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If you’re looking to own property in Jumeirah, Dubai, the sprawling real estate district just north of the Dubai Creek and Marina Village, you’ve come to the right place. The post-oil era highlights a once-in-a-generation opportunity for individuals and corporations seeking to invest in real estate in Dubai. For decades, Palm Jumeirah has been home to some of the emirate’s most successful businessmen and private sector executives.
As real estate prices have begun to rise across the city, those with ambitions of moving into a property in Jumeirah should not overlook this emerging neighborhood simply because it is far from any major commercial or cultural hub.
What is the property market in Jumeirah?
In recent years, Dubai has been experiencing a real estate boom. This is due largely to the drop in oil prices and the region’s favorable economic outlook. As oil prices begin to recover, investors are again embracing real estate as a source of passive income. The market currently offers an excellent opportunity for individuals seeking to purchase a property in Jumeirah.
How to Buy a Property in Jumeirah
You’re probably aware that the real estate market in Jumeirah is extremely competitive. This is partly because so many properties are for sale in this area. However, the high number of properties on the market also makes it extremely difficult to purchase a property in Jumeirah. You’ll likely have to put a significant amount of effort into finding a property that your desired location, size, and budget can accommodate. As a result, finding a property in Jumeirah can often be a longer process than buying a property in other parts of the country. If you’re looking to buy a property in Jumeirah, you will want to do your due diligence. Make sure to shop around at various real estate listings and compare listings by neighborhood, building, and price. After you’ve found a property that meets your needs, it’s time to research financing options. The average price of a home in Jumeirah is slightly higher than that of a home in Dubai, which means that you’ll likely have some difficulty financing your purchase.
What Vocational Training is required to be Successful in the Real Estate Business?
Several factors can help you decide where to invest your money when you buy a property. The first one is whether or not you want to become a property investor. The vast majority of real estate investors in the country are corporate types who are looking for passive income. However, many individuals can also benefit from real estate ventures to make a positive impact in the community. If you’re interested in purchasing a property in Jumeirah and you’re looking for a way to invest in a strategic location, head over to the Dubai Museum of Islamic Art. This institution has a large collection of Islamic art that is open to the public and, as a result, you’re able to interact with pieces that are over 1,000 years old. If you can spend some time in this museum, you may just be inspired to buy a piece of Islamic art yourself.
Real Estate Investment Trust (REIT) Opportunity in Jumeirah
REITs, essentially real estate investment trusts, have been gaining popularity in the last few years. REITs are an excellent way to get involved in real estate investment. REITs are formed as pass-through entities and they allow you to rent out your investment properties with minimal effort. If you have some money to invest and you’re interested in real estate, this could be the way to go. If you want to buy a real estate investment trust (REIT) stock, you can usually purchase it on the open market. However, you can also buy shares from a REIT through a brokerage.
REITs are often listed on the over-the-counter (OTC) market, meaning you can buy shares almost anywhere in the world. Because of this, you can find shares in many leading REITs including the Blackstone Group (BX) and the Carlyle Group (CL). If you’re unsure where to start when it comes to finding a REIT stock to buy, the Blackstone Group (BX) is one to watch.
With assets that total more than $100 billion, Blackstone has impacted real estate in the United States and around the world for years. Like many REITs, BX owns several commercial properties including shopping malls, office buildings, and resorts.
How to Locate Good Properties in Jumeirah
If you’re interested in purchasing a property in Jumeirah, you’re likely aware that the neighborhood is home to several luxury residential developments. Start looking around if you want to find a good location for your property. Jumeirah is a very diverse neighborhood, so there are several locations you can look into. If you’re interested in buying in a luxury residential neighborhood, the Burj Khalifa complex in Jumeirah is one to watch.
It has many luxurious buildings that can house more than 3,000 residents. If you’re looking for a mid-range residential location, the Al Maktoum House in Harrah is a good choice. The building is located in a prestigious location near Dubai Creek and has a total of 36 units. The Al Fahidi Estate is another location to keep an eye on if you’re looking for a bungalow. The 72-unit bungalows and six-bedroom palaces make this neighborhood a destination in and of itself.
What is the Real Estate Market Like in Jumeirah?
If you’re interested in purchasing a property in Jumeirah, you’re probably aware that the neighborhood is becoming a hub for luxury real estate. This is largely due to several factors, but one of the biggest reasons is the rise in the value of the MSA. The median sale price for homes in the MSA is $4.12 million, which is about 50% higher than the average sale price in the United Arab Emirates (UAE).
This is likely because many high-end properties have recently been updated and are highly visible in the area. Regarding commuting options, the MSA is home to Dubai Creek and the Dubai Marina. You’ll likely appreciate the time difference if you can commute in either direction regularly. As a result of its proximity to the city, the MSA is also home to several major attractions.
One of the most recognizable is the world’s first museum dedicated to Islamic art. The museum, which opened in 2011, is located in Dubai’s Deira neighborhood and is called the Museum of Islamic Art. The museum is a permanent exhibition and hosts rotating exhibits showcasing a variety of topics including art, architecture, fashion, and more.
Conclusion
Owning property in Jumeirah can be a great way to generate passive income. You will have access to a large inventory of undervalued real estate which you can cash out at a moment’s notice. As an investor, you’re likely going to benefit from the coupon of 40% real estate taxes that is currently being discussed in Dubai. Furthermore, by purchasing a property in Palm Jumeirah, you’re also likely to be able to acquire a range of other assets that can further bolster your investment portfolio. For example, if you own a building, you can expect to see an increase in property tax payments due to elevating your building to the luxury standard.
