Decades ago, Dubai was your typical middle-eastern city with its economy relying chiefly on oil import and export. Then, the city started attracting real estate investors from across the world. Today, the city has revolutionized its economy and bases its rapid economic growth primarily on its real estate sector.
The real estate sector boomed in Dubai because of the great numbers of immigrants that it experienced at the onset of this economic renaissance. The math was simple. More people meant more houses. Then, the government aided the building of several luxury resorts in the city which attracted tourists. More tourists meant more hotels. This contributed to the rise of real estate.
If you are a businessperson interested in Dubai property, then here are reasons for and against:
The Pros:
1. Luxury, Style and Value
The properties built in Dubai are famous for their luxury. The city has seen constructions of extraordinary engineering skill, such as the construction of the tallest building on earth, the construction of the largest marina made by humans, and so on. This makes Dubai an ideal place for buying property if you have an eye for luxury.
2. A Nook in the City of the Future
Statistics show that Dubai’s economic growth is set to boom for the next two or more decades. This is likely to set off the city in a new light in the map of the world, possibly as one of the planet’s most important economic capitals. Since this is yet to happen, the property prices are still affordable. In a few years, a house in Dubai might just be the best gift in the world for your children.
3. Diversity of Population
In recent years, the city has seen traffic from not only the middle-east, but also Europe, North America and Asia. Several of the people visiting Dubai are tourists and immigrants who eye the city as a land of opportunities. This means, that no matter which country you come from, you won’t feel excluded in Dubai, as you are bound to come across a certain social circle consisting of your own people.
The Cons:
1. Vibrant with Tourists
Living in Dubai is pretty much like living in any tourist attraction of the world: it is always busy with tourists from all over the world. If you are looking for a quiet, calm place to spend your life in, then maybe the outskirts of Dubai are a better option than the core of the city.
2. Expenses would Increase in the Future
If you’re buying property in Dubai with the intention of moving there in future and staying, remember that with the advent of development, the city, which is still a very affordable place for shopping and lifestyle, is bound to get much more expensive than the present. This might, for you, take the edge out of staying in the city. So make sure you consider the city’s future as well as the present, which is true for all cities that undergo change as rapidly as Dubai is at the moment.
