Dubai Realty Is Cheaper Than Its Global Peers
Buying a residential property in Dubai is much cheaper than doing the same in other global hubs such as London, New York, Tokyo, Geneva, Paris and Mumbai. Thanks to the meltdown in property prices in the past two-three years.
Today, you can buy around 140 square metre (sqmt) residential space in Dubai for $1 million, as compared to 28 sqmt in London or 25 sqmtr in New York for the same price. Even Dubai’s Asian counterpart Mumbai is much expensive. Here one can get an average 90-95 sqmt space in the same budget.
That simply indicates that Dubai has undergone a correction phase and the prices have more or less stabilised after bottoming out. It does not look feasible that the real estate prices in Dubai will slip further down from the current levels. In fact, it is expected that from here the prices will start moving up soon.
The government of the Unites States of Emirates (UAE) has been aggressively aligning its policies for making the country even more business-friendly, and Dubai, being the top emirate in the country, is leading the economic diversification the country has set its vision on. For quite a while, the UAE has decided to decrease its dependence on the oil-based economy and develop its other sectors for diversified growth and development.
Nearly all major policies and regulatory frameworks are undergoing a phase of review and transformation. Every now and then, we come across the news regarding the updates in the policy frameworks in sync with the vision.
Dubai has always been the favorite for global investors and high-net-worth individuals (HNIs). With the softening of prices, the emirate has become even more charming for this segment. Of course, there are great deals available for serious property buyers. Real estate developers are welcoming buyers from across the world and not shying away from providing exclusive deals.
For that matter, a number of real estate developers and brokerage houses have also started accepting bitcoin from buyers.
Dubai is known for its highest concentration of multi-millionaires and ultra-HNIs in the world. By 2026, this population of super-rich families is going to increase by 60 percent, as estimated by industry reports. These numbers clearly show the immense potential inherent to the Dubai real estate market.
However, people who are planning to own properties in Dubai need to have a long term outlook. At present, the market is not meant for short-term buyers or those who wish to ‘flip’ homes in order to make quick capital.