Dubai, the land of luxury and opulence, has been a popular destination for tourists from all over the world. However, in recent years, it’s not just the glitz and glamour that’s attracting visitors to this Middle Eastern city – it’s also the cheaper prices of property. Yes, you read it right! Dubai is now offering affordable real estate options to investors and home buyers alike, making it an even more attractive destination for global citizens seeking a new place to call home or invest in their future.

One of the best examples of this is the decreased price of Dubai prime property. Even after a 2-year rise, Dubai’s prime property is still 80% cheaper than in worldwide capitals.

Ultra-luxury property at attractive prices

Despite a significant increase in rates during the post-pandemic period, prime real estate in Dubai is still 20 to 80 percent less expensive than in big cities like Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo, etc. Moreover, since 2020, the emirate’s luxury real estate market has seen a dramatic increase in foreign investment because of low pricing and positive factors like the successful management of the pandemic and the issuance of new long-term visas.

With Indian billionaire Mukesh Ambani purchasing the world’s most expensive property for Dh600 million, it is clear that the market for ultra-luxury real estate has reached new heights in the post-pandemic era. One of the properties is advertised for sale at Dh800 million, which, if purchased, would make it the most expensive ever.

Dubai is the most connected city in 2022. The emirate’s post-pandemic economic and aviation recoveries contributed to this.

Applauds from the best

“I expect Dubai to remain the Gulf’s leading domestic market during 2023. Dubai has seen phenomenal growth since the pandemic, fuelled by its safe-haven status and its position as a luxury second home hotspot, combined with the government’s robust response to the pandemic, all of which have spurred business confidence,” said Mr. Henry Faun, partner, and head of Knight Frank’s Private Office in the Middle East.

“While the UK, as well as the European Union and the US, still attract considerable numbers of globally footloose wealthy residents, it is undeniable that Singapore and Dubai are emerging as critical wealth hubs. Dubai has developed a very pragmatic approach to attracting wealthy residents – and has worked hard to correct a perceived area of weakness, namely length of stay. Visa options used to be mostly short-term and work-related, but with the Golden Visa scheme, longer-term residence becomes a possibility,” said The Wealth Report.

Unique Properties founder and CEO Mr. Arash Jalili stated that the UAE’s real estate business is resilient post-pandemic.

“Prices have remained strong, especially in the luxury market, sometimes at as much as 50 percent of the asking price. HNWIs are migrating to UAE from all over the world to fuel this growth, making sizeable purchases. We expect this upward trajectory to continue for the foreseeable future with prime estates offering the highest return on capital and Dubai’s continued standing as a global destination for residents and investors alike,” he added.

A treat for real estate investment freaks

With so much to offer, Dubai is becoming an amazing place for real estate investment freaks. From luxurious villas to affordable apartments, all types of properties are being sold at a faster pace. The government’s focus on infrastructure development, tourism, and hospitality has benefited the real estate market immensely. People from around the world have started investing in Dubai’s residential as well as commercial real estate projects due to their stability and high returns. The real estate sector is booming like never before due to increasing economic activities, innovation-driven urbanization, and strong international investments.

As such, this city has become quite a lucrative option for those looking to benefit from their investment in real estate. And if you are interested in joining your fellow investors and making this incredible decision to engage in real estate in Dubai, come to RGEstate, the best real estate agency in Dubai. Call us today!

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