myth vs. reality behind dubai real estate market

Dubai’s Real Estate Market at the Verge of Caution!

The developed real estate and cutting-edge governmental initiatives are mostly to blame for the city's fame. Investing in property in Dubai has increased since the unveiling of the freehold properties regime. Homes built by reputable developers have seen a lot of investment from investors throughout the globe. However, the business of property in Dubai has also had to deal with several emerging myths and misunderstandings over the years. This is primarily due to the market's extreme volatility, which attracts international investors with exciting investing opportunities. Deciding to buy property in Dubai has become challenging due to certain myths.   

The real estate market in Dubai is often believed to be volatile, tax-free, and full of branded houses, among other falsehoods. In this blog, we will dispel some of the most prevalent fallacies around the property market in Dubai.  

Let's Debunk Some Myths about the Dubai Real Estate Market

As per the city's succession in the real estate sector, it faces false claims and accusations, with room for error among worldwide clientele. The property for sale in Dubai is the best option for any client as it provides benefits such as tax-free investment, great architecture, reliable resources, splendid location, world-class amenities, and luxuries. To doubt the whole scenario, there have been rumors about the city's reputation for not providing as demanded properties. We are turning tables for such myths and ready to bust them with facts about property in Dubai.

Myth 1 “Property in Dubai is Volatile” Busted!

Reality

Dubai's real estate market has seen many severe fluctuations over the past few years due to the pandemic and inflation. The world was going through a lot, as was this city, but thanks to outstanding projects and deals which have attracted several investors and worldwide clientele to bring it back to stability.

Several off-plan projects stabilize the growth of the city's economy by providing excellent features and swift dealings. According to Arabian Business, the growth rate of Dubai is expected to increase by 15% by 2024. Not only this future prediction but the previous records are mind-blowing as well. As of 2022, Dubai sold properties for AED 265 Billion, an outstanding figure.

Myth 2 “It is Difficult to Buy Property in Dubai” Busted!

Reality

It is not only easy for UAE residents but also international customers, especially in the UK. The plan for directly engaging Dubai-based property dealers with the UK has made it much easier for people to buy property in Dubai internationally. Several significant real estate websites and developers provide excellent features and swift property dealing, among which the Dubai Land Department is the best to consider. This portal will guide you to the best properties and make it snappier, and you will buy property in a few minutes without any hustle.  

Myth 3 “It is Not Safe to Live in Dubai” Busted!

Reality

This is the biggest myth that concluded the withdrawal of interests of multiple clients from Dubai’s real estate market. However, several news reports suggest Dubai is one of the best and safest cities to live in, especially for women and children. The city has seen significant government investment in the implementation of women-centric initiatives. It is safe since there are women-only cabs and separate metro trains for them. In addition, the city has several beaches that are exclusively for women.

Myth 4 “Post Pandemic has decreased the Value of Property in Dubai” Busted!

Reality

The COVID-19 pandemic has significantly affected both the international and UAE economies. Real estate has displayed a remarkable upsurge and durability for growth even during the epidemic in the middle of this global catastrophe. Real estate growth is similar in the pre-COVID and post-COVID eras. So, stating that it didn't affect the real estate market of Dubai won't be wrong, but it was just for a period after that it boomed. Following is the information regarding the rise and fall of property value in Dubai.

· In 2019, Dubai’s property value faced a downfall

· In 2020, especially the apartment prices faced a surge in an increase in property value to 21%

· In 2021, Dubai’s property hit a record of worth 82 Billion

· In 2022, Dubai’s real estate market surpassed the whopping rate of 240 DHS Billion

· In 2023, Dubai is witnessing a substantial growth of 70%, also stating the real estate sector will reach up to AED 300 Billion 

Myth 5 “Dubai is the Place for Rich and not for a Commoner” Busted!

Reality

Over the years, Dubai has been a significant center for wealthy investors. This is primarily a result of the facilities being more relaxed, the rules being more straightforward, and the particular accommodations for expats. According to reports, real estate in Dubai is 80% less expensive than in other Tier 1 nations. It is 35% cheaper than the United Kingdom, the United States, and Australia. This is mainly because houses are available for every taste and price range. Hence, it is not only for the rich but also for a mid-range person to buy property in Dubai and enjoy the luxuries of the city.

Conclusion

As a result of the scarcity of information and tools, there are a lot of misunderstandings about the Dubai real estate market. However, investors must conduct their research to avoid fraud. For the best advice, engaging with a reputable real estate firm is recommended. This blog has dispelled the central myths about buying property in Dubai. Contact the professionals at Primo Capital now if you're interested in investing in Dubai's real estate industry. With the assistance of our knowledgeable staff, you will receive the best direction and market information and it will create a path for you to buy property in Dubai with safety measures.