Dubai, the flower of the desert, is the spectacular city of the United Arab Emirates forged by luxury in every detail. Impressive scenographic and hyper-technological buildings are flanked by more discreet neighborhoods, in which the atmosphere of ancient tradition remains untouched. Dubai International Airport, located in the Garhoud district, is the main airport in the Middle East, which allows for fundamental connections that have contributed to making the area the most attractive tourist destination on the Arabian Peninsula, as well as a city capable of hosting one of the liveliest financial centers.
Downtown, Dubai Marina, Al Quoz, Jumeirah. The neighborhoods of a futuristic Middle East
Downtown is one of the most important districts of Dubai. Among its streets, there are some of the most majestic buildings with the most intriguing aesthetics, such as the Burj Khalifa which dominates the skyline in an undisputed way. It is the tallest skyscraper in the world, with its 828 m, and its architecture blends contemporary and classic elements, reproducing on the top the spiral shape of an Islamic minaret. From the panoramic terrace “At the top” you can also admire the whole of Dubai through a telescope. The streets of the neighborhood overlook an artificial lake with intense shades of blue, which surrounds the Dubai fountain, a set of fountains with very high jets of water illuminated by colored lights.
The pedestrian path of the Boulevard and the Dubai Trolley, the tram with a vintage zero-emission aesthetic, allows you to reach the most varied shopping centers in the city. Among these is the famous Dubai Mall, which has over 1200 shops spread over two floors, within which stands the immense sculpture of a waterfall. Inside the shopping center, you can even find an ice rink and a fascinating aquarium, among the largest in the world.
Downtown’s main street, Sheikh Zayed Road, is home to the World Trade Center, a majestic building complex that houses corporate headquarters and conventions for global business. Adjacent to this area is also the Dubai International Financial Center, one of the largest financial hubs in the world, with an independent jurisdiction, whose economic interests are managed on the basis of an advantageous and autonomous tax regime.
Dubai Marina is located on the shores of the Persian Gulf. It too is home to extraordinary skyscrapers, exclusive boutiques, and luxurious restaurants. It qualifies as the largest man-made port in the world and features Dubai’s busiest beach, known simply as The Beach, of which a portion remains reserved for hotel guests in the area. The Promenade and The Walk are the two pedestrian paths that allow you to enjoy pleasant walks and practice outdoor sports.
The Al Quoz district is famous in particular for the presence of an important contemporary art gallery that houses installations, paintings, and sculptures from all over the world.
Jumeirah is the most exclusive residential area in Dubai, its name means “beautiful”. Its streets are dotted with villas and luxury hotels, some of which were built according to the canons of classical Arab architecture, gathered in the Madinat Jumeirah. The beaches that line the neighborhood are bathed by a splendid sea, while on a small island stands the famous Burj Al Arab, the exclusive sail-shaped hotel, whose profile has become a symbol of Dubai.
Al Bastakiya, the ancient city in the heart of modernity
To enjoy the more traditional atmosphere, you can admire the characteristic wind towers of the Al Bastakiya area. Here stands the typical market where the scents of the East derived from oils and spices float, the souq, where prices are negotiated according to local tradition. The most striking building is certainly Al Fahidi, an eighteenth-century fort, which currently houses an archaeological museum.
Palm Jumeirah, an engineering miracle on the ocean
Palm Jumeirah is the fruit of one of the most daring engineering projects in the Middle East. It is a complex of artificial islands that make up the figure of a palm tree, built a short distance from the coast. The surface of this archipelago is dotted with extremely luxurious properties and hotels that are reserved for private access to the beautiful beaches of this stretch of sea. Among all, the extraordinary Hotel Atlantis stands out, whose shapes are reminiscent of a palace of the Thousand and One Nights. Another artificial archipelago built near the coast of Dubai reproduces the image of the planisphere and for this reason, it was named “The World”.
Real estate investments in the pearl of the Persian Gulf
Dubai is one of the most favored emerging locations in the real estate market in the last year. The reduced tax burden and the projects for the benefit of the sale of the numerous recently built buildings are among the most important characteristics. As a result of Expo 2020, there has been a further increase in the quality of the city’s infrastructure, guaranteeing an even more congruent and heterogeneous influx of tourism and immigration. In addition, the value of the local currency, the dirham, enjoys steady growth and stability, and foreign capital as well as real estate transactions are largely protected by government institutions.
The most developed sector is that of luxury residential, in particular with regard to the purchase of a second property. Very high net worth investors are the most involved, but Dubai is not a market reserved only for holders of such a level of investment capital.
In Dubai there is no income tax for residents and no value-added tax (VAT) is required on residential properties.
The residential areas are divided between the Leasehold Zone, within which the Emirate government grants property rights for a period of 99 years, and the Freehold Zone where the most suitable properties are located for those wishing to make a successful investment. Here, in fact, full property rights are provided without any time limit, so that any decision regarding the sale or rental can be managed independently
The annuities guaranteed by a lease in Dubai are even close to 8% per annum, while the expenses simply concern the payment of the condominium for the types of properties that provide for it, as the Free Tax regime is in force in all the United Arab Emirates. Prices may vary depending on the characteristics of the property and its location, within the spectrum of an overall average ranging from 2,700 euros/sqm in the suburbs to over 3,200 euros/sqm in the city center. The areas most affected by investments related to luxury residential are Palm Jumeirah, Emirates Hills, Jumeirah, Dubai Marina, and the Dubai Hills Estate complex.
NB: Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate is 5%.