UAE Targets $122 Billion Per Year From Tourism – buy properties in dubai

The UAE continues itsmassive moves that are making the tourism industry boom. This has been happening for more years, and the trend will continue in 2023 as well, according to expert opinions. Dubai is a city that especially received the title of a world hub in terms of tourism and real estate as well, as we already explained in our previous posts.

Dubai managed to emerge as one of the top real estate hubs around the world, and investors from all over the globe are coming here to purchase a stake in all kinds of real estate properties. The market is booming following the pandemic, and it’s witnessing an 85% increase in property values that have already been sold.

It’s also worth noting the fact that during the first part of 2022, 37,762 units were sold. This number marked a record with market transactions close to 89 billion dirhams ($24.23 billion).

The importance of attractive elements for living in Dubai

There are a lot of really important advantages for those who are considering relocating to Dubai. Some of them obviously include a warm climate and amazing beaches, which make Dubai a dream destination for whoever wants to live in paradise. This is a place of luxury and relaxation that a lot of people are already appreciating and enjoying.

Investors come here on a yearly basis, and the number is constantly growing as we speak. This is an ideal location that attracts people who dream of establishing a business base here due to its strategic location and access to global markets. Dubai is offering a wide variety of tax-free investment ideas and opportunities in great locations, which include ready-to-move or new construction options as well.

The benefits of buying a property in Dubai include the following:

Golden Visa for real estate investors – investors are able to enjoy a long-term residency, and since back in October 2022, there have been new eligibility rules that involve the golden Visa. Property investors who buy a property worth at least 2 million AED will be able to get such a Visa. More than that, investors who purchase the property via a loan from a bank or invest in an off-plan property straight from the developer.

Other important advantages if you consider buying a property in Dubai includes the following elements:

The tax-free advantage

There is no collection of annual property taxes in Dubai, and the income gain taxes are zero as well. Also, it’s important to note the fact that there is no inheritance tax for property owners in the UAE.

Location

This is another advantage when someone considers moving to Dubai. The UAE’s central location makes this accessible to international investors worldwide. There are direct airport links from almost anywhere in the world, and investors from all over the globe are able to access the UAE.

High value

Compared to the other most important global real estate cities, Dubai’s real estate market offers unmatched value in top locations across the city.

Open market

The real estate market of the UAE is open and also accessible to anyone in the world. With a streamlined process, buying property is really secure and simple, and it can be completed both inside and outside of the UAE.

Working and living in Dubai

Dubai hosts more than 200 nationalities, and this makes it one of the most important choices to live and work for a lot of people. With such a diverse group of people, the city attracts massive talent in business and more from more sectors.

Dubai is also one of the safest cities in the whole world, and this is thanks to the top-notch law enforcement officers and established laws. Here, the residents have access to massive educational opportunities, amazing medical facilities, and infrastructure as well. A lot of elements are making the UAE the ultimate location for property investors. Its economy is also unbeatable, and there you will have access to a lot of investment opportunities. The UAE is an important location for investors from all over the world.

UAE plans $122 billion a year from tourism by 2031 – the need for digitalization 

The UAE plans to boost tourism’s contribution to the national domestic product to $122 billion a year by 2031. According to the official reports, the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, launched the UAE Tourism Strategy 2031 on Friday. 

He is eyeing an annual increase of $7.4 billion; the tourism strategy aims to attract new investments of $27.2 billion to the tourism sector in the country. It also plans to attract 40 million hotel guests in 2031. 

According to the official notes, the strategy includes 25 initiatives and policies to support the development of the tourism sector in the country, the government media office. Considering the return of tourists, the United Arab Emirates’ tourism revenues surpassed $5 billion in the first half of this year.

It’s been revealed that according to the official notes, Dubai state carrier Emirates Airline reported a net profit of $1.08 billion. This number has been reported for the period ending September 30, compared to a loss of $1.6 billion for the same period from the year before.  

This shift in capacity from cargo to passenger operations saw the airline carry 20 million passengers between April 1 and September 30. The number is up 228 percent from the same period dating the year before.

According to the same notes, it seems that Air Arabia, the region’s largest low-cost carrier, also reported solid operational and financial performance for the third quarter ending September 30. Air Arabia reported a net profit of $113 million for the three months ending September 30 – this means an increase of 99 percent compared to $57 million registered in the corresponding third quarter of 2021.

One other issue that is really worth mentioning is the fact that the UAE-headquartered TIME hotels will be foraying into Morrocco in order to come up with 35 luxurious lodges in an equestrian eco-resort in Ifrane’s National Park in Morocco’s Atlas Mountains. The Atlas Crown Collection by TIME Resort will undergo a major extension and facelift, which is expected to be completed by the end of 2023.

One other issue that we have to mention is that the Dubai-based developer Nakheel just announced last week that it had secured financing of $4.6 billion. Nakheel also revealed that the finances would be used in order to accelerate the development of its new projects that are including the 17 square kilometers long Dubai islands – this is the man-made island that is being planned along the emirate’s northern coastline.

As official notes reveal, a Nakheel spokesperson said this reflects the confidence of the banking institutions in the strategic new focus of the company. “We are entering a new phase of growth. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points,” a statement from the company read.

Find yourself a trustworthy collaborator for moving to Dubai

In order to be able to have a successful life in the UAE, you first must have a trustworthy collaborator who can offer you all the necessary insight in order to be able to make the right decision when it comes to investing in Dubai. You will definitely need a great brokerage that knows all the regulations, laws, and ins and outs of the UAE so that you can make the right decision involving your fortune.

Starling Properties is a real estate brokerage in Dubai that specializes in providing exceptional service to its clients in the real estate sector. Our team of experienced and knowledgeable professionals is dedicated to providing the highest level of customer service and professionalism in the industry. The firm has a wide array of properties to choose from, including residential, commercial, and investment properties.

Starling Properties is committed to helping our clients find the perfect property that fits their needs and budget. The team is committed to providing our clients with the best possible experience when searching for their dream homes. With our extensive network of contacts and resources, we are able to provide our clients with the best properties in Dubai. The team of experts is constantly staying up to date with the latest information in the real estate industry in order to provide our clients with the best advice and options available. Starling Properties is very proud to provide clients with the best possible real estate experience.

Closing words

There are a lot of reasons why it’s worth moving to Dubai, and a specialized company will allow you to enjoy the most knowledgeable information that you require in order to make the decision of a lifetime. We are living through difficult times, and the place you live in can mean a lot for your life and for the ones of all your loved ones. Choose wisely because the rest of your life depends on it.