Question of Year 2024: Where to Invest For Greater ROI

Dubai has emerged as a leader in the world real estate market thanks to its location, climate, and financial appeal due to tax exemptions. Given the stable buyer's market in the nation and the significant developments that are scheduled to be completed this year and beyond, those who are thinking about adding to their personal asset portfolio should move forward with confidence. For those looking to profit in Dubai real estate, Bay Route Real Estate has identified the top investments to make in 2024.

As 2024 approaches, it is anticipated that the Dubai real estate market's upward trend will continue.

It is vital to take into account the subsequent elements while venturing into the Dubai real estate market:

Money in the Pocket:

Factors including living expenses, school fees, and visa requirements should be added to your property budget. According to a survey, a single person's monthly expenses in Dubai are £1,550, while a family of four must pay £3,569. It's wise to get an idea of the overall expenses even if you intend to rent out your house so that you can set reasonable rent prices for prospective renters.

Tax:

The property tax regulations in Dubai are a motivating force for investment.  When compared to other significant international cities, the region's expat property market is extremely competitive because it does not levy stamp duty, capital gains taxes, or recurrent annual fees. Additionally, landlords are exempt from income tax on rental yields.

Do Your Homework:

The most well-known areas of Dubai's real estate market are no longer just Downtown Dubai and the well-known Dubai Marina. Distinct regions provide disparate experiences and draw disparate categories of foreign nationals.

For instance, the nation's Business Bay neighbourhood, which is located inside the financial centre, draws ambitious young financiers to its studio apartments. But if you drive thirty minutes, you'll arrive in Serena, a serene Mediterranean paradise with a strong Spanish influence that's ideal for affluent families and couples. 

Before you shortlist houses, do some research on the areas; this will help you better grasp the possible long-term advantages.

Seek Advice From Maestro:

It would be beneficial for anyone, even those with extensive knowledge of Dubai's housing market, to have an investment specialist on board like us. In addition to possessing an extensive understanding of local regulations, a qualified consultant will help in negotiations by leveraging their understanding of current trends to secure the best possible outcome. 

Areas To Target in Dubai:

Whatever the location, the data shows that now is an excellent time to purchase real estate in Dubai, with prices expected to climb by 12% in 2023 and rental costs to rise by 22%. Still, there are attractive options available in five specific regions for individuals wishing to increase their fortune.

1. Business Bay

One of the most sought-after destinations for investors in the region is Business Bay, which boasts canalside spaces, amazing amenities, and is conveniently located just 10 minutes from Dubai's International Financial Centre. Because Downtown Dubai is so close to key highways, you can easily access the entire city from there. Because of its remarkable design, abundance of services, and convenient access to major employment centres, Business Bay is becoming an increasingly desirable place to live.

2. Jumeirah Village Circle

3. Arjan

Arjan is a developing neighbourhood that provides the ideal mix of residential charm and city living. It keeps up a peaceful ambiance, all the while being conveniently close to the Dubai Autodrome, Miracle Garden, and Dubai Butterfly Garden.

Arjan offers a host of attractions that combine the best of both cultures, such as world-class cuisine and green spaces. Arjan is the ideal spot to call home, regardless of your preference for a lively and adventurous lifestyle or a tranquil haven.

• From AED 724,888 | USD 197,357 
• Type of unit: Apartments (Studio, 1-3 bedrooms)
• Finalisation: Q4 of 2026

4. Uptown Dubai

Uptown Dubai's fast-paced environment is conducive to a business lifestyle, and many individuals in the banking and investing sectors choose it first because of its close proximity to the Dubai International Financial Centre. Furthermore, Uptown Dubai offers first-rate amenities such as dining options, a vibrant nightlife, shopping, a golf course, and a beach—everything one could want to relax after a hard day on the trading floor.

Among the many structures in Uptown Dubai, Ellington Properties' magnificent Mercer House is certain to catch attention. Mercer House, which offers a more tranquil take on affluent city life, is located across from the well-known Dubai Marina and offers studios, apartments, and luxury penthouses. 

Restaurants, retail stores, and fitness centres are among the excellent amenities located in between each tower. At their fingertips, residents of Mercer House find the ideal balance between tranquilly and vitality. The property is expected to rank among the top investment opportunities in Dubai by 2024, and its prime location will probably further increase its appeal.

• From AED 900,000 | USD 245,033
• Type of unit: studios, one-to three-bedroom flats, and penthouses with 4 bedrooms
• Finalisation: Q3 of 2027

5. Damac Hills 2

The finest of both worlds is found at upscale Damac Hills 2. The development, which is situated on the southern edge of Dubailand, features a variety of homes and villas in addition to an abundance of services and peaceful green areas.

Damac Hills, which already has a reputation as a sought-after location for insiders, is gaining popularity among high-earning employees. Its tranquilly and easy access to the nation's major highways also make it a desirable option for buy-to-let investors.