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What Makes Dubai a Favorite Second Home Destination

Posted on 28th October 2021 by Driven Properties

What Makes Dubai a Favorite Second Home Destination

The rising interest in owning second homes in Dubai is not a new trend. In 2018, Dubai's real estate market was named a favorite among millionaires and multi-millionaires looking to purchase luxury international second homes. Furthermore, Dubai's real estate market has been attracting a growing number of new buyers from all over the world in 2021. 

A New City to Connect the World 

The choice of Dubai to host the Expo 2020 is a celebration of the most significant UAE Emirate's strengths in diversity, infrastructure, and stability. These qualities are supported and increased because the UAE is ideally situated geographically, connecting three continents, Europe, Asia, and Africa, by less than 5-6 hours of flying time from most of the world's destinations. With Dubai historically called Al Wasl, or the Connection, it makes perfect sense that the theme of this Expo 2020 was chosen to be Connecting Minds, Creating the Future. In addition, organizers report that the city for Expo 2020 will exist for decades; most of the vast sites will remain in use after the six-month world fair, in which everybody can visit this one-in-a-life experience anytime. 

Successful Handling of the Pandemic 

In many ways, Dubai's real attraction is the way it is run. The proactiveness of its rulers and the UAE government has ensured that the city remains perpetually fascinating for investors. Buoyed by a rebound in tourism and quick distribution of vaccines, business activity in Dubai is fast approaching pre-pandemic levels. An incredible 80% of the eligible population was successfully vaccinated during 2021. Experts say the preventive measures to contain the coronavirus pandemic are significant factors that helped boost the country's stature as a safe travel destination, despite the pandemic continuing globally. Plus, the feel-good factor is more important when trying to return to normal after a pandemic. 

100% Ownership and Golden Visa Programs 

Dubai now allows 100% ownership of businesses without the need for a local partner. Also, the Golden Visa program has been a veritable magnet for aspirants of UAE residency. These recently announced policies have resulted in increased entrepreneurial and investment activities in Dubai. The change due to these policies reflects in the rental property market, as both the demand and prices are witnessing substantial growth this year. 

Investor's Paradise 

Dubai offers rental yields of 6-10% – unheard of even in many mature markets. Accordingly, 1 million USD can buy significantly more real estate space in Dubai than in most cosmopolitan cities like Mumbai, Shanghai, London, Singapore, and Monaco. Dubai's real estate market is highly regulated. Investors are protected by a strictly implemented Real Estate regulation Authority, and the developers are accountable, giving considerable comfort to real estate investors. With supply being highly regulated since the pandemic, the increase in demand will keep property prices on an upward trajectory for the foreseeable future. 

High Standard of Living 

The lifestyle offered by Dubai is sumptuous. Moreover, Dubai isn't all about malls and skyscrapers. Dubai has all the activities you can think of year-round, from diving, skiing, snowboarding, biking, golfing, fishing, sailing, windsurfing, desert activities, and water sports. 

Top-Class Infrastructure 

Dubai has the infrastructure that one would expect from a world-class business hub. The government has introduced free zones that serve as hubs for Jebel Ali and Media City businesses to attract foreign entrepreneurs. 

If you are looking for an Dubai apartment, villa in Dubai, or just interested to know more about Dubai, make sure you contact Driven Properties and have all your real estate questions answered.