Dubai is the first name which comes into the mind when you try to define a luxurious lifestyle in one word. It has made remarkable progress within the last three decades that is also noticed by the entire world. Extravagant infrastructure, skyscrapers, and peaceful environment attracted businessmen while trade favored policies made it a hub of entertainment, technology, shopping, and real estate sector.
LuxuryProperty.com Wealth Report Outranks Dubai
The lavish lifestyle, entertainment, and business opportunities grabbed the attention of global visitors and made it the first choice of ultra-high-net-worth individuals. The progress isn’t just verbal, but also acknowledged by LuxuryProperty.com Wealth annual reports which termed it the only city in the middle east “that matters”.
The real estate experts of LuxuryProperty.com believes that business-friendly regulations and peaceful strategic conditions are reasons behind the striking progress of Dubai because they are the contributing factors for the establishment and growth of the business. He anticipates more progress in future and suggests to invest in logistics and infrastructure. Some attention to education and healthcare sectors can boost positive outcomes and investors can think to live here permanently with families.
Dubai managed to make 16th position in LuxuryProperty.com leading popular cities such as Zurich, Melbourne, and Geneva while a few decades old city is slightly behind the cities having an extensive history like Paris and Seoul.
Despite the marvelous success in all fields of life, real estate rates are much reasonable in Dubai than other developed countries. If you have an investment of $1 million, Dubai offers 162m2 residential space which is much higher than the other top-tier cities including London, Hong Kong, and New York which let you buy 30m2, 20m2, and 26m2 respectively.
Likewise, if we compare houses rates among different cities, Dubai is still matchless in real estate opportunities. The price of the most expensive penthouse in Dubai is half to the price of the penthouse in New York. Dubai’s penthouse sold in just $54.5 million which is also far lesser than the most expensive apartment situated in Hong Kong priced $76.2.
One acting head of residential Agency in Middle East has deep knowledge of the real estate sector. She terms Dubai a lucrative place for real estate investors by comparing it with London where you have to spend Dh10,232 per square foot that is much higher than Palm Jumeirah costs Dh2, 500 per square foot. Dirham rate, business-favoring tax policies, and cosmopolitan lifestyle are some other major benefits the city offers.
Palm Jumeirah and Downtown are the top choices of investors due to surrounding areas and impressive development. She reveals that Dubai’s Creek Harbour area and Mohammed Bin Rashid City are also very attractive locations for financiers due to the lavish amenities and ideal infrastructure.
Al Barari is another worthwhile location with marvelous investment opportunities. It has contemporary villas surrounded by beautiful landscape and natural lakes. Dubai Marina is a dream place for high-end property buyers. Imperial Avenue, Downtown Dubai, Boulevard Heights, and Opera Grand are extravagant locations with a lot of business growth chances.
Luxury – How Does Dubai Define It?
The experts warns investors to be cautious from word luxury. The use of marble in construction will not fall property in the category of “Luxurious Property”. In Dubai, marble is overused even used at places where it shouldn’t use such as kitchen worktops.
“From wood to floor, developers should use premium quality products. Use the best material in washrooms, kitchen, and everywhere in the house”, she explains. Never ignore architecture needs and construction pitfalls which trigger bad results. Come up with unique ideas and avoid using the same marble, wood, or stones in the entire home.
Appealing interiors, eco-friendly exterior, and perfect finishing are core attributes of a luxurious home in Dubai while other amenities also pay their part in setting the price.