Thriving Real Estate Market in Dubai – and How Globevisa Can Assist You in Getting Involved
Dubai, often referred to as the “Business Hub of the World”, is drawing in investors and entrepreneurs from across the globe due to its favorable tax policies, strategic location in the Middle East, and dynamic economic landscape. The flourishing inbound market has also contributed to an increase in the number of immigrants, resulting in a thriving real estate market.
According to DXB interact, “In recent years, Dubai has shown immense progressiveness in diversifying its economy. The emirate has gradually moved away from an oil-based economy to a knowledge-based economy with revenues from oil and natural gas accounting for less than 5% of the emirate’s revenues. Tourism, Retail, Real Estate, Financial Services, and International Trade are high-grossing sectors that contribute to Dubai’s economy.”
Following the pandemic, in the first quarter of 2023, there were a total of 30,898 property transactions, with a combined sales revenue of 88.7 billion AED. This indicates a notable increase of 7.4% compared to the preceding quarter and a substantial rise of 50.6% when compared to the first quarter of 2022.
The UAE has also introduced a new golden visa program aimed at attracting investors who are willing to meet specific criteria, such as making a bank deposit of AED 2 million, purchasing a property valued at AED 2 million, or holding a high-level managerial position that meets certain salary requirements. The streamlined visa application process, coupled with the thriving property market, has collectively positioned Dubai as one of the most sought-after destinations.
However, the flip side of this promising market presents its challenges. Given their limited local knowledge, clients require the expertise of seasoned professionals to help them choose properties in prime locations, conduct thorough due diligence, and maximize their potential for rental returns and value appreciation. While a significant portion of investors may not consider Dubai as their primary residence, real estate agents must also handle essential aspects such as property handovers, tenant acquisition, rent collection, and property management on behalf of their clients.
In an interview featuring Hannah Ma, Managing Director of Globevisa, and Elena Yrgeneva, a distinguished realtor in Dubai with 27 years of experience, Elena repeatedly stressed the paramount importance of having a professional agent throughout the property acquisition process.
To offer a more comprehensive service package, Globevisa also offers company registration, corporate bank account opening, personal bank account opening, and work visa assistance in addition to our golden visa services. Our network of 37 offices worldwide, in collaboration with our local Dubai team, and our experience of serving clients from 96 nationalities, strives to provide unique and best dual localization service. Globevisa UAE Country Head Irina Kush and Chief Development Manager Dennis Guttig, with their 20+years experience in immigration industry, deep root and broad connections in Dubai, is our cornerstone for all local service.