Dubai is a highly developed city with excellent prospects, and its real estate market is no exception. With a booming economy and a steady influx of expats, the real estate market in Dubai has become a hot topic for investors and homebuyers alike. However, with all the hype comes a lot of misinformation and myths about the market. In this article, we’ll debunk the seven most popular myths to break when investing in off-plan The Edge in Business Bay, Dubai, UAE.
1. The market is overpriced
One of the most common myths about the local real estate market is that it is overpriced. While it is true that prices in Dubai are higher than in other parts of the world, it is essential to remember that Dubai is a unique market with its challenges and opportunities. The cost of living in Dubai is generally higher than in other cities, which is reflected in the cost of real estate. Still, the housing quality corresponds to the price and is still much lower than in European countries.
2. Break a bank to buy property
Another common myth about the properties in the country is that they are only for the rich. While it is true that there are luxury properties in Dubai that are priced out of reach for most people, there are also many options for tight budgets. In fact, the Dubai government has implemented several initiatives to make real estate more accessible to the middle class. These initiatives include rent-to-own schemes, affordable housing projects, and mortgage financing options.
3. Complete absence of regulations
Many people believe that Dubai’s real estate market is unregulated, which is not true. In fact, the Dubai government has implemented several measures to ensure the market is fair and transparent. These measures include the establishment of the Dubai Land Department, which controls the deals in the country, and the introduction of a real estate regulatory authority, which oversees the activities of real estate developers and brokers.
4. Only for short-term investment
Some buyers consider the local market to be only suitable for short-term investment. While it is true that some investors buy properties in Dubai with the intention of flipping them for a quick profit, the market is also an excellent option for long-term investment. Stability and a track record of steady growth over the past decade are the most vivid characteristics of the market condition. A long-term investment opportunity is no less attractive in the city. As the complex is still in the process of construction, you can start planning the ways of management and determining the strategies for getting profit right now.
5. The market is oversaturated
Some people believe Dubai’s real estate market needs to be more saturated, with too many properties and insufficient buyers. While there has been an increase in the number of properties available in recent years, this is not necessarily bad. Dubai is a growing city with a steady influx of expats, and the demand for housing is expected to continue to rise. Many experts believe the market will absorb the oversupply of properties in the coming years.
6. Only for investors
You may have heard that Dubai is suitable only for investors. While there are undoubtedly many investment opportunities in the market, many options are available for homebuyers. Dubai has many properties available, especially in the off-plan segment. Whether you’re looking to invest or buy a home for yourself, the unique metropolis with high prospects has something for everyone.
7. The market is unpredictable
Finally, many believe Dubai’s property market is unpredictable and volatile. While it is true that the market has experienced some ups and downs over the years, it is essential to remember that this is true of any market. The UAE has a stable and predictable market over the past decade, and there is no reason to believe this will change in the coming years.
Why the Edge in Business Bay?
Based on the information above, several compelling reasons exist to choose the under-development residential complex, the Edge in Dubai.
- Sustainable living. The Edge is designed to be an eco-friendly complex with features that promote sustainable living. These features include solar panels, energy-efficient lighting, and water-saving fixtures. Additionally, the complex has a waste segregation system that encourages residents to recycle and reduce their environmental footprint.
- Luxurious living spaces. A combination of style and functionality is implemented in the apartments. The residences are available in different configurations, including 1- to 5-bedroom apartments. Each apartment is equipped with high-quality fittings and fixtures, modern appliances, and spacious balconies that offer stunning city views.
- High prospects of investment. Investing in a residence in The Edge is a promising opportunity for those looking to make a profitable investment. A reputable developer develops the complex, and the demand for residential properties in Business Bay is expected to grow in the coming years. Moreover, the off-plan pricing of the residences in The Edge is attractive, providing investors with the potential for significant returns on their investments.
The bottom line
To find comfortable and affordable property in the off-plan complex, contact AX CAPITAL. AX Capital has a team of professional real estate agents who have a deep understanding of the Dubai property market. You will also benefit from personalized service and taking into account your preferences. This ensures that clients find a property that is tailored to their specific requirements and that the buying or selling process is smooth and hassle-free.
AX Capital provides legal assistance to clients, helping them to manage legal issues and collect the necessary documents. This ensures that clients are fully aware of their rights and responsibilities and that their transactions are conducted legally.