Dubai real estate..quality for the right price
Ismail Al Hammadi
October 25 2022
Quality for the right price.. This is what distinguishes the Dubai real estate sector in the region and among the largest real estate markets in the world in a short period of time, and this is the secret that has greatly contributed to the promotion of Dubai as a preferred real estate destination for local and international investors.
The concept of quality versus the right price in Dubai real estate is embodied in many aspects, which the investor may not pay attention to, the most important of which is the purchase price.
A number of reports have proven this reality, including a recent report by the Knight Frank Foundation, which pointed to an important comparison between Dubai real estate prices with other global cities that are ranked among the world's largest cities in real estate investment.
The report indicated that for every million dollars the owner can buy 136.5 square meters of real estate space in Dubai, compared to 64.3 square meters in Tokyo, 42 square meters in Shanghai, 33.3 square meters in New York, 30.6 square meters in London and about 14.6 square meters in Monaco.
Through this comparison, the hidden value of Dubai real estate and its weight in the profitable investment equation for investors, the lowest price in exchange for the largest space, the best location and the distinctive services attached, with the quality of construction and high-end designs that serve the modern life of man.
What's more, the quality of Dubai's infrastructure that makes it one of the best living environments in the world, if we put the price in the tide and the lifestyle offered by residential complexes today in a second hand, we would know this value well and realize its true meaning.
One of the aspects in which the concept of quality versus the right price is embodied in Dubai real estate as well is the real estate tax, as the annual real estate tax imposed on real estate ownership in various countries and cities of the world without exception is often considered a form of financial stress for investors and in an indirect way, it affects On the profits and revenues of the property annually.
Dubai is one of the cities that does not impose a real estate tax on real estate ownership, and this is currently rare (especially in light of the economic conditions that the world is going through today), compared to London, for example, which imposes a tax between 2 and 12% on sales of properties whose purchase value ranges between 125,001 and 250 thousand £1m to £1.5m (tax rate based on the total purchase value of the property).
In New York City, real estate ownership tax rates are determined each year by the mayor and city council, and vary by type of property, based on percentages set by the Department of Finance, for the property’s market value and type (the value is not fixed).
Through these two aspects of comparison, the real value of Dubai real estate and its role in enhancing the financial value of the investors' financial portfolios.. Quality for the right price is the equation that the Dubai real estate market has succeeded in and contributed to making it one of the most important real estate investment markets in the world.
@ismailalhammadi
Ismail.alhammadi@alruwad.ae
To read the previous articles of the writer please click on its name.