São Paulo – Why invest in the real estate market in Dubai? Representatives of the property manager Provident Real Estate and the international luxury real estate developer Sobha Realty informed in a seminar at the headquarters of the Arab Brazilian Chamber of Commerce (ABCC) about investment opportunities in the sector and incentives such as tax exemption in the emirate, among other benefits. The event took place this Monday morning (10) in São Paulo.
Senior Investment Adviser Fahim Kasmani, Real Estate Adviser Omar Alazzaoui, and Realtor Daryna Arzamazova represented Provident Real Estate. The sales director of developer Sobha Realty, Beatrice Nitu, presented the portfolio of Sobha Properties in Dubai.
Provident Real Estate
Kasmani reported the emirate does not charge taxes and recently legalized cryptocurrency, in addition to being one of the safest cities in the world, having a privileged location, and receiving expatriates from over 190 countries.
Alazzaoui said those who bought the most real estate in 2022 were the Russians due to the war with Ukraine. “They have been going to Dubai since 2005 and now even more to live and invest,” he said. In second place came the British. “The United Kingdom has a strong connection with Dubai; many people invest and go live there,” stated the consultant. Then came the Indians, who, according to him, used to be in the first place. “They helped build Dubai and chose the emirate as an investment hub,” he declared. In fourth were the Germans and the French.
The consultant said he would like to see more Brazilians among the buyers of real estate in the emirate. “In Dubai, there is no real estate tax; you only pay a 4% fee on purchases, and a condominium fee, like here. Opening a company takes less than a month; the process is speedy,” he said. He also reiterated it is a safe city with good health and education systems.
Sobha Realty
Director Beatrice Nitu showed some properties under construction and for sale in Dubai. She said until recently, the real estate trend was skyscrapers, but now it is to have green areas and parks.
Sobha Realty’s apartments and villas are semi-furnished and automated (smart homes) with security and fire insurance. Around 30% of all Sobha properties in Dubai are green areas, and all have double glazing, which reduces heat absorption by 85%, said Nitu. According to the director, pre-construction is the best time to buy.
“As a mega-developer, we are in control of all processes. We are the only developer in the world to do all the work from end to end, so we have absolute control over the results. Engineers, architects, and landscapers are all our employees, and we deliver the promised quality,” she said.
Industry in Dubai
The secretary-general of the ABCC, Tamer Mansour, spoke at the opening and closing of the event. According to him, the GDP per capita in Dubai is USD 37,000. The emirate is home to around 2 million expatriates; of these, almost 6,000 are Brazilians, and about 150 Brazilian companies are in Dubai. Furthermore, last year the emirate received 15 million tourists; 44,000 were Brazilians.
“There are many advantages to buying property in Dubai, both for leasing and opening a business. Dubai has no income tax, in addition to being a tourist and events hub, such as Expo Dubai, and even the World Cup in Qatar also brought many visitors to the emirate,” said Mansour.
The real estate sector in the emirate of Dubai accounted for more than 80,000 transactions and USD 80 billion in 2021. Rental revenue rose between 5% and 10% over the previous year. In addition, the government grants residence permits for up to ten years in the country for buyers of properties priced above USD 545,000. Information was supplied by the ABCC.
Provident Real Estate and Sobha Realty will present other workshops later this week in the states of Minas Gerais and Santa Catarina, informing, answering questions, and prospecting for potential investors. On April 13, at 6:30 pm BRT, there will be a business cocktail party in the capital of Minas Gerais, registrations are open. The series of events will end on April 14, at 6:30 pm BRT, in Balneário Camboriú, Santa Catarina, with a seminar aimed at high-end real estate investors. Registration for this event is also open.
Translated by Elúsio Brasileiro
