An increasing number of people prefer to live in large cities, which offer wide opportunities for employment and business development. The quality of life and infrastructure development are also important. Foreigners consider a capital of the state, as well as major foreign cities for moving to a permanent residence. Dubai real estate is traditionally in high demand. Let's try to figure out which of the major cities has created more attractive conditions for investment in real estate, living or rest.
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- Real estate market in London and Dubai
- Rent rates
- Property prices
- Luxury real estate through the eyes of London and UAE architects
- Infrastructure and quality of life
- Dubai-Luxury.Property helps buy real estate in Dubai
Both metropolises are actively developing. It has common market trends has well as differences:
- In London, elite real estate in the first half of 2021 has risen in price by 6.2% and it is expected to rise to 8% in 2022. The figures are provided by the analytical agency Savills based on information from 30 major cities around the world. This is a fairly high figure, since the average growth was less than 4%. Rent rates increased by 2.6% and in some areas the growth rate reached 3.5% supported by the strong domestic demand for houses.
- In Dubai, the increase for the same period was 1.5%, which is compared to the first half of last year. Experts predict further price increases, so it is profitable to invest in villas and luxury apartments in the city. But the difference between Dubai and London is about 1.4%. It is important to consider that this indicator is an average and it covers all types of real estate. Rates are higher for certain segments of the UAE market.
The rates depend on the property and its location:
- In London, most of the prime-market apartments and penthouses are located in the central part of the city. It is rented at different prices. You can rent a five-bedroom apartment for USD 30,000. Besides, you can rent a penthouse with the same number of bedrooms, but a larger area for USD 160,000. The six-bedroom house is offered for temporary residence at USD 100,000. These are areas with developed infrastructure and a single architectural solution. There are higher and lower rates. You should also keep in mind that very often the rent rates are indicated per week.
- Dubai demonstrates an equally diverse pricing policy. A villa in the sub-community of Arabian Ranches can be rented for USD 39,000. The luxury penthouse with the sea view is rented for USD 117,000. But these are just a few examples. The highest rent rate was the property in Palm Jumeirah. The price was USD 1,030,000. It emphasizes the diversity of taste preferences of potential investors.
Dubai and London are fundamentally different in pricing policy and quality of properties. Active development in Dubai began just a few decades ago. But different development projects built more than 10 years ago is considered to be outdated. Modern technologies are moving forward. The quality of materials is changing, so new development projects became expensive. In the main emirate of the United Arab Emirates, luxury apartments are located in new residential projects, except for detached houses and villas. Its price varies from one to several million dollars. You can find luxury apartments cheaper, but it all depends on the area and location.
In London, demand significantly exceeds supply, which is why sales have fallen and prices continue to rise. In 2020, the real estate market in London showed a slight increase in housing prices (more than 5%), as well as significant progress in the launch of new development projects. In 2020, the total number of houses exceeded 28,000.
When choosing a property, a lot of things depends on the taste preferences. Someone likes secluded villas, while others prefer a penthouse in a modern skyscraper. However, much more spacious and modern apartments can be purchased in Dubai.
The basic difference lies in the concept of luxury real estate. In Dubai, these are spacious areas, panoramic windows, a vacant plot for villas and townhouses. The focus is on infrastructure. If this is a penthouse in a residential development, then the latter has everything you need for life. The isolation from neighbors does not imply restrictions on comfort. Therefore, the services of residents are not only a separate entrance and the advantages of a particular object, but also common property. In modern residential development projects, it includes fitness centers, spa areas, saunas, swimming pools, as well as spacious green areas where you can relax or walk. Moreover, the infrastructure of residential development projects involves:
- Security system.
- «Smart home» system.
- Additional amenities, such as supermarkets or beauty salons within the residential development.
- If we talk about villas, then this is a luxurious adjoining territory, an outdoor pool, a place for family rest and guests.
In London, everything is different. In the central part of the city, you can find real estate, but due to the limited area, it may be difficult to plant greenery in the surrounding area. Historic real estate is valued for its authenticity, while designers try to make it as comfortable as possible, taking into account modern realities. Suburban communities provide spectacular landscape design, but they may be difficult to transport.
Another point that requires close study. It makes no sense to compare the cost of goods or personal services, since everyone's income and taste preferences are different. However, there are a few things, which are important:
- Parking. If we talk about the center of London and the historical place, the latter does not provide for parking spaces. It is more convenient for owners of townhouses or modern residential development projects, where a parking space is provided by the project. In Dubai, parking spaces are provided in every residential development under construction. For villa owners, this can be an underground or above-ground garage for one or several cars.
- Medical and other social institutions. In London, hospitals and clinics are provided for in each area. This rule applies to schools and kindergartens. In Dubai, the quality of medicine is at the highest level, but not every sub-community has its own clinic. It also applies to schools. Given that the distance between the borders of areas is not too large, you can always find a school or clinic in the neighboring community.
- Business opportunities. Free economic zones in Dubai are exempt from taxation. Property owners also do not pay for property. In the UK, the tax rate is provided both for doing business and for property that is in the right of ownership.
- Security. Dubai takes the leading position among with the lowest crime rate. In London, the security situation is worse.
- Geographical position. Dubai is located almost halfway between Europe and Asia. The flight to the capital of the United Kingdom takes seven hours, the same as to the cities in China. It is easier to do business.
Investing in luxury real estate is not difficult. Even if it is located in the United Arab Emirates. Our specialists are ready to provide assistance, as well as give the information about all pros and cons. Check out the latest property deals from developers and local real estate agencies on our website today. We have collected the best offers with the up-to-date prices.