Real estate markets influenced by change, but why is Dubai's real estate sector taking off?
supply situation in Europe is deteriorating. However, difficult financial circumstances have led to a decline in investment. Meanwhile, the Asia-Pacific region remains attractive in the residential real estate sector, despite a slowdown in activity in Japan due to fewer foreign buyers and gaps between seller and buyer prices, resulting in an overall decline in volumes in the region.
Dubai stands out among other prominent real estate investment geographies as a tax free destination, making it particularly attractive. This year, investment sentiment in Dubai remains extremely positive and the residential real estate market continues to show impressive growth, with values,''up 5.6% in the first quarter.
The UAE Central Bank keeps the interest rate on borrowed transactions, the benchmark overnight deposit rate, at 5.15%. The U.S. Federal Reserve, which raised its benchmark rate for the tenth consecutive time last month, kept its range between 5% and 5.25%.
Based on this sentiment, an increase in interest rates is expected to have minimal impact on real estate. In addition, the UAE has no property tax, rental yields are high, the overall price per square meter is low, and residency and golden visa programs have been introduced along with''a host of other investment-friendly initiatives that will continue to attract buyers and drive growth.
Garnet Partnership - Real Estate Analytics for You
Published: August 18, 2023, 6:00 PM
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