UGANDA, Kampala | Real Muloodi News | Steven Opolot, a Ugandan and professional realtor in Dubai, is making a name for himself in the competitive Dubai property market.
With clients ranging from aristocracy to Instagram models, and business magnets to Russian oligarchs, Opolot caters to ultra-wealthy individuals from around the world.
And among those seeking his property advice are an increasing number of Ugandans.
Opolot’s journey to Dubai began when he moved there in June of last year. Initially, he arrived on a Visit Visa to test the waters and determine if Dubai would be a viable place for him to pursue a career in real estate.
He had a secure job as a general manager with a major petroleum distribution company back home in Uganda, but he felt a deep desire to help people buy homes.
“I had the craving to help people buy homes because I feel like helping a person in such an endeavor is more satisfying and rewarding,” he says.
Understanding the Dubai Property Market
Opolot chose Dubai as his destination after recognising it as a global business hub. With thousands of multinational companies operating in Dubai, there is a wealth of employment opportunities and potential for career growth.
The city’s relatively low taxes and competitive pay also make it an attractive destination for professionals from around the world.
“The property business is booming in Dubai,” says Opolot, highlighting the high demand for real estate due to the influx of expatriates.
UAE nationals enjoy the benefit of paying only five per cent individual tax, with their employers covering the remaining 12.5 per cent contribution to social services.
“Individuals who are UAE nationals only pay five percent individual tax, while the employer covers the other 12.5 percent contribution to social services. This is particularly appealing considering some of the high salaries on offer and can play a large part in people moving to Dubai,” Opolot says.
The combination of high salaries and low taxes makes Dubai an appealing location for both residents and real estate investors.
“People here earn comparatively more than in most countries across the world while also paying very small taxes. This is very attractive indeed. And the more expatriates flock into the country, the more the demand for property. To say that the property business is booming in Dubai is an understatement,” says Opolot.
Opolot’s Role as a Dubai Realtor
As a property consultant, Opolot assists clients in buying, selling, and renting various types of properties in Dubai.
He specialises in luxury high-end real estate and caters to clients from Saudi Arabia, Egypt, Qatar, India, China, Russia, England, and the USA.
“I am a consultant in real estate. I help investors and prospective home owners make the right decisions when buying and selling their luxury dream homes and/or property investments,” Opolot says.
Opolot takes on the role of a trusted advisor, guiding his clients through the entire process of buying or selling a property.
He educates his clients about the Dubai property market, ensuring that they make informed decisions. His dedication extends beyond the transaction itself, as he follows up with clients even after the deal is done to ensure their satisfaction.
“I always guide my clients in making their investment decision because some of them come into the market without any knowledge of the landscape. So it is my duty to educate my client about the property market in Dubai so that they are able to make an informed decision in the end,” he says.
Dubai Property vs. Ugandan Property
Opolot has noticed a growing interest among Ugandan investors in the Dubai property market. He advises Ugandans to consider investing in Dubai instead of building rental properties in Uganda, citing several reasons for this recommendation.
In Dubai, the potential for rental income is higher compared to many other markets worldwide. The rental market in Dubai is strong, with high occupancy rates and generally higher rental yields. This means that investing in a studio apartment in Dubai could potentially generate higher rental income than building a rental property in Uganda.
Dubai’s real estate market also offers the advantage of greater capital appreciation. Property values in Dubai have a history of strong appreciation, providing an opportunity for investors to grow their wealth through capital gains.
Furthermore, Dubai’s political stability reduces the risk of political upheaval or instability that could negatively impact investments.
Opolot emphasises the ease of ownership and management in Dubai. The city has well-established ownership laws that protect the rights of investors, and property management services are widely available. This makes it easy for investors to manage their properties, even if they are based outside of Dubai.
Investing in Dubai also opens up access to an international market known for its quality and reliability. This allows Ugandan investors to diversify their portfolios and explore new investment opportunities.
Opolot highlights the importance of conducting due diligence and research to avoid scams in the Dubai property market. While the market offers transparency, there is still a risk of encountering fraudulent schemes.
He advises potential investors to deal with trusted and reputed real estate developers and agents who have a proven track record of providing reliable services and delivering high-quality properties.
Opolot’s Future Plans
Opolot is in the process of setting up an office in Kampala, Uganda, to assist prospective buyers who want to explore property opportunities in Dubai without the need to travel there.
He aims to provide guidance and support to Ugandan investors interested in the Dubai property market.
Investing in Dubai offers Ugandans the chance to access an international market with a reputation for quality and reliability.
Although the initial investment may seem substantial, the potential return on investment, capital appreciation, and rental income make it a worthwhile venture.
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