Since the Crown Prince of Dubai made changes to his country’s constitution back in 2002 to allow for the foreign freehold ownership of real estate in Dubai, the real estate market in the emirate has gone crazy!
Because there are no such things as taxes payable on income or property transactions in Dubai, and because the popularity of the emirate with hundreds of multinational corporations has created thousands of jobs in Dubai, everyone wants a piece of the property market.
But because demand is so intense and property prices have been shooting sky high, how is it still possible to profit from real estate in Dubai?
Well, you’ve got to know the market to know which developments are in demand from which people, and which people are willing and able to pay top dollar for rental and resale property in Dubai – then you just have to target your property purchase to meet the requirements of your market!
First things first it’s important to know that those buying apartments off-plan in Dubai right now will have to wait for up to three years to see their properties completed. This means that those who have jobs in Dubai and want to relocate to the emirate right now will have to find completed accommodation to rent out.
The demand for completed apartments close to Dubai’s main employment sectors such as Dubai Media City is so intense that annual rental rate increases have been capped by the government who were afraid the increasing prices being demanded would create an unaffordable market place.
Anyone with the funds and the contacts should buy completed apartments in Dubai to let out for the short to medium term. When the majority of projects currently under construction come to completion within the next three years however, there will be a surfeit of apartment accommodation in Dubai which will restrict property price and rental price increases naturally.
Those looking for a longer term real estate investment opportunity in Dubai and wishing to get ahead of the curve should be looking at family villa accommodation. Almost as in demand currently as completed apartments are family villas – but far fewer of these are being constructed and far more of these will likely be required over the longer term. Furthermore with the creation of Dubailand well underway, villas to rent close to the main attractions of Dubailand for visitors to the theme park will quite possibly become as in demand as Florida villas.
All in all the popularity of Dubai’s real estate sector is as intense as ever, but an investor nowadays has to be a little more astute than before if he is to continue profiting for the long term.
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