Dubai is known for its thriving tourism and hospitality industry, attracting 15.93 million visitors this year. The city offers a wide range of luxury hotels, entertainment complexes, shopping malls, and iconic landmarks like the Burj Khalifa and Palm Jumeirah.
Situated at the crossroads of Europe, Asia, and Africa, Dubai serves as a hub for international business and trade. Its strategic location makes it an appealing investment destination for investors from around the world. Dubai has a strong and stable economy, driven by sectors such as real estate, tourism, trade, and finance. The government has implemented investor-friendly policies, creating a favourable business environment and encouraging foreign investment.
Dubai boasts world-class infrastructure and modern transportation systems, including an extensive road network, an international airport, and a busy seaport. Dubai offers numerous free zones, which provide various incentives and benefits to businesses and investors, such as 100% foreign ownership, tax exemptions, and simplified business setup procedures. There is no personal income tax and low corporate tax in Dubai. Real estate profits are not taxed, making it an attractive option for investors. Properties in Dubai can generate high rental yields, usually between 6-8%.
The UAE is Hong Kong’s largest trading partner in the Middle East region, where the trade in goods between the two places have reached up to US$12.8B in 2021. Dubai saw a GDP growth of 4.6% year-on-year, ranking among the world’s top 10 most competitive economies. The AED is also pegged to the USD similar to HKD, hence it provides low currency risk for Hong Kong-based investors.
The Dubai government’s 10-year economic development plan, known as D33, aims to elevate four key sectors: logistics, finance, manufacturing and tourism.
A key goal of the Dubai Economic Agenda (D33) is to double the size of Dubai's economy over the next decade and to consolidate its position among the top three global cities. Dubai Economic Agenda D33 includes 100 transformational projects.
Wynn Resorts is building a $3.9 billion integrated resort development on the man-made Al Marjan Island in Ras Al Khaimah. Wynn announced the project — the first legal gaming operation in the UAE in 2022. The resort is due to open in 2027. This is followed by an announcement this year by MGM to be built in Dubai.
The influx of ultra-wealthy investors has boosted transaction volumes, the city emerged as the world’s fourth most active market for luxury home sales last year. Capital values grew by 17.1% in the first 9 months of 2023. We forecast that Dubai will achieve the highest growth for the remainder of 2023.
- Gavin She, Director of International Residential
Dubai provides for high living standards and growth opportunities for businesses. With easy access to renown international schools, no income tax, favorable geographical location, the city appeals to an influx of new HNW families to the city. I expect to see Dubai outperforming other mature property markets this year.
- Yan Yan, Director of International Residential
310 Riverside Crescent - located at the heart of all action, residents have easy access to key landmarks including, the Dubai Creek, Design District and Downtown Dubai.
Volta Tower - Enviably situated on Sheikh Zayed Road which is an emblematic main artery of the Dubai city’s incredible progress and is home to the world’s tallest three hotels, residential towers, offices, restaurants and more.
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