Dubai Real Estate Market

The real estate market in the United Arab Emirates (UAE), especially Dubai, is booming. Dubai is known as the "Land of Opportunities", suitable for all types of investment, regardless of scale.

To better understand the Dubai real estate market as well as its potential and opportunities, we had a conversation with Ms. Dao Thi Luong, a licensed real estate broker in Dubai, who is currently a member of Blue Collection Real Estate LLC, a leading real estate brokerage firm in Dubai.

Ms. Dao Thi Luong - Real estate consultant in Dubai, member of Blue Collection Real Estate LLC

In recent years, I know that most Vietnamese investors come to you when they have a need to invest in real estate in Dubai. Can you share with us how you gained such trust?

I have lived and worked in Dubai for 12 years, and have had many opportunities to interact with Vietnamese people around the world. In fact, my customers are not only Vietnamese people from Vietnam but also overseas Vietnamese from the United States or Europe, even Hong Kong.

When advising any investor, I will also research their needs and expectations to help them choose the most optimal product. And in fact, up to now, my clients have received the expected values from my advice. And that may also be the main historical reason for me to receive the trust of my clients.

So, in your opinion, what are the advantages of investing in real estate in Dubai compared to Vietnam or Australia?

First of all, I can confirm that real estate investment in any of the three markets of Vietnam, Australia, and Dubai has the opportunity to make a profit. The profit ratio in each market may differ slightly, but there are some very important issues to pay attention to, such as policies, transfer costs, and taxes.

In Vietnam, every time a real estate is transferred, the seller and the buyer must pay mandatory taxes, which will invisibly increase the price of the real estate after each transaction. Or in Australia, they have a fairly clear policy that selling a house to a foreigner will be more expensive than selling a house to a local, so of course a Vietnamese investor will have difficulty competing with a local investor and in my opinion, real estate in Australia will emphasize settlement rather than investment, not to mention the taxes and fees of the Australian government .

In Dubai, you only need to pay a one-time tax of 4% of the purchase value and subsequent transactions are very easy because Dubai's management system is very advanced, transactions only take place in a flash and the government absolutely guarantees the property rights.

Damac Island Dubai project distributed by Blue Collection Real Estate LLC

What is the daily trading volume at your company? And what countries do investors usually come from?

In 2024, we will do an average of 3 to 5 transactions per day for segments A, B, C. Our customers are concentrated in Europe or the United States, including overseas Vietnamese and a few from Vietnam.

Can you share a little about the advantages and disadvantages when consulting Vietnamese customers as well as when Vietnamese people buy houses in Dubai?

Most Vietnamese people are very cautious when investing and the biggest concern of customers is Dubai's legal information. In fact, Dubai's legal system is very transparent and progressive, their administrative activities have been completely digitized so transactions are very convenient.

Another problem is the investment habits of Vietnamese people when most real estate investors want to see the property with their own eyes, while Dubai is quite far away. Moreover, this is also a large investment activity, so this habit sometimes hinders and causes good opportunities to be lost. Of course, as a consultant, we have full information and experience to solve all difficulties for our customers, and in fact, through us, Vietnamese customers are very convenient in buying and selling.

Palm-Jebel-Ali project distributed by Blue Collection Real Estate LLC

Can you share a little about your biggest deal to date?

This year alone, I have broken the record for transaction value in the villa segment twice. At the beginning of the year, I advised on the sale of a private villa of over 700 m2 worth ~8 million USD and recently a super villa of 1,200 m2 facing the sea with a value of about 10 million USD. As for the apartment type, my largest transaction value was a class A penthouse in the center of Dubai with a transaction price of 12 million USD to an American Vietnamese.

That would be a dream come true for any consultant. Can you share a little about your plans for 2025?

In 2025, we have many plans such as expanding our business and possibly opening representative offices in Vietnam to better support domestic customers.

Besides, I will also have more presentations introducing the potential to Vietnamese customers, helping Vietnamese investors get the most accurate information to make the best choice for their investment.

Through a short conversation with her, I found the Dubai real estate market quite interesting. Hope to see her again soon in Vietnam. Wish her good health and more success.

Source: https://baodautu.vn/batdongsan/thi-truong-bat-dong-san-dubai---vung-dat-cua-nhung-co-hoi-d237409.html