It goes without saying that COVID-19 greatly impacted everyone’s lifestyle. People, not only in the UAE but all over the world, suffered huge losses. Some had to face pay cuts while a lot of people lost their jobs due to downsizing and abrupt shut down of companies.
Now when things are gradually getting back to normal, people in Dubai, still reeling from the effects of the global pandemic, are looking for alternate income resources to keep their circle going. Those who urge to save money and always seek for future security now have the chance to pursue their aims. Investment permits you to appreciate more prominent security in your life. What’s more, you might have the option to face challenges or attempt new things if you had saved enough to keep on earning the livelihood.
Here are some investment opportunities in Dubai for residents that can produce fruitful results and which help them to save for rainy days in 2021;
- Buy plots in Dubai
- Travel Agency
- Off-Plan Properties
- Business Consultancy Firm
Buy Plots in Dubai
Real estate is among the most expensive sectors in Dubai. Buying a ready property isn’t something that everyone can do since property rates in this emirate are extremely high. Somehow it makes it tough but not impossible to enter the real estate market as an investor.
Having said that, there’s still a way you can do this without burning a hole in your pockets. Wondering how? You can buy plots in Dubai. For the uninitiated, a plot is a land that has nothing constructed on it. This is why it is available on comparatively inexpensive rates. Once you have purchased a plot, you can get a property constructed on it later on or sell it higher rates.
Bear in mind that ex-pats cannot buy plots in every community of Dubai. There are certain localities, known as ‘freehold areas. If you belong to any other country, other than the UAE, you can buy property in only freehold areas.
A huge number of people visit Dubai every year to explore its attractions, iconic landmarks and world-renowned tourist destinations. Thus, it is safe to say that tourism is one of the most successful and profit-bearing sectors in Dubai. Although it is currently hit hard due to the novel coronavirus, it still makes for the right time to start planning to set up your travel agency.
Tourism activities have been resumed, natives and tourists are able to enjoy these attractions again. The government without any delay is also taking initiatives to promote the tourism and hospitality sector in the region. So making the investment in this industry yields to high return with great support.
As stated above, buying ready properties is out of the question for people with a limited budget for investment. Even in current times, when the prices have reduced, it is tough to secure a deal for a ready property. But there is no need of worry, you can still venture into the real estate market by getting an off-plan property in Dubai. It exhibits many beneficial aspects within it, such as;
Sets Money Aside– Off-plan property permits Investors to get a price tag at the least conceivable cost. Likewise, it permits purchasers to pick the absolute best step to have a property at certain localities which turns on the chances to get the greatest profit for their venture.
Sell Before Completion – Accepting the market has performed well and venture demonstrated mainstream proprietors can frequently sell at an impressive benefit. Investors can auction their off-plan property contracts even before venture finishes.
Business Consultancy Firm
Just like tourism, a huge number of people visit Dubai every year to pursue their dreams of becoming an entrepreneur. You can help them in this regard and earn money by setting up a business consultancy firm. Establishing such a company requires more skills and experience than capital. Of course, you will have to bear the cost associated with establishing a business in Dubai, but they aren’t as high as setting up other types of businesses.
Make a point to obtain necessary certifications before starting a consultancy firm.
Is a good time to invest in Dubai? This is a major question people have in their mind. Although the economy has suffered a blow, it doesn’t take away from the fact Dubai still holds great prospects for investors. So, if you are looking for an investment opportunity in Dubai, select any of the aforementioned niches and unleash the potentials the emirate has for you.