Myth VS Fact 1.
People believe they have been priced out of the Dubai real estate market, and now it is too expensive to buy.
Firstly, people are not being priced out of the market because if we look at the actual comparisons globally such as the luxury segment for example, at the moment in Dubai one can get one square meter in $3,850 but the same square meter in Central London is going to cost $19,300 if we get into New York and in Manhattan that is going up to $22,850 and $28,300 in Hong Kong. as discussed above Dubai in terms of affordability is cheaper than various kind of mega cities such as Singapore, London, Paris, etc.
So, if people say they have been priced out of the market because of the prices in Dubai, then it is evident that they are nowhere close to any of the other cities. When we look at all these cities except only Singapore, most of them have old infrastructure, don't have this spanking new ecosystem, with crime as high as a skyscraper, the streets filled with homeless people, and the quality of life no way close to what is offered in Dubai. At 1/4th, 1/5th, or 1/8th of the price, one can have investments in one of the most dynamic and beautiful cities in the world that has an amazing future.
Also, there was even an announcement recently made by the Finance Minister that says there is no intention to incorporate income taxes anytime soon but we know that there has been the introduction of a corporate tax at about 9% which still on a global level is less expensive than most of those major cities that we discussed. DMCC in Dubai has partnered with the government in Monaco, which is the tax haven of Europe. The same system is now being incorporated in Dubai because the city intends to become the Monaco of the Middle East. Just like Monaco is attracting millionaires, centi-millionaires, and billionaires to Monaco, Dubai is also driving them into Dubai by creating the most friendly taxation system in the Middle East.