Dubai is now a hub of world-class properties and has seen a huge growth in its real estate sector for the past 20 years. Professionals in Dubai housing are advising the people who are looking for properties in other countries to invest in housing projects located in the prime location in Dubai for a good return or rental income.
At the period of 2000s the real estate of Dubai was not popular and there were not any proper rules to control for the comfort of buyers and investors. The things got change after the introduction of the Dubai Property Law in the year 2002. After this the property market of cities like Dubai started to pick up speed. There were laws to allow the foreigners to own a property in Dubai with full ownership, so the path for the international buyers to enter the property market in UAE.
The year 2010 a massive boom has already hit the market of luxurious properties in Dubai. There was also an increase in the prices of properties that were available for sale and after this Dubai has not turned back and was able to hold the interests of people towards its property market. Some of the top developers working in Dubai had built a lot of iconic buildings like Burj Khalifa that popularised Dubai in the world. But there was a period when there was a halt in the real estate of Dubai because of the financial crisis of 2008 in the world when the prices of properties also went down but Dubai was able to stand up again after some time.
Dubai was one of the few cities which was not hugely affected by the slowdown of COVID pandemic and was able to recover in a short period. Here we can see how stable the property market of Dubai is for the investors. There are some important things that were done correctly for such growth of the property market like better planning and involvement of the government for the smooth development of the market. Now let us know something about Dubai’s real estate. Developers like Emaar Properties and Nakheel have also been a part of a better property market in Dubai where new properties in projects like Emaar Palace Residences Creek Blue normally do very well in the market.
The attractive pricing of different types of properties have helped Dubai to grab a huge number of inverters and buyers to own houses in a good location. Projects like ELO 3 by Damac Properties attract a large number of buyers for its pricing that is less than AED 1 million.
As real estate is developing so does the demand and more people are coming to Dubai which means that the population is increasing which is good for the growth of the market. To fulfil this huge demand for different types of properties the top developers in UAE are working on making new projects with meticulous floor plans. The last thing is the benefit that are available in Dubai like very less on no tax on purchasing properties which saves money for the buyers or investors.
In 2024 the developers are trying to finish their past projects whose date of delivery is closing and popular builders like Danube Properties who have delivered a project before the given time. The new properties are having open areas filled with greenery and water bodies to provide a peaceful environment for the residents. There are comfortable modes to pay for the bought properties like some developers also take cryptocurrency like Bitcoin as a payment which includes a large number of investors who like to pay with cryptocurrency. This means that a large number of buyers from other countries have more chances to own a house in Dubai if they have Bitcoin to pay. The making of new communities like Damac Riverside will be seen in development soon.
Dubai's real estate market is poised for continued growth which will be driven by continuous demand and supply. Looking into the situation of the world, the Government of Dubai along with Dubai Land Department (DLD) are working on making new rules for the favour of the investors - like to allow the owners of properties to increase their rents for the new agreements. DLD is also collaborating with some popular builders to include more and more local brokers and citizens who are looking for a job to work in the property market of Dubai. Every year from 2020 there are some property events organised where some special offers are given to those who book their properties in the event only and this has also grabbed a good percentage of buyers because of which some builders like to promote their projects here.
Dubai has become popular and working to deliver what is expected from this city of dreams in Middle East. The government of Dubai is working to develop new airports and commercial zones to increase the number of visitors who can come to Dubai for work or to reside. The tourism is also being improved and more transportation services are provided for the increasing population of the city. Now this city is in a path of growth.
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