Comparison of Dubai Real Estate with Other Major Real Estate Market
Dubai has been considered as one of the most popular real estate hubs across the globe and for all good reasons. Be it America, Honk Kong, London, China, India or other foreign nations, people from across the world are looking for best property investment in dubai. rather than putting their money in their native country. This makes it clear that the financial capital of UAE is much more beneficial in terms of both investment and returns when it comes to buying a luxury property.
However, we should not ignore the rising residential property markets worldwide. In this article, we have given a brief comparison of Dubai with the major real estate markets or residential property markets around the world.
1. Comparison of Dubai and Real Estate Markets Around the Globe
Real estate is a huge asset when it comes to value. For some real estate serves as a repository of their savings of the lifetime and not just a home. Both residential and commercial properties are great source of income and capital growth. Once, local real estate market of several countries is now a global phenomenon for both investors and realtors including families around the globe. Let us consider the residential market of various cities UK countries and have a brief comparison.
2.Dubai’s Real Estate Market
The real estate market of Dubai has emerged dramatically and its growth and bust is driven bye the occupiers demand in the present-day scenario. The city boasts of its strategic position across the Middle East. Call it the best for housing the world’s tallest building, Burj Khalifa, or building the largest mall, The Dubai Mall, or the huge logistics hub, it has turned into an international centre for business and trade today. And, how can we forget mentioning the man-made Islands! Even after the downfall of the growth graph due to the pandemic covid-19, which led to the cancellation of World Expo 2020, Dubai is still on top of the list in the ranking of the wealthiest global real estate markets. As per estimates, if the World Expo 2020 would have been held as scheduled in Dubai, there would have been a rise of US$40 billion in the economic growth of the city. It would have opened doors for 277,000 new jobs.
3. Hong Kong’s real estate market
Hong Kong has only seen rising capital values ever since the global financial crisis. The city’s residential property market has been growing and the values of both mainland and prime markets continued to grow at a steady pace. This fuelled domestic and mainland Chinese demand. Back in 2016, the government introduced cooling measures, which included higher stamp duty on second home owners and foreign purchases. The buyer’s stamp duty, double stamp duty, 3D policy and special stamp duty affected the rate of growth of residential properties. However, the demand in the city outrun supply and the capital values kept on increasing although at a slower pace.
So, Hong Kong remains to be an important part of the global real estate market with its high demand of residential properties and capital growth. But the overall property taxes and other associated costs make it an expensive choice of location for investing in real estate in comparison to best property investment in dubai.
4. New York’s real estate
The most popular city of America when discussing the real estate scenario of the country is New York. It is a large rental city and as its popularity as a tech centre has been rising over the years, the geography of demand has completely changed.
Going back to the time of global financial crisis, New York was the US city that came out better than other leading cities of the country. The contribution of real estate in its overall economic growth comes from the stable yield and rental growth. New wealth in the city is increasing property demand. Young working groups want to live closer to their offices that has boosted the demand in the market of Flatiron District’s ‘Silicon Alley’ and Brooklyn’s DUMBO.
Over 70% of households in New York rent properties. The real estate market of New York is recognized as the most globally invested city across the country of United States. But considering the global real estate market, there are hindrances in buying residential properties in the city.
The two main hindrances are housing tenure and associated costs. As compared to Dubai, the prices are too high in New York and that’s the reason why Dubai has many American investors among the large group of foreign investors in its real estate market.
So, this brief comparison of Dubai with few leading real estate markets around the world makes it quite clear what are the things that attract nationals of these countries visit Dubai and look for the bestproperty investment in dubai and other commercial and industrial property areas.