Dubai is now one of the Investment Hubs in the world
25/11/2012
In the first place, one of the reasons why the UAE has become the favorite destination for investment is due to its being a 'Tax Free' country in the world. So, most of the foreign investors have never been wavering to invest in the latter at all; for they are pretty sure that what they are going to invest will grow immediately, especially during the time of booming years for the real estate market in the country's second largest Emirate, Dubai in which lots of investors from different countries have invested in its emerging industries such as trading, tourism, and real estate.
However, the Emirate was hardly affected by the financial crisis that ruined its rapidly-economic growth. Since then, a number of property investors and companies have stopped their operations in the market. Actually, it almost took around three years of being in the wake of such devastating crisis that hit such particular market. Then, when 2011 began, the first quarter was quite reported that there was already a gradual positive recovery shown in the said market that consistently continued until now. Fortunately, the values of properties in Dubai are now increasing. In fact, some of them have been priced with the same values in 2008. For instance, the price of luxury villas is currently increasing faster if compared to those properties located in prime central London. Based on the report, it happened because of further tax changes in UK that affected the interest of investors.
In comparison, according to Knight Frank, a leading Independent International Property Consultancy Company with a network of 242 offices worldwide, it reported that the villa prices in prime locations of Dubai increased around 19.9 per cent over the year to September; while the prices for properties in prime central London jumped only around 10 per cent over the same period. In addition, for the entire third quarter of the year, the villa prices in the Emirate increased to 2.9 per cent; while in London, the prices just rose by 1.7 per cent.
As a matter of fact, although the prices in the rich parts of London reached around AED7.5 million, the total number of property transactions in prime central London locations has dropped by almost 9 per cent in the third quarter of the year because of changes in the country's taxation itself.
Now, based on Knight Frank's table of annual price, the Emirate of Dubai was in 17th position in the previous year and recorded a 0.3 per cent drop; but jumped to second place during the Q3 2012. However, London which was on the third place last year fell into fifth place this year and was surpassed by the following cities: Miami and Nairobi. So those cities including Dubai are currently considered as the 'Investment Hubs' for high net worth individuals.
However, the Emirate was hardly affected by the financial crisis that ruined its rapidly-economic growth. Since then, a number of property investors and companies have stopped their operations in the market. Actually, it almost took around three years of being in the wake of such devastating crisis that hit such particular market. Then, when 2011 began, the first quarter was quite reported that there was already a gradual positive recovery shown in the said market that consistently continued until now. Fortunately, the values of properties in Dubai are now increasing. In fact, some of them have been priced with the same values in 2008. For instance, the price of luxury villas is currently increasing faster if compared to those properties located in prime central London. Based on the report, it happened because of further tax changes in UK that affected the interest of investors.
In comparison, according to Knight Frank, a leading Independent International Property Consultancy Company with a network of 242 offices worldwide, it reported that the villa prices in prime locations of Dubai increased around 19.9 per cent over the year to September; while the prices for properties in prime central London jumped only around 10 per cent over the same period. In addition, for the entire third quarter of the year, the villa prices in the Emirate increased to 2.9 per cent; while in London, the prices just rose by 1.7 per cent.
As a matter of fact, although the prices in the rich parts of London reached around AED7.5 million, the total number of property transactions in prime central London locations has dropped by almost 9 per cent in the third quarter of the year because of changes in the country's taxation itself.
Now, based on Knight Frank's table of annual price, the Emirate of Dubai was in 17th position in the previous year and recorded a 0.3 per cent drop; but jumped to second place during the Q3 2012. However, London which was on the third place last year fell into fifth place this year and was surpassed by the following cities: Miami and Nairobi. So those cities including Dubai are currently considered as the 'Investment Hubs' for high net worth individuals.
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