Dubai property market sees positive growth sector

It has proved its stability especially when it comes to long-term investmentsRakesh Mirchandani, Director, KGR Real Estate

The Dubai real estate market is showing a clear indication of gaining momentum year on year in addition to maintaining a sustainable growth trajectory towards maturity. The emirate has, therefore, become a global real estate leader especially in attracting foreign investments.

Dubai has proved its real estate stability to the world, especially when it comes to long-term investments regardless of the fluctuating oil prices and other challenges.

Globally, investors are still worried about the Eurozone and Greece defaulting so this has paved the way for Dubai to score yet another first by encouraging potential investors to invest in the tax-free environment.

Therefore, buying property in Dubai has, no doubt, become easy and potentially profitable for foreign investors.

A recent industry survey indicates that buying property is becoming an increasingly attractive prospect for expats living in the UAE especially with the rising cost of rents taking its toll at the backdrop of a healthy property market that looks set to continue to grow.

The emirate caters to every need of the customers, with several options that range from ultra-luxury to affordable. Easy payment plans and rent-to-own schemes provided by developers, and easy finance options provided by banks to residents and non-residents at competitive interest rates have definitely boosted the sale of properties in both the residential and commercial sectors.

The commercial property growth sector, however, remains much more attractive and robust, indicating that businesses are generally flourishing with new developments coming up in high-end prime locations.

With the increasing rental costs in Dubai, property developers have introduced a new scheme of providing provision for end-users to pay monthly affordable instalments.

To meet the regular maintenance fees, property owners have established as blocks to introduce regulation for service fees under the guidance of the owners association. Such a trend has worked out to be more successful in other parts of the world, with India being a typical example.

A survey revealed that property owners are more comfortable about purchasing property in Dubai due to its transparency of transactions compared to the other emerging global markets.

Here, property transactions involving a cash buyer and a cash seller can be finalised within two working days unlike in other countries where it can last for a month or more.

The noticeable, well-structured system in place at the Land Department shortens this time-consuming process.

There will be a sustainable growth in the real estate market in the years to come as the emirate gears up for the hosting of the Expo 2020, which has made Dubai the ultimate investment destination, attracting more and more foreign players.

The UAE is the ideal investment location in the Middle East. As per the ranking by World Bank Group’s Doing Business 2015, it ranked an impressive 22 out of 189 economies, moving three places ahead of itself in comparison to 2014.

Dubai, meanwhile, has retained its position as the second most important international retail destination globally for the fourth consecutive year, closely behind London, which retained its number one position, according to the 2015 edition of “How Global is the Business of Retail?”

It is also one of the most sought-after destinations for international travellers as per the MasterCard Global Destination Cities Index released in June 2015, competing with some of the top cities in Asia and Europe.

Source: Rakesh Mirchandani, Director, KGR Real Estate.


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