Are you traveling to the United Arab Emirates (UAE) soon? UAE is a federation of 7 emirates, with Abu Dhabi as its capital, lying on the Arabian Peninsula and sharing borders with Oman and Saudi Arabia. It covers an area of 83,600 km² and has a population of about 10 million as of 2022.
UAE is a highly attractive country to live in. From its inception as just a hot desert to its remarkable transformation as the city of the future; UAE has become one of the fastest developing nations and the number one country in the Arab World. This is thanks to the incomparable quality of life it offers from excellent medical facilities, highly developed infrastructure to modern accommodation, high-quality education, and more. One of its unique and highly attractive benefits is that it’s a tax-free country that is also known for its low crime rate. UAE is also economically stable with the Dirham showing stability over the years as reflected in its national economy.
UAE welcomes expats from all over the world to the extent that they represent about 80% of the population, with 200 nationalities living together and influencing each other. That is why UAE has become a multicultural country. Many foreigners come to UAE for work as it offers some of the best employment opportunities in the world with attractive salaries and a tax-free environment.
Taking a closer look at the real estate sector in UAE, it is considered one of the most important sectors that led to its economic growth. UAE encourages foreign investment by enabling foreigners to buy a property in specific areas called “Freehold Areas” whereby they can enjoy the property’s full ownership, the tax-free system, and can also obtain a UAE residency visa. For those reasons, investors come from all over the world to invest in the real estate market for the benefits UAE offers.
Abu Dhabi Ajman Dubai Fujairah Ras Al Khaimah Sharjah Umm Al Quwainbai
If you’re asking why is Dubai the number one city in the UAE? Here is the answer! Dubai is the largest and most popular city in the UAE and is considered one of the fastest-growing global cities in the world. It offers high-class infrastructure and high quality lifestyle. Unlike other cities around the world, Dubai is a tax-free city that does not impose taxes on anyone who is employed, running his own business, or investing in real estate. In addition, Dubai is known for its top healthcare services, educational facilities, and provides many attractive job opportunities with high salaries. You will find private and international schools that offer British and American Curricula for your children. You will also live in a safe environment as the crime rate in the city is relatively low.
Besides that, Dubai has many popular and attractive areas among residents and foreigners, including Business Bay, Dubai Marina, Dubailand, Downtown Dubai, and Palm Jumeirah. All these areas are known for some of the world’s top landmarks, historical places, and luxurious hotels that attract many tourists. When in Dubai one can enjoy their time on a desert safari, go shopping at Dubai Mall, the largest shopping mall in Dubai, or visit Burj Khalifa, the tallest building in the world.
As Dubai developed into a global hub for business, it became a major attraction point for foreigners and investors to relocate to and invest in. And as a way of further encouraging foreign investment and boosting the real estate market, Dubai decided to specify various areas in the city as “Freehold Areas” where foreigners can fully own a property, benefit from the tax-free system, and obtain a UAE residency visa.
Another boom that affected the real estate market is Expo 2020 which recently took place in Dubai. During this global event which hosted and welcomed people from all over the world, Dubai witnessed an immense increase in commercial development, in addition to residential investment which has had a noticeable effect on the country’s economy and real estate market.