Coldwell Banker Around the World: June 2021

The following guest post was co-written by Lynn Kaiser Conrad, Brand Ambassador, and Kaitlin McMurdo, International Affiliate Service Director, for Coldwell Banker Real Estate LLC

If you’re looking for a place… a special place… Imagine an oasis in the desert. Imagine looking from your feet to the sky, gazing upon an architectural marvel and knowing it’s the tallest building in the world. Imagine a coastline where you can sit and daydream, or swim, or kayak, or participate in so many other water activities. Imagine a cultural mecca with delectable cuisine, fanciful fashion trends, and mellifluous languages spoken. Imagine a real estate closing process being completed in minutes. Imagine a place that has no property tax. Imagining all this, you may presume this is a mythical place, that it just doesn’t exist. And yet, this place has a name. This oasis is called Dubai.

“Dubai is not only a land of opportunities, but also a melting pot of cultures and traditions. It has created an atmosphere of inclusiveness that enables its residents to preserve their traditions and culture,” Ayman Youssef, Coldwell Banker UAE’s Vice President, said. “You’ll find people from different parts of the world leading a successful life in Dubai and happy to call it home because of the safe, tolerant, and nurturing environment it offers,” he continued. This unique city first began as a small fishing village in the 18^th century and is now recognized as one of the most popular destinations in the world… the epicenter of culture, glamour, and business. It’s time to transport yourself to UAE to explore Dubai.

Where do you live: Dubai, UAE

What is the perfect weekend day like: Fun brunches, lounging by the beach, jet skiing, picnic in the park, (snow and water) skiing (yes, you read that right!), overnight camping in the desert, or a shopping trip to one of the malls that are a destination in itself.

What are the common modes of transportation there: Cars and public transportation (metro & bus)

Tell us about the foods your area is known for: As a multicultural city, Dubai features cuisines from all around the world. However, it’s known highly for Emirati cuisine which includes Shawarma, Mandi and Khuzi. Indian, Lebanese, Egyptian, Chinese and Iranian cuisines are also very popular in the UAE.

What is your favorite meal? At home or at a restaurant: Dubai, being a vibrant city, offers many amazing restaurants with scenic views of the city. If you are not in a mood to go out, most restaurants have delivery options. Our favorite meal is traditional shawarma (slow-roasted meat, usually lamb or chicken, mixed grills, and Indian karak chai.

Where do you recommend someone vacation in your region, why: Dubai is a fantastic tourist destination to travel for a short holiday. Iconic skyscrapers, manmade islands, beaches, sand dunes, adventure sports, fine dining and shopping – Dubai has it all. For all beach bums, anywhere in Jumeirah, Jumeirah Beach Residence or Palm Jumeirah would be an ideal option. If you are more into exploring the night life and the city, Downtown Dubai and Dubai Marina would be very convenient locations.

What is your favorite recreational or leisure time activity: Theme parks, kayaking, paddle boarding, staycations, dune bashing (off-roading on sand dunes).

Is there a specialty your area is known for: Dubai is known for its tourism and hospitality.

Share a little known but interesting fact about the area/region: The Emirati population makes up less than 10% of the city’s population. The rest of the population consists of expatriates from all four corners of the globe. Another fun fact – The design of Burj Khalifa, the tallest structure in the world, is based on a local desert flower, Hymenocallis, also known as the spider lily.

If you were to live in any other region where we have a Coldwell Banker presence, where would it be and why: France, because of its medieval cities, alpine villages and Mediterranean beaches. It’s famed for its fashion houses, classical art museums including the Louvre and monuments like the Eiffel Tower.

Territory Summary:

The variety of offerings in Dubai is unbelievable. From properties with private beaches, to those on golf courses, to those by the desert, to those in skyscrapers… all within five minutes’ drive of each other! That is not something you can experience in any other major city. Apart from that, the digital, regulatory infrastructure in Dubai is so advanced that a property ownership can be transferred within minutes with all the required documents and title deed. Dubai Land Department employs blockchain in three initiatives (Ownership verification in DLD Mobile Application, Property sale by Developer, and Smart Leasing Process) to target the improvement of providing the services, improve the collaboration with other parties involved in the real estate market, and to create a secured digital asset.

Dubai is one of the world’s most popular tourist destinations. Located in the eastern part of the Arabian Peninsula, Dubai aims to be the business hub for western Asia. Dubai first started out as a small fishing village which in the 18th Century, which later developed to a pearl diving industry. The city further expanded and became a re-exporting hub for Persia and India. Benefitting from the oil wealth, Dubai focused on trade and attracting investment, channeling oil surpluses into major infrastructure projects. In 1990s Dubai began to grow building up its luxury tourism, real estate and financial sectors.

Key Facts:
- Population: 3.331 million
- Language Spoken: Arabic, English
- Climate: Tropical desert climate
- Currency: Dirham
Industry Facts:
- Types of architecture: Apartments, Villas, Townhouses, Penthouses
- Prices per sq. ft/meter: Average for apartments is $250/sq. ft.
- Average Sale Price: $300,000
- Average years in house/apt: 5 years
- Types of financing: Mortgage with LTV up to 80%
- Interesting fact: Property investors in Dubai are eligible for UAE residency visa and there is no property tax on residential properties in Dubai.