As the pandemic has lost its sting, the UAE, and Dubai in particular, has seen spectacular growth in the real-estate space.
Indeed, for many international investors keen on buying, selling, or leasing property, the emirate has become as safe and reliable an investment destination as any in the world post-covid. Now, market analysts are predicting even stronger growth for the industry, a boom period likely to lift other economic sectors, including aviation and tourism. Besides, the Golden Visa, tax-free incentives, and its distinctive multicultural character only add to Dubai’s investor-friendly vibes. Nitin Chopra, founder, and CEO of Dubai-based Range International Property Investments, opens up on what makes Dubai such an attractive option for investors, and why Range is the go-to brokerage firm for anything and everything related to high-end real estate in Dubai
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1. What are the long-term benefits for investors investing in the Dubai real-estate market?
UAE is a cosmopolitan country with a host of opportunities for any business to take advantage of, and its real-estate market is a fantastic option for investors, especially in the wake of growth picking up pace post the pandemic. Moreover, the UAE is facilitating more benefits for the aviation, logistics, and tourism industries and the real-estate sector. In fact, no part of the economy is currently not doing well, and this is bound to have a positive knock-on effect on the property market.
Demand for real estate in Dubai and Abu Dhabi is especially high. Both offer some of the best luxury options in the world for investors, while also guaranteeing a higher ROI than the other emirates. Another point to factor in is that UAE provides a tax-free environment for investors, who are welcome to grow their financial portfolio without having to worry about paying any income, property or rental-revenue tax. Dubai, with its world-class infrastructure and promise of a glamorous lifestyle—including beach-facing villas and spacious high-end apartments—stands out as a business hub in the region, which makes it an especially attractive prospect for investors. Additionally, once an investor buys a property worth AED2 million, they are eligible to obtain a Golden Visa, which entitles them to long-term residency in the country.
2. What are your thoughts on Dubai becoming a perfect investment destination after the FIFA World Cup in Qatar?
The first-ever FIFA World Cup held in the Middle East has certainly created a favourable impact on the UAE economy. Some of those visiting Qatar for the tournament would have been looking for rental apartments in Dubai but they would also have been aware of the investor-friendly and value-for-money environment the emirate offers, and would have given serious thought to putting their money in real estate here. Besides, Dubai is famed for its international-standard facilities and amenities, and also ensures a safe environment for everyone. It’s a destination that simply cannot be compared to any other city across the globe. It also has a certain charm and ambiance that allows you to experience and live your life to the fullest.
3. How is Dubai’s Golden Visa making an impact in providing supplemental opportunities?
The Golden Visa offered by Dubai is a long-term residence visa that enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits. These benefits allow you to, 1) Live with your spouse, children and family members—regardless of age—until their permit duration expires, and, 2) Temporarily stay outside the UAE for more than the usual period of six months to ensure the validity of their residence visa. The Golden Visa gives the investor peace of mind and a stress-free work environment, while assuring him of an unparalleled quality of life.
4. What steps has Dubai’s real estate sector taken to propel sales and investment? Also, please highlight Range’s growth in revenue since its formation
Behind the introduction of the new real-estate law was a desire to increase investment in the market, and I am very confident that this will happen, that a momentum will be created to keep the industry on an upward growth trajectory. There was already interest shown by global investors before the pandemic and that interest will only expand, leading to unprecedented growth in the real-estate sector in Dubai. The new law will also lead to an uptick in growth of real-estate investment funds.
Because of this buoyant outlook, Range is hopeful of maintaining the revenue growth that we have experienced since we launched. In fact, I expect us to surpass the revenue from sales that Range registered in 2021, when the figure touched AED1.5 billion.
5. What are your expectations from 2023 and what steps will you take to push investors to choose Range as an investment option?
With the market booming, I’m very bullish about prospects for the real-estate sector in Dubai in the coming year. We will continue doing what we have been doing so well but also, of course, look to enhance the much personalised attention we give to our clients—we take great pride in the relationships we have built with our clients. Despite the tremendous growth Range has witnessed, we believe we can always do better, and that we can serve our customers better by constantly seeking to improve on what we do.
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