X-Factors Making Dubai ‘The Place To Be
From a small fishing village to an indulgent, innovative and glamorous cosmopolitan city, Dubai has metamorphosed itself in less than half a century. The city of skyscrapers has been a global hub for luxury properties and one of the most popular and highly desired holiday destinations for the travel enthusiasts from all over the globe. Dubai is the spot where big businesses take place alongside sun-seeking tourism as the city experiences hot and sunny weather almost 365 days of the year.
Some of the top x-factors that makes Dubai the ultimate place to live, work and invest are:
World-Class Tourism, Entertainment And Shopping Haven
Over the recent years, Dubai has been paving its way in the world as the ultimate holiday destination for luxury, shopping and entertainment. Popular for its extravagant hotels, world’s largest shopping malls, world-class attractions and beautiful landmarks such as Burj Khalifa, Palm Island, Burj Al Arab, Dubai Frame, Gold Souq and Desert Safari; Dubai is the perfect blend of modernization with culture and heritage.
In just half century, Dubai has been transformed from a desert to one of the most globally sought-after destination. The city was ranked among the top 10 most visited countries of the world in 2019 with 16.73 million international visitors.
Centrally Located Business Hub With Great Government Incentives
Dubai ideally located between the east and the west, with easy access to the emergent markets of Africa, Asia and the Middle East, sits on a very strategic location on the world map. The city of dreams acts simultaneously as a convenient stopover point for those crossing the globe and as a hub for local businesses wanting to expand in either direction. The country offers an excellent legal framework for business to grow and minimal to no taxes for companies in the Dubai Free Zone.
Unrivalled Real Estate Projects With High Value For Money
In the realm of real estate, it comes as no surprise that real estate companies in Dubai has been springing up like mushroom over the last decade. The lucrative real estate market of the city offers an unparallel portfolio ranging from luxurious villas to fully serviced apartments and lavishing penthouses to fit in every budget. Dubai provides one of the most transparent real estate markets in the MENA region with a wide range of bigger sized and more affordable luxurious residential properties compared to other major cities in the world. It also has some of the best building structures that can match any constructions anywhere in the world.
No Annual Tax For Property Owners And Flexible Payment Plans
Another major incentive to attract investors to reside and capitalize in Dubai is the nonexistent annual property tax as compared to other big cities in the world and the easy and flexible payment plans offered on off-plan properties by developers. Although VAT was introduced in Dubai in 2018, it is still very minimal in terms of overall costs and is not applicable to residential property investments. Upon purchase of a property, the owner only needs to pay the real estate companies in Dubai for a transaction fee and no additional annual tax charges are collected. In addition, the reason Dubai prides itself as the best place to purchase luxury property is for the simple and hassle-free system in place during a transaction process.
The UAE government has recently been easing off more and more on the visa regulations by promoting long-term residence visa in the country. The Golden Visa system has been a real game changer for Dubai’s economy granting residents and foreigners a higher level of confidence to explore and experiment life in the UAE. As part of the new system, foreign entrepreneurs can now take full ownership of their businesses without the need of a local sponsor. In addition, the new visa system highlights the introduction of a five-year retirement visa for those above 55 years with a minimum property investment of AED 2 million or above AED 1 million capital. Also, among the various other options, a five-year visa will be granted for capital investment above AED 5 million and a 10-year visa for investors with a capital of above AED 10 million threshold. Besides, the recently approved legislations also grant five to ten years visa to certain classes of professionals and students extending to their spouse and children.
City of Innovation, Happiness and Safety
Dubai is constantly revolutionizing in terms of laws, sustainable communities, new road infrastructures and architectural innovations all with the aim of keeping the city safe, hassle-free and better connected hence making it the perfect home for families, young professionals and investors.
With its vision for innovation and tolerance, the UAE government has a significant hand in the rise of foreign investors in the country. Yearly, the local authorities and government launch several incentives for both private and government sectors.
The Smart Dubai project is the perfect example of how committed the UAE government is in its approach to promote the economic growth of Dubai, increase capital investment and “make Dubai the happiest city on earth by providing a seamless, efficient and personalized city experience for all residents and visitors”.
Cosmopolitan City with Expat Friendly Laws
Dubai has in the recent years been ranked among the most cosmopolitan city in the world with almost 200 different nationalities speaking up to 140 different languages. The globally diverse city has been gaining more and more popularity among foreigners with its income-tax free system. This has further been enhanced in 2020 with sweeping changes in terms of expat-friendly laws with the objective of consolidating the principles of tolerance in the society and strengthening Dubai’s position as a preferred hub.
The UAE government has made multiple amendments in the personal, civil, penal and criminal laws namely the decriminalization of consumption of alcohol without a license, the freedom for unmarried couple to reside together and the personal affairs of expats to be dealt in accordance to the law of their home country.
The aforementioned points have been highlighted to demonstrate what makes Dubai the place to be. From housing to the world’s tallest building, from the world’s largest shopping mall to artificial islands in the shape of a Palm Tree and World Map, Dubai has never failed to impress.
Post covid-19, potential buyers and leaseholders have got back their bargaining power in the Dubai real estate market making it the right time to invest. Excel properties offers an exciting latest selection of best priced properties available in the market.
