12/03/2023
7 MYTHS ABOUT DUBAI REAL ESTATE
➊ Real estate is too expensive
Dubai is not only full-floor penthouses. The market entry threshold is from $150,000 per studio. Real estate prices here are 3.5 times lower than in London and New York and 5 times lower than in Singapore.
➋ There are only skyscrapers in Dubai
In addition to high-rise buildings, Dubai has many green family communities with low-rise buildings, villas, and townhouses.
➌ Too strict or complex laws
Dubai is a cosmopolitan city where people from all over the world feel comfortable. And the real estate laws are reliable, transparent, and focused on foreign investors.
➍ Foreigners cannot own properties
Surprisingly, the stereotype that a foreigner can only own a property for 99 years still persists. This hasn't been the case for a long time. In the freehold areas, which include almost the entire New Dubai, foreigners can buy in full ownership without restrictions.
➎ There is no secondary real estate market
It is a myth that real estate in Dubai is only worth purchasing on the primary market, and the secondary market is not developed. On the contrary, the secondary market accounts for 45 to 60% of all transactions.
➏ Dubai market overheated
This myth is dispelled by a recent Swiss study by the UBS Global Real Estate Bubble Index on the risks in 25 of the world's leading cities. Dubai ranked second, after Warsaw, as the market with the lowest risk of a price bubble.
➐ Only famous locations should be considered
A common opinion is that properties should only be bought in Palm Jumeirah, Dubai Marina, and Downtown Dubai. However, there are several new investment-attractive areas where capitalization is expected to grow rapidly.
What myths about real estate in Dubai have you come across?
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