Strength Of The Dubai Property Market
The fundamental attributes geographic economic and sociopolitical provide the drivers for Dubai property demand. A proactive government continues to offer economic catalysts i.e. free zones to corporations to stimulate enterprise investment and trade as well as continued diversification of economic sectors towards transport amp; logistics manufacturing tourism healthcare media production construction and finance.
Once regarded as the business hub of the Middle East Dubai is now known as the international business and reexport centre. With the increasing number of businesses and multinational companies starting operations in Dubai the inward migration of professionals and their families is also mounting. The taxfree salary in Dubai is one major attraction for professionals from the world over to relocate to this city. Additionally it is the wealth of job opportunities and leisure activities that attract foreigners to purchase Dubai properties.
Dubai is politically stable and has a forwardlooking responsive Government with a progressive probusiness attitude and a highly developed commitment to the private sector. The business friendly regulations and highly favorable tax and customs framework have played a key role in attracting business investment from all over the world in practically every sphere of economic activity. Moreover consistently strong economic indicators and a relatively low cost work environment have contributed to Dubais rapid development and prosperity.
Dubai enjoys truly global connectivity. Its ultra modern airport handles 13.5 million passengers to over 140 destinations annually and its deepwater port has one of the largest throughputs in the world making Dubai now the third largest reexport centre in the world serving a massive regional market. Dubai is a modern safe multicultural city with stateoftheart medical education entertainment shopping and sports facilities and an overabundance of amenities that make for a very high quality of life Dubai is a city of choice for the modern professional and an ideal location for multinationals to establish a regional presence.
Significant regulatory and structural changes throughout the emirates offer more than sufficient justification for todays Dubai real estate valuations. The strong fundamental economic environment the induction of freehold rights population growth rapidly growing tourism and hospitality markets and substantial consumer and mortgage loan expansion all support a continuous rise in real estate prices. Without adjusting for the 0 income tax regime in the UAE which significantly impacts the affordability of real estate real estate prices per square meter relative to per capita GDP throughout the world prove that the UAE is currently at the low end of the range for real estate prices in countries of similar income levels. The implied trend value for UAE residential Dubai real estate is roughly US 7200/ sq.m. or 2500AED/SF average throughout the emirates.
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