All Forum Posts by: Michael Zimeri

Quote from @Raju Penmatcha:

Quote from @Michael Zimeri:

Hi Marise,

This is Michael from Coldwell Banker UAE.

I have been in the BiggerPockets community for a few weeks now and from what I have seen is that this community and tools are mostly oriented towards the US market.

Regarding analysis for Dubai, I would more than gladly guide you through the Dubai market if you wish!

Hello @Michael Zimeri, how is the Dubai market now for US investors?

Hi Saju,

Well it is an exciting market with lots of future developments happening, all aligned with the popular Dubai 2040 vision.

As for how the market is for US investors, there is no local tax on capital gains, or tax on rental income. However, my US investors are required by the IRS to report it. Another factor that works well with US investors is that the local currently AED (Dihram) is pegged to the USD at 3.67~ AED per 1 USD.

For long term rentals, its on average 5-8% after the “Service Charge” reduction. You can find properties that can surpass or stay below the average as well.

As for the overall market panorama, there are huge projects planned or under development. Exciting for Capital Appretiation. Just to mention a few:
- Wynn Casino (First Casino in the GCC states) in Ras al Khaimah
- Al Maktoum International Airport (set to become the worlds busiest airport)
- Palm Jebel Ali (the second palm bigger and more luxurious)
- Expo City (Regions largest exhibition center)

Its a lot of information but I believe it gives a simple explanation to the complex market here.

Let me know if you would like to know more about the market and if you would need guidance into exploring the possibilities here!

Have a great day!

Hi BiggerPocket community,

This.is Michael, currently a partner of Coldwell Banker UAE.

Just want to introduce myself to this community and proactively will be sharing more about investments in the real estate market here in Dubai. So make sure to follow me!

The meteoric growth of the market here is all aligned with the 2040 vision of the rulers to double the population. Thus a great opportunity to be a part of it financially!

Pleasure introducing myself to this community and let me know if you have any plans to come to Dubai soon and we could meet up for a coffee or a call!

Hi Marise,

This is Michael from Coldwell Banker UAE.

I have been in the BiggerPockets community for a few weeks now and from what I have seen is that this community and tools are mostly oriented towards the US market.

Regarding analysis for Dubai, I would more than gladly guide you through the Dubai market if you wish!

Hi BiggerPockets Community, 

When diversifying your portfolio, make the right decisions. Look at all the facts and data, this will reduce your current risk levels. Comparing Dubai's price per square foot to other high-performing real estate markets worldwide highlights its relative affordability and potential for higher returns. Here is a sneak peak of what are the current rates at some of the top real estate markets worldwide.

Dubai

Price Per Square Foot: Approximately $450-$600 for prime locations.

Highlights: Offers high rental yields and a robust infrastructure, with significant growth potential due to ongoing development projects.

New York City, USA

Price Per Square Foot: Approximately $1,500-$2,500 for prime Manhattan locations.

Highlights: Known for its stable and mature market, high demand, and status as a global financial hub.

London, UK
Price Per Square Foot: Approximately $1,200-$2,000 for prime central London locations.

 Highlights: London is a top global city with high demand from international investors, strong historical price growth, and significant rental yields in prime areas.

Hong Kong

Price Per Square Foot: Approximately $2,000-$3,500 for prime locations.

 Highlights: One of the most expensive real estate markets globally, driven by limited land supply and high demand from local and international buyers.

Singapore

Price Per Square Foot: Approximately $1,000-$1,800 for prime locations.

Highlights: Offers a stable and transparent market with strong government regulations and high demand from expatriates and international investors.

Paris, France

Price Per Square Foot: Approximately $1,200-$2,000 for prime locations.

Highlights: Paris is a cultural and economic hub with strong demand from both domestic and international buyers, coupled with historical significance and high tourist appeal.

Sydney, Australia

Price Per Square Foot: Approximately $1,000-$1,800 for prime locations.

Highlights: Known for its high quality of life, strong economy, and significant demand from both local and international investors.

Tokyo, Japan

Price Per Square Foot: Approximately $1,200-$2,500 for prime locations.

Highlights: Offers a stable market with high demand, driven by its status as a major global city and economic center.

Shanghai, China

Price Per Square Foot: Approximately $1,000-$2,000 for prime locations.

Highlights: Rapid economic growth and urbanization drive strong demand, making it a key market for both local and international investors.

Comparison Summary

- Affordability: Dubai's price per square foot is significantly lower compared to other top global cities, making it a more accessible option for investors.

- Growth Potential: With ongoing developments, strategic initiatives like Expo 2020, and a business-friendly environment, Dubai offers strong growth potential.

- High Rental Yields: Dubai often provides higher rental yields compared to other high-performing markets, enhancing its appeal for investors seeking rental income.

- Infrastructure and Lifestyle: Dubai's world-class infrastructure, high quality of life, and strategic location add to its attractiveness as an investment destination.

Dubai offers a compelling investment opportunity due to its affordability relative to other high-performing real estate markets, coupled with high rental yields and strong growth potential. Investors looking for a dynamic market with significant upside may find Dubai to be an attractive option. Let me know what you think!

With pleasure! Every one aspiring to join the community needs to be aware of what to look for @Mary Smith

Hi Forum,

This is Michael, I work in Coldwell Banker UAE as an offplan specialist. 

There are many people coming into Dubai to invest specifically in real estate. So in case you are looking to invest in Dubai it is a great opportunity but beware of the following:

- Developer Reputation: Investigate the developer's track record, previous projects, and financial stability. Established developers with a history of successful projects are generally safer bets. Ensure the developer has a good history of delivering projects on time and as promised.

- Location and Market Trends: Choose projects in prime locations or areas with high growth potential. Proximity to amenities, transport links, and future infrastructure developments can significantly impact property value. Understand current market trends, including supply and demand dynamics, rental yields, and price trends in the area.

- Legal and Regulatory Framework: RERA Approval: Verify that the project is registered with the Real Estate Regulatory Authority (RERA) and has all necessary approvals. Ensure your payments are made into a RERA-approved escrow account to safeguard your investment.

- Payment Plans and Financial Commitment: Many off-plan projects offer flexible payment plans. Understand the payment schedule and ensure it aligns with your financial situation. Be aware of additional costs such as service charges, registration fees, and maintenance fees.

- Property Specifications and Quality: Detailed Specifications: Get a detailed specification of the property, including materials, finishes, and fittings. Verify that these match the promotional materials and agreements.

Completion Timelines and Delays: Understand the projected completion date and any potential factors that could cause delays. Check the contract for clauses related to delays and the compensation you are entitled to if the project is not completed on time.

- Exit Strategy and Resale Market: Consider the potential resale value of the property. Properties in sought-after areas tend to appreciate more and are easier to sell. Understand the liquidity of the market and how easy it will be to sell the property if needed.

- Rental Yields and Occupancy Rates: Research the expected rental yields and occupancy rates in the area to understand the potential return on investment. Consider property management services if you plan to rent out the property, especially if you are an overseas investor.

- Contract Details and Terms: Carefully review the sales contract, including all terms and conditions. Pay attention to clauses related to payment schedules, handover dates, and penalties..

By keeping these factors in mind and conducting thorough due diligence, investors can make informed decisions and mitigate risks when investing in off-plan properties in Dubai. And most importantly have a trusted and qualified agent by your side..

Hope this helps the curious minded investors looking to expand their portfolio!

Hi there,

I am Michael and I work in Coldwell Banker UAE. 

Do let me know what your expectations are and I will gladly guide you through the current market!

Looking forwards to meeting you!

Hi Akhtar,

This is Michael from Coldwell Banker UAE, American Company with global presence.

Saw you are currently in Dubai, would love to connect with you so we can meet and discuss about what current investors do so you would be well prepared for this industry!

Let me know if you would want that!