PNN
Dubai [UAE], May 29: Arif Patel, a prominent entrepreneur and business leader based in Dubai, shares insights into the upcoming changes that may reshape the city's real estate market. With degrees from prestigious institutions like the University of Central Lancashire in Preston, England, and Heriot-Watt University in Edinburgh, Patel has earned recognition as one of the Top 10 Investment Companies Executives.
"Dubai is a compelling investment destination, with its excellent infrastructure, quality education, superior healthcare, and high growth potential. The recent introduction of the golden visa program by the government has made this a very appealing destination for foreign investors", says Patel.
The golden visa program allows investors and their families to obtain extended residency permits, offering stability and security in Dubai. Unlike the traditional system where residency was tied to employment, this program aims to attract global talent and stimulate economic growth, solidifying Dubai's position as an international investment hub.
To assist foreign buyers looking to invest in Dubai's real estate market, Arif Patel shares valuable tips to optimise investment decisions:
Seek Local Expertise:
Engage reputable local real estate agents or consultants with in-depth market knowledge. They can provide valuable insights and identify lucrative opportunities.
Understand Market Dynamics:
Familiarise yourself with Dubai's real estate landscape, including market trends, demand-supply dynamics, and emerging areas. Stay updated on infrastructure developments and government initiatives that may impact property values.
Research Legal Framework:
Gain a thorough understanding of Dubai's legal framework governing real estate transactions. It includes ownership regulations, registration procedures, and contractual obligations. Seek professional legal advice for compliance and to safeguard your interests.
Visit Properties:
Whenever feasible, visit the properties you consider to assess their condition, location, and amenities. First-hand experience will enable you to make well-informed decisions.
Diversify Investments:
Consider diversifying your real estate portfolio by exploring different property types, locations, and price ranges. This strategy can help mitigate risks and optimise returns.
Arif Patel highlights the best areas to invest in the UAE from a growth perspective. Downtown Dubai offers high rental yields and capital appreciation potential, and Dubai Marina and Jumeirah Beach Residence (JBR) are also popular hotspots.
Emerging communities like Dubai South and Dubai Silicon Oasis are gaining momentum, offering affordable housing options and promising returns on investment, benefiting from planned infrastructure developments and strategic positioning within Dubai's economic landscape.
As Dubai's real estate market adapts to changing dynamics, experts like Arif recommend that extensive knowledge and nuanced understanding of market is key for investors.
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