Dubai’s red hot real estate market is a gold mine waiting to be tapped by savvy Ethiopian investors. Yet few international investors have ventured to capitalize on the lucrative opportunities that Dubai property ownership provides.
Faris Abdi, founder of 2F Properties – a leading Dubai-based realtor with over 100 agents – believes Ethiopian investors are missing out.
Born in Ethiopia, Faris moved to Qatar 12 years ago and soon fell in love with real estate. After gaining experience in Dubai, he launched 2F Properties to serve international clients. In the last three years alone, 2F handled two billion dirhams in transactions.
“Ethiopians don’t realize how profitable investing in Dubai can be,” Faris says. Property prices are generally lower in Dubai compared to other parts of the world, while mortgage financing options are plentiful.
Dubai has a robust and expanding economy backed by a thriving tourism and trade industry. This economic stability helps sustain real estate demand and underpins property value.
The government of Dubai has introduced various reforms and programs to sustain the real estate boom. This includes investor-friendly laws, expansion of freehold ownership options, and easing of residency for property owners.
Owning UAE property yields average annual returns of around eight percent from appreciation and rental income.
Visa eligibility is another draw. Those who purchase homes valued at 208,000 USD and above qualify for multi-year residence visas – up to 10 years for a 555,000 USD property.
House hunters have the opportunity to snap up properties priced as low as 180,000 USD, with monthly mortgage payments hovering around a mere 1,800 USD. That amounts to roughly one percent of the purchase price, making home ownership feasible for middle-income earners who previously may have been locked out of the market.
Dubai has also a fairly business-friendly tax regime with no personal income taxes. There is also no capital gain tax on property sold or rental income tax. This benefits foreign investors.
Political and economic stability make UAE an ideal investment location, according to Faris. “Dubai’s government has built an environment that fosters real estate growth,” he said.
Despite the myriad opportunities on offer, many Ethiopian investors have slept on Dubai’s golden real estate sands. Faris aims to shake them awake through 2F Properties’ buyer’s brigade.
His band of realtor knights, the brokers working under his authority, assist International kingmakers in navigating Dubai’s castle towers. They help investors storm the citadel of returns and seize the visa viscounts awaiting property owners.
Faris’ aim? To show his countryfolk the riches just waiting to be claimed once they follow the path he has trodden for over a decade in Dubai’s royal realms.
Faris speaks from a place of authority.
For Ethiopian investors still on the fence, Faris’ call rings out clear: come see the view from Metropolis Tower and see for yourself – Dubai real estate holds the keys to an Ethiopian investor’s fortune.
An Addis Ababa University economics graduate, he also participates in Ethiopia’s largest development project. But his passion remains unlocking Dubai’s real estate wealth for his compatriots.