Dubai and the rest of the United Arab Emirates is quite gorgeous. From the skyscrapers of their cities, to the historical artefacts of Abu Dhabi, here are a few reasons why you should look into buying a home in UAE.
Get a ‘free’ passport
You can obtain a second citizenship through investing in UAE. The minimum investment you have to put in to receive the passport is 1 million United Arab Emirates dirham, which amounts to $272,000 USD, which isn’t to say the steepest price tag. The average family villa has dropped 24% over the past year, amounting to only AED1.82 million (US$495,500) which is the cheapest it has ever been in the last decade, according to reports on the real estate market.
UER is home to the biggest ports in the world
American investors are surprisingly ignorant about the benefits of investing in UAE real estate, choosing to focus on oil instead. It is the heart of both Western and Eastern worlds, connecting Asia with their airlines. Furthermore, it houses incredible architectural structures and invites international talents to join them in being a future-forward powerhouse. With Dubai leading the pack and Abu Dhabi and close behind, the developing nation is a commanding force to be reckoned with.
Opportunities abound in a bubble
Recent reports predict that the UAE is currently in a financial bubble that is set to pop sometime soon, with estimates of up to a multi-billion debt in store for the country. However, this has nothing to do with the real estate agency, and is a problem for the oil companies instead. Due to large amounts of defectors in the previous financial crisis, the country is bracing for an economic downturn. However, they are in the midst of combating this by offering discounted real estate to bolster the financial twist. This is why it is prime time to get in on the market and snap up a piece of real estate while it is on ‘offer’.
Top tourist attractions in UAE
While UAE has not yet broken into the top 10 most visited countries in the world (France being at the top, naturally), the tourism industry is not taking a break either. There are unbeatable views in the country. Even with the Burj Khalifa out of the way, UAE still has a lot to offer. Their mosques are unparalleled and they offer amazing mountainous views from Jebel Jais to the Hajar Mountains. By investing in property in UAE, you are opening yourself up to the possibility of an industrial boom when tourism finally takes hold of the country and you can capitalize on renting (or selling - depending on which will turn a bigger profit) your place.
There you go, the top four reasons why you should be investing in real estate in the United Arab Emirates. However, before you jump in foot-first, always make sure to do your research. With so many commercial lots set to open, and incentives started by the government to encourage foreign investors to participate in the market, there is a lot to consider prior to taking the plunge.