Beachfront villas to opulent penthouses, there is a lot that defines luxury real estate in Dubai.
World-class infrastructure, multiple investment incentives coupled with tax-free policies have made Dubai in UAE a major investment destination for both natives and Indians alike. Just to throw a number, nearly 25 per cent of Dubai Real estate investments are contributed by Indians.
The quality of life in Dubai stands at an index score of 143 which is way higher than Indian cities. Further, if we go by the report from the World Economic Forum, the UAE is also the third safest country in the world. Without a doubt, Dubai is clearly a preferred choice for investment by Indian HNIs and UHNIs. And interestingly, the high net worth individuals do not limit their investment to an average property but aspire for something unique that states their social standing.
Themed-gardens and naturally landscaped lakes form a major part of the luxury real estate in Dubai. Besides, state-of-art amenities and picturesque views define high-end properties here.
Location is another prime factor that defines luxury housing. For instance, Palm Jumeirah and Downtown Dubai are two prime locations in Dubai that are most sought after by the elite group.
Interestingly, unlike Indian markets where marble flooring and tiling are considered opulent, Dubai sees these in abundance. Thus, there is no luxury label attached to it. Similar is the case with amenities like swimming pool and gymnasium. The differential factor, however, is the brand of the equipment and exquisite finishes used for the construction.
Luxury in Dubai clearly goes beyond the usual amenities and provide private screening rooms, business lounges, etc. Security is also of utmost importance, which can be gauged by the fact that several high-end projects have separate guest entrances. Concierge services are mostly akin to those at premium hotels. Uber luxury projects also come decked with private grand lobbies, spa treatment rooms, screening rooms, music rooms and art galleries.
At present, several premium projects are under-construction that are expected to be ready-for-possession in the next one to two years. These projects boast of amenities such as 325 acres of verdant landscape that contains 700 different types of plants and seven themed gardens, a 9km of running, cycling and walking trails that loop through the parkland around the periphery of the property, among others.
In another prominent project, residents will cross a 300 mt. bridge onto a private seahorse-shaped island off the coast of Jumierah Beach Road. They will also enjoy their own private beach and the 50 berth Bulgari Marina and Yacht Club, the first of its kind in the world.
When compared to Singapore and Hong Kong markets, which are also attractive destinations for Indian investors, the property rates in Dubai are more competitive. Moreover, Dubai market is very organised and professional with liberal policies in favour of the property buyers. In addition to the transfer tax, there is no tax on rental income as well.
While Indians continue to dominate the luxury property spectrum in Dubai, buyers from Pakistan, Iran, Lebanon, and other Gulf countries are also making a beeline for properties here. With oil prices stabilising, the real estate market is poised to rebound in 2017 from its downturn since mid-2014.