The United Arab Emirates s one of the most picturesque as well as good lands in the world. The place is a global hub for tourism, with millions of people flocking down to Dubai annually to experience sun-baked beaches and desert safaris. Furthermore, the iconic attraction is the Burj Khalifa- the presence of such breath-taking structures makes UAE a hotbed of culture and style.
There’s no denying that UAE tourism is increasing in leaps and bounds by each year. This is also providing a much-needed alternative for economic development that could only count on oil as its primary income source.
The UAE has become a hub for investment in modern time. Its cities such as Abu Dhabi, Dubai, etc. have become a popular spot for visiting the attractions and online business ventures. People around the world now acknowledge the fact that making an investment in Dubai is one of the good financial decisions they will ever take. Digital marketing agency, real estate, tourism, and hotel are some of the ventures where an investment can be made in the UAE.
Here Are Five Reasons To Invest In The UAE:
1. More Space for the Money
The UAE provides a tremendous potential for real estate investment since it has a cosmopolitan market, meaning the prime property markets are significantly low.
It is essential to mention that a financial investor can spend a million dollars in the UAE market to make a rough 145 square meter. This is different from the country’s market potential- 25 meters in London, 40 meters in New York, and 95 meters in Mumbai.
With the ever-growing demand for residential and rental spaces coupled with tourists, it is only wise to expect the property prices to spike up in the coming years and decades.
2. Growing Tourism, Thus Growing Economy
According to the World Travel & Tourism Council (WITC), the tourism industry in the UAE plays a pivotal role in the country’s employment situation. At present, the industry is responsible for about 5.7 percent of the total employment. This number will further improve with a steady rise of 1.8 per cent yearly to reach 369,000 jobs by 2025.
It’s essential to mention that the tourism sector received a significant boost back in 2013 with a capital investment of AED 21 billion. Later on, this will rise to 9 per cent in 2014 and promises to continue the upward trajectory by 5.1 percent annually in the upcoming decade.
3. Government Recognition of Growth
It is essential to mention that you don’t need to be a UAE citizen to participate in the real estate market. You can have foreign citizenship and still invest in free zones across the country. However, it’s noteworthy to mention that you must hold a Gulf Cooperation Council nationality to acquire property outside the free zones. If necessary, one can always rely on contractual offices and retail spaces to set up their business in the Emirate country.
The general trend among foreign investors is to invest in residential units in cities like Dubai and Abu Dhabi, only to lease them out. They arrive at the cities, say Dubai, enjoy the land’s frivolities, collect their rental revenue and then head back home.It’s also necessary to mention that when you buy a residential property whose value exceeds AED 500,000, you automatically qualify for a residency visa.
4. Freedom from Tax
One of the primary reasons for investing in the Emirati landscape is its tax-free policy. You could be investing in an office space, a retail unit, or a straightforward residential unit; no amount of tax will be burdened upon you.But having said that, one must remember to arrange for the property transfer fee (4% of the property value)when purchases a real estate property in Dubai central city.
If you are planning to invest in the real estate market in the UAE, you must at first look to arrange for necessary documents from the developer.
You must have the following documents for business setup Dubai:Â
1. Land Title Deed
2. Escrow Account Number
3. Dubai Land Department Approvals
4. Agreement With The Contractor
5. Demand for Housing
Real estate investment across the globe, if done correctly, can help you to improve your fortune significantly. Take, for instance, Dubai- the city is poised to experience an unprecedented influx of visitors in the next decade.The native real estate observers and experts have signaled encouragement- no fluctuation or uncertainty in the real estate market will be adequately impactful enough to damage the demand.
The fast emergence of the UAE as an epicenter for tourism and culture will significantly contribute to maintaining the potential for investment in the UAE market. There’s no denying the fact that the Emirati Real Estate market is connected to the tourism market. This reliance influences the investment market for furnished apartments, affordable hotels,commercial spaces, shops, and retail outlets. If you are looking for more information on business setup Dubai, you must reach us at the Dubai business setup.