The Dubai International Financial Center has quickly become a leading financial hub for the Middle East, South Asia, and Africa. It is one of the ambitious projects that have turned Dubai into a player in regional and global economics and is governed by an independent judicial system and private laws. It is also an excellent destination for investors, short and long-term tenants, and tourists. This UpperKey guide on the Dubai International Financial Center will tell you everything that makes it a must-visit haven and the perfect location for property investors.
DIFC Is Experiencing Tremendous Growth
As Dubai has skyrocketed to number one regionally in the Global Financial Centers Index, the DIFC has grown with it too. It now hosts numerous operating companies that are leading the charge of job creation in the region. For this reason, there is tremendous demand for commercial and residential space as these businesses need offices, and their workers need somewhere to live.
The Best Services in Dubai
Dubai is about luxury, and the DIFC embodies this sentiment very well. The center has launched a hub that supports family businesses and ultra-rich individuals that will assist them to build wealth and plan their legacies and succession.
The center also provides high-end networking, education and training, and dispute resolution, advisory, and concierge services. All of these make the center more attractive for tenants who want the comforts of life while being able to conduct business and live in luxury.
The Dubai International Financial Center is known for its numerous attractions. These include the Museum of the Future, the DIFC gate village, and the Emirates Towers. The Gate is adjacent to the gated village, the entertainment and cultural hub of the whole area. The Emirates Financial Towers are 24-story twin towers with prime commercial space for local and international businesses.
Other attractions include the Opera Gallery and the Empty Quarter, which hosts exhibits that include photographs from world-famous artists. The center also has several parks, including the Dubai Garden Glow, where residents can enjoy nature and the Dubai landscape.
Different Types of Property
The Dubai International Financial Center has different accommodation options and property types that will please investors. These include multi-bedroom apartments, studio apartments, and luxury penthouses.
All of these apartments meet the highest accommodation standards and have a modern style, making them perfect for long-term stays and Airbnb short stays. All these properties overlook the DIFC skyline, making them all prime properties that Upper Key can help you manage.
For commercial investors, there are many offices for sale or rent. Many businesses prefer buying space for their own use, though, especially if they want to establish a regional presence.
Like the rest of Dubai, the DIFC has modern luxuries that will please everyone who visits or stays. Visitors can enjoy coffee, lunch, or dinner in one of the many world-class restaurants and enjoy a late night out amidst the buzz of other people who want to see the center amongst the lights and stars.
The area is also served by modern transportation options, with residents able to get to and from the center through the Dubai Metro stations located at the Financial Center and the Emirates Towers. Since the center is open and well-organized, strolling around whenever one wants is easy.
The area is also served by buses that pass through it and the city, and those who like a personal option can use taxi services. There is also ample public parking, even though you can use the paid parking spaces.
Where To Buy Property In Dubai 2023?
Some of the best places to buy property in Dubai include Palm Jumeirah, Downtown Dubai, Sobha Hartland, Dubai Marina, and Jumeirah Village Circle. Each area offers something different, making them suited for different types of investors.
Where Is Airbnb Most Expensive In Dubai?
The areas with the most expensive Airbnbs include Dubai Financial Center, Palm Jumeirah, and Downtown Dubai. Because of their locations, these areas are in high demand, with tourists, business people, and even diplomats staying in some of their Airbnbs. The best thing is that a property management company like UpperKey can help you maximize profits if you own a property in these areas.
Do You Need A License To Do Airbnb In Dubai?
If you are an individual owner, you need to register with the Department of Economy and Tourism in Dubai, and you will need a holiday home permit. If you wish to manage more than 8 units, you need to register a company and get the proper license from the Dubai Department of Economic Development. Professional operators and corporate entities require a license from the Dubai Department of Economic Development.
How Do I Know If Airbnb Is Profitable In My Area?
You will need to determine the rental rate in your location first by researching similar properties in the area. Then, conduct additional research to find out the average occupancy rate for similar properties and multiply the average rate by the average occupancy rate to see how much the property would make.
Next, add together all the expected expenses and deduct the sum from the income estimate. If you get a positive number, that means Airbnb would be profitable in that area.
Is Airbnb Better In Dubai?
Yes, it is. Dubai is the most profitable Airbnb location in the world according to multiple sources. You can buy a property in Dubai, use it for Airbnb, and have a very lucrative venture.
Can I Sublet My Apartment On Airbnb In Dubai?
You can sublet your apartment for Airbnb in Dubai, but you need the landlord's permission. If you intend on doing this, you need a contract that includes a subletting clause, the title deed, a letter of no objection from your landlord, a DEWA bill, and the owner's Emirates ID or a copy of their passport.
The Dubai International Financial Center is well suited for investors due to the different types of properties that are available for rent or purchase. There is also a high demand for residential and commercial property, mainly due to the center’s standing in the Middle East and the numerous attractions within and around it.