far away with notable events, such as Expo 2020 on the horizon.
Knowing that your money is safe in the investments you are making in this mature market may not be as important as you personal safety, but it adds to the overall feeling of security that Dubai, and the UAE as a whole, provides.
3. An impressive expatriate population
The UAE, both Dubai and Abu Dhabi in particular, has a thriving and diverse population, with 80% of the people being expatriates who have come to the country due to its outstanding opportunities – a swelling of foreign nationals who are all looking for somewhere to call home whether permanently or on a period of temporary adventure.
Not only does this impressive melting pot of over 200 nationalities make Dubai one of the most diverse and exciting cities on Earth, it also provides one of the very best rental markets of any comparable major city.
Paris, London, Hong Kong and New York all have desirable rental markets but they can only boast an average rental yield of 2 to 3%. Compare this to the 7% enjoyed by landlords in Dubai’s housing market where a constant clamour for properties makes for a trustworthy investment both in the short term and for many years to come.
Coming to Dubai and buying a home for a short or medium length stay can provide significant, long-term financial gains giving you the very best from the community here: a thriving life and diverse experience while staying in the country and a strong financial asset should you want to move on.
4. A forward thinking government who wants you!
The UAE government is committed to the growth of their nation and understand the benefits of expats for the country. Coming to Dubai is an experience made as smooth as possible for both businesses and individuals.
The introduction of the Golden Visa – a permanent residency in all-but-name shows the UAE’s continued commitment to entrepreneurs, scientists, investors, chief executives and outstanding students as they work to keep the top world-class talent in the city.
Keen to point out that they are non-discriminatory, however, the golden visa isn’t just for young applicants or those from a specific nationality. “Here in the UAE we never look at age, colour, nationality or other social circumstances,” Maj Gen Mohammad Al Marri, director general of the General Directorate of Residency and Foreigners Affairs, said. “We are dealing with people as humans not not nationalities,” he pointed out, “we are all equal with no differentiation.”
It’s not the only scheme pulling international attention. New work permits have opened the sponsorship program across the nation allowing companies to hire both sons and husbands who are sponsored by their wives or mothers. This broadening of the labour card, which previously only entitled women to receive sponsorship, opens the doors for a wave of new workers eager to enjoy the delights and jobs on offer in Dubai.
Making it easier to enter and then stay in the UAE is another key step to maintaining the draw of the city and, by extension, the viability of emigration and property investment.
5. Freehold for buyers – even with financed properties
With the buyer’s name on the title deeds to land even while financed, the confidence in ownership of Dubai property is second-to-none. Here, it is even possible to purchase land with an eye to property development and build the home of your dreams – or of your rental dreams!
There is little to prevent an enthusiastic developer making the most out of the opportunities offered in the Dubai property market – and with Mortgage Finder you have a broker with a thorough knowledge of the local environment. Why not get in contact today with your query – either fill in our contact form to have one of our team get back to you at a convenient time, or simply pick up the phone and speak to us! It’s one step on the way to a stunning future.