Team Cashi was fortunate enough to travel to Dubai from October 22-29th of 2021 to attend a trade mission with a group of prosperous global agents looking to learn about the future of the Dubai real estate market. We were hosted by an amazing group from a Century 21 office in downtown Dubai who we have partnered with to be able to refer business back and forth. Within the last month we have also earned our Dubai Real Estate licenses.

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We were escorted around the city to meetings with a variety of real estate related companies to find out about their services. From software engineers developing a real estate management program for investors/landlords, a Cryptocurrency provider who is also on the forefront of Bitcoin Distributions to the DLD, Dubai Land Department, the governmental body that develops the legislation and regulates the Dubai real estate market.

 The most exciting for active realtors, as you can imagine, was getting the opportunity to tour new construction in downtown Dubai. One of which was Al Habtoor City, a mixed-use project with residential condos, 3 5-star hotels including the Curio by Hilton, a Tennis academy, the largest leisure & pool deck in all of Dubai, sprinkled with dining & specialty retail shops, a Promenade and Marina. 

 The residential availability consists of two 73-story & one 52-story towers with inventory ranging from 1 bedroom, 1 bath condos starting around $300,000 USD to a 10,000 SF penthouse listed at $34,000,000 with views of the breathtaking Dubai skyline as far as the eye can see, of course taking full advantage of the stunning turquoise blue Arabian Gulf water views. 

 We also got the opportunity to visit a master planned community about 20 minutes outside of the city, called Dubai Hills being built by Emaar International. Those of you familiar with Sarasota/Bradenton, I would say this is the Lakewood Ranch of Dubai.  Those that aren't, I would just say it is the suburbs of Dubai and it’s beautiful, well-planned, amenity rich, offering more sq ft and is more affordable than the downtown area. For example, a 4 bedroom townhome with a  2 car garage can be purchased for $500,000 USD.  This is brand new construction, referred to as "off plan" and just as with most of our new construction involves a deposit and waiting period before completion, most of which hovers around 2 years.

 Of course they have resales, or what they refer to as the “secondary market”, but similar to ours they are being snapped up quickly and can be difficult to secure.

One of the most interesting meetings we had was with a company called Aspectus. 

 They are offering investment options in Dubai real estate based on an ownership percentage and they guarantee a 6% annual return on your money, with a 10% bonus in year six and a 10% bonus in year 12. If you suddenly decide you need liquidity back you are able to sell your investment at any time, without penalty, and it’s backed by Lloyds of London. Since our return from Dubai, the CEO has already visited Sarasota and we have begun signing up investors. You can collect your dividends monthly, or annually, whenever you wish.  If you have any questions or if you think you might be pulling some cash out of that bank account that’s earning you a ¼% interest annually or CD that’s giving you back ½% this could be an opportune investment with minimums starting at $11,000USD.

Last but definitely not least was EXPO 2020….in short, this is the World’s Fair being held for the first time ever in the Middle East. It was delayed last year due to the pandemic, hence keeping with the year/name but it was beyond amazing and our time was way too short to be able to see everything we wanted to. 192 Nations participated with pavilions representing their culture, technology, cuisine, entertainment and each having the opportunity to show off its most distinct flavours for the world to see, touch, hear feel & taste.

 Historically, such expos have unveiled the latest in technology, inventions such as the telephone, the television, the computer, the Eiffel Tower & the Ferris Wheel. This year’s Expo did not disappoint, Al Wasl Plaza is the world’s largest unsupported dome. 

 It forms the centerpiece of Expo 2020 and will remain as the iconic hub of District 2020 which will evolve from the Expo. The goal is to build a sustainable city centered on the needs of its urban community. It will provide a curated innovation-driven business ecosystem that brings together global minds and embraces technology and digital innovation to support industry growth. This year’s expo focuses on mobility, sustainability and opportunity. Following the six months of the World Expo, District 2020 will re-purpose 80% of the Expo’s build environment into an integrated mixed use community that will continue to attract businesses and people to work, live, visit and enjoy.

 The event runs through the March 31, 2022 so you still have time to hop a flight to Dubai and see it for yourself. Emirates airlines has several direct flights from the USA, including Orlando, Chicago, New York and Washington DC.  I would highly recommend putting Dubai on your bucket list sooner rather than later.  Real estate prices are still rather conservative compared to other world financial centers like New York, London, Hong Kong or Tokyo. Average sales prices per/sf for real estate in these city centers range between $729 on the low end for London and $3000 on the high side for Hong Kong. Dubai weighs in at an average of $324/sf for an apartment in the city center…that’s 89% less expensive. Seems pretty significant, especially in a world gone global where most companies are giving employees the latitude to live and work remotely.

The mission was organized by Brian Woods of Team Global Realty Partners. Brian is the founder and trainer of the GREP, Global Real Estate Practitioners designation. Future trips are planned for Belize in July of 2022, with hopes of Brazil and Panama coming soon as well! Team Cashi is anxiosuly awaiting our next Global adventure but in the meantime are completely available to help you find your perfect piece of real estate either in the Sarasota/Bradenton market or Dubai. We would love a good excuse to go shopping with you!