Iliyan Nochev
Is Dubai oversupplied and what are the benefits of buying a property?
I still remember when I was selling properties in Palm Jumeirah and Dubai Marina 7 years ago and one of my clients was saying “Look at how many buildings there are and how many more are under construction. It is impossible to fill all these towers”. The same was said about Jumeirah Golf Estates, Damac Hills, Mira, Furjan and now you’ll find that all these communities are full of residents. As per Dubai Government statistics, around 250,000 people moved to Dubai in 2018 and only 35,000 properties were handed over.
In addition, the new real estate committee which was announced recently will help curb supply and create a balance between property demand and supply, further contributing to a more stable market in the coming months and years.
In my professional experience here are the main benefits of buying property:
- Spending money on rent year after year is a waste. Remember property is an asset that increases in value over time
- Property owners who invest at least AED 1 million are eligible to get a UAE Residence Visa
- There is no property tax on residential properties
- You can expect higher rental return in comparison with London, New York, Hong Kong and Singapore
- Security and safety, a very important factor for everyone, especially families
- Excellent infrastructure, road systems and transportation modes
- Strategic and geographical location which allows easy connection to Africa, Asia, Europe and all the GCC
- Dubai Government is continuously implementing the latest innovations and services, all of which works in favor of the residents
Buying a property is always an emotional and crucial moment. As a Palma Holding sales expert I can guarantee you full support and assistance if you’re considering buying property in Dubai. Our objective as a company is to provide developments and services that contribute to people living exceptional lives while protecting and growing their wealth. Looking forward to hear from you for any property-related advice you need.
Feel free to get in touch with me on iliyan@palmaholding.com
