Dubai’s a city of constant development. As some say, it’s the mayor of the seven emirates and a city that has developed fortunes and that has revived since the real estate crash. Even though they are very wealthy in oil, it only accounts for 1% of the city’s earnings. Immigrants and locals are always looking for real estate opportunities such as off plan projects by Dubai Properties or apartments for sale in Palm Jumeirah due to the success of the country.
So what makes Dubai so rich and one of the most amazing countries in the world? There are a few reasons for this:
1. FREE ZONES
Dubai established one of the largest free zones of the world in 1985: Jafza, with the Jebel Ali Free Zone. This has an area of 52 square kilometers.
Due to this accomplishment, global businesses started investing in real estate in the city so they could run their companies from there. There are over 30 free zones in the emirates which offer, according to experts, tax breaks, custom duty benefits and lack of restrictions to local and foreign owners.
2. GREAT INCOMES
There are pretty big businesses and multinational companies working right now in Dubai, which, altogether, make up 20% of the foreign investment in Dubai. There’s also an estimated of approximately 144 thousand employees that are generating the city a very deserved amount of 80 billion dollars in what locals call non-oil money. This income translates into 21% of the city’s GDP (Gross Domestic Product).
3. DUBAI BELONGS TO ONE OF THE RICHEST COUNTRIES IN THE WORLD
For those who don’t already know this fact, the UAE is in the third position on the richest countries of the world list. It is below Luxembourg (second) and Qatar (first). The UAE has a GDP per capita of $57,744.
Some of the main goods the country produces are services that have a relation with petroleum, petrochemicals, aluminium, and cement.
The city also counts with plenty of architecture, infrastructure, economic and technological developments that keep growing and advancing very quickly.
So, whenever you’re looking for townhouses for sale in Dubai, remember you’re not only investing in your future, but also on a property in one of the capitals of the world. This is a huge deal that anybody would love.