Entrepreneurs worldwide are increasingly selecting the UAE as a prime destination for both their employees and company headquarters. In an exclusive interview, we delve into the thriving real estate market of Dubai with Evgeniya Vinokurova, the CEO of Tuimaada Real Estate. She offers valuable insights into the numerous opportunities the market presents to foreign investors.
How did your real estate career begin, and why did you choose Dubai?
It all started with a natural desire to own my own home. After school, I managed to save up to $10,000 dollars while studying at the university and working as a taxi dispatcher. I eventually bought my first apartment for $30,000 dollars in a small town with a mortgage at 17% interest (which still sounds crazy to me). Over time, I gained significant experience in the real estate market, both internationally and in my own country. I initially worked in a small town in Siberia, where I assisted my clients in investing in the real estate market. When their needs were met, I sought to expand further. I explored the U.S. market, but the high taxes and long investment returns weren’t appealing. Spain also didn’t work due to regulations, and Turkey had economic instability. Eventually, I found the most promising market in the UAE. Currently, my family happily lives in Dubai.
What advantages does Dubai offer compared to other locations?
Dubai is a haven where you don’t feel like a guest. Many successful individuals worldwide come here to establish companies and educate their children. I work with people worldwide who are looking towards relocating to Dubai for a different life. They consider Dubai the “Young America” – a place full of opportunities. Additionally, Dubai’s real estate is undervalued compared to cities like Singapore, Beijing, New York, and Los Angeles. The return on investment is rapid, ranging from 8 to 13 years – much faster than other global cities. UAE has made significant progress in various fields, such as pharmacology and aviation, attracting top talent from around the world. In the last three months alone, over 70,000 companies have been registered in the UAE, all contributing to the country’s economic growth. It’s predicted that acquiring property in Dubai will become exceptionally expensive within the next five years.
What budget should buyers plan for when considering purchasing property in Dubai?
We work closely with local developers to ensure the best deals and pricing for our clients, with properties starting at $150,000. At this price, buyers can acquire a studio apartment ranging from 38-40 square meters, fully or partially furnished: all properties in the UAE come with a kitchen unit and a parking spot as per the law and require little investment after the sale is closed. This means buyers can move almost immediately or lease out the property soon after purchasing it. For comparison, the rent for such a studio would be $1,500+ per month, depending on the location within the city.
There is a straightforward immigration opportunity: when buying a property worth $205,000 or more, a two-year residency visa with an easy payment process is issued. This visa can be renewed every two years. Investment in a property valued at $548,000 or higher gets you a ten-year golden residency visa.
In which areas of Dubai would you recommend investors from the USA to consider buying property?
Dubai offers everything one could desire: waterfront properties, skyscrapers, and more. Buyers from the USA often prefer waterfront properties. In contrast, Northern European buyers lean towards greener areas away from the beaches. Eastern European investors frequently opt for high-rise properties by the water. However, the choice ultimately depends on individual preferences and the goals our clients have. For example, if someone is buying a place with a thought of short-term rentals, they might face an idle period of around three to four months as the tourist season slows down. The downtown area doesn’t have this challenge.
At Tuimaada Real Estate, we carefully assess the goals of our clients and come up with perfectly fitting solutions to meet their needs by understanding market nuances, selecting properties as if they were for ourselves, and ensuring our clients return to us time and again.
When it comes to investment comfort, what conditions do Dubai developers offer?
Dubai boasts an exceptional payment system, unmatched, as per my knowledge, anywhere else in the world. Essentially, it’s a zero-interest installment plan: you pay 10-20% of the property’s value as a down payment, and then every six months or quarterly, you contribute a portion of the price for three to five years. These terms are tailored individually and depend on the developer. Moreover, investing in property in a developed country means the ability to lease it out. With the income from rentals, the property can pay out itself. Owning property in Dubai serves as a unique form of retirement investment: essentially, you can lease out the property, travel, and live anywhere in the world. With significant experience in the field and three sons to care for, I’ve often asked myself how much I need to work to ensure a worry-free retirement. This is one of the key reasons why I chose to invest in Dubai.
Are there any plans for international and business expansion?
Absolutely! In 2023, we stepped into the U.S., exclusively offering Dubai real estate and the expertise of Tuimaada Real Estate. I firmly believe that the Dubai market is one of the most promising in the world, and we are actively working on promoting our services to show how much we care for our present and future clients.
