Dubai's real estate market now shifting towards affordability – Citiway’s Andrew Chifamba

Dubai, known for its luxurious lifestyle and opulent real estate market, is now shifting towards affordability, making it an attractive prospect for local investors and expatriates alike. Andrew Chifamba, Client Relationship Manager at Citiway Real Estate, sheds light on the evolving dynamics of Dubai's property sector in an exclusive interview with CNBC Africa. Chifamba highlighted the affordability of living in Dubai, dispelling the common misconception that it is an expensive city. Contrary to popular belief, Dubai offers a range of options catering to various budget levels, including healthcare and education facilities. The city prides itself on being inclusive, providing opportunities for individuals across income brackets to call it their home. One of the key entry points discussed by Chifamba was the affordability of starting a life in Dubai, with an estimated amount of $150,000 opening the doors to this vibrant city. He emphasized that Dubai is not solely for the wealthy elite, but welcomes individuals from diverse financial backgrounds. In the competitive landscape of global real estate investment, Chifamba addressed the topic of residence permits in Dubai. While countries like the US offer a green card upon property acquisition, Dubai provides a renewable residence permit for a relatively lower entry fee. This feature, coupled with favorable tax policies, has positioned Dubai as a strategic hub for international business and residence. Notably, Dubai's tax-friendly environment has attracted numerous companies to establish their presence in the region. Investors benefit from 100% repatriation of capital and tax-free rental yields, making it an appealing destination for property investment. Chifamba emphasized the ease of capital movement within Dubai, highlighting the transparent and efficient financial mechanisms in place. When discussing the investment potential in Dubai's real estate market, Chifamba underscored the high returns that investors can expect. With annual yields ranging from 7% to 10%, even entry-level investments offer promising returns. Whether investing $150,000 or $50 million, Dubai's property market is renowned for its profitability and stability. Addressing concerns about cultural practices such as alcohol consumption, Chifamba clarified that Dubai allows individuals to consume alcohol within regulated parameters. Despite being a bit pricier than other regions, Dubai accommodates diverse lifestyles, ensuring that residents and visitors can enjoy a range of experiences. As Dubai transitions towards a more affordable real estate landscape, fueled by investor-friendly policies and lucrative returns, the city opens its doors to a wider audience seeking a blend of luxury and accessibility. With Chifamba's insights highlighting the evolving market trends, Dubai continues to position itself as a global real estate powerhouse.