The UAE real estate has been the subject of much conjecture in recent months. But with local Purchasing Manager Indexes screaming an economic recovery this autumn, and US interest rates slated to fall pointing to lower-cost dirham mortgages, wary buyers risk missing the very bottom of the five-year bear market in UAE residential property.
During the 2008 global financial crisis, there were thousands of empty units in the Dubai market alone, but the market rebounded in less than five years to a boom after steep falls in rents and property values, with the authorities doubling transaction fees and raising mortgage caps to keep it from getting out of hand. Those measures still remain in place, and could be lifted.
This is why!
The UAE has the advantage of:
- Strategic location
- State-of-the-art infrastructure
- Variety of business premises
- Political stability
- Social stability
- Ease of doing business
The UAE is blessed with a strategic location between the east and west, which makes it accessible to major emerging economies, linking shipping routes and facilitating goods’ transportation between the various regions in Middle East, Asia, Europe and Africa.
The UAE provides advanced infrastructural facilities in all fields. In March 2016, Dubai announced to set up the world’s biggest wholesale city , with an investment of AED 30 billion. The city, which will occupy an area of 550 million sq ft aims to help the UAE acquire a significant share of the global economic sector, estimated at USD 4.3 trillion. The city will be linked with Jebel Ali Port and Al Maktoum International Airport and will provide logistical support that will fully link with four continents.
Variety of business premises
The UAE offers endless choices of business premises and locations. According to your business activity, you are at liberty to choose a place appropriate for operation whether on the mainland or in a free zone.
You can set up your business in plush business centres, fancy shopping malls, state-of-the-art commercial furnished buildings and towers, industrial areas, free zones specialised in a range of industries from logistics to media, power and information technology.
The UAE is a model of political stability. Since its formation in 1971, the UAE has been a successful constitutional monarchy and continues to be so. This is because of the belief system of the UAE’s Founding Fathers in peace and justice and the continued belief of the present political system and government in the same.
As per Al Bayan’s report , the UAE has 102 diplomatic missions abroad which include 80 embassies, 18 consulates and 4 permanent missions. There are 199 foreign diplomatic missions in the UAE which include 110 embassies and 73 consulates.
Despite the presence of a large foreign community in the country, the UAE is a safe place to work in and develop your capital with favourable living conditions and quality of life. The UAE Government emphasises on tolerance in the society. Moderation and acceptance of others are innate in the UAE culture.
With 110 crimes , the UAE had one of the lowest level of violent crimes in the world in 2015. The UAE ranked 9th among countries with lowest crime rates and 4th concerning assault offences in general. These rankings are better than many advanced countries around the world.
Ease of doing business
According to the Doing Business 2019 report, the UAE scored 11th rank globally and 1st rank regionally. The UAE scored impressive ranks in the following indices:
Getting electricity – 1st rank
Paying taxes – 2nd rank
Dealing with construction permits- 5th rank
Registering property – 7th rank
Enforcing of contracts – 9th rank
Protecting minority investors – 15th rank
For more information about living in UAE, visit https://www.zoomproperty.com