Gulf News

Real estate continues to be the best bet for your money

A property in Dubai looks like a sound bet, as would skills for a ‘side hustle’

- BY VARIS SAYED Varis Sayed is CEO of Fincasa Capital.

With the onset of any new year, new aspiration­s build up. However, old challenges continue to prevail. Considerin­g the current market situation, it is imperative to think long-term than usual. A key to the right investment is to understand that investing is not a get-rich-quick scheme, but rather a way to consistent­ly grow the wealth you already have.

Direct your money and time into concrete solutions, so that ten or 20 years from now, you’ll be glad you made the investment­s. While they come in many forms, the best to date have invariably involved the real estate sector — and there’s no place better than Dubai.

Tangible measures have now been taken to curb oversupply, including the formation of the Higher Committee for Real Estate Planning. Developers are holding back on new launches and focussing on projects under constructi­on. This has supported stabilisat­ion.

In addition, the market has many deals on offer, payment plans and regulation­s to make Dubai the pick for real estate investment­s.

Another focus area should be on stocks and mutual funds. If you have been considerin­g investing in this for a while, but haven’t yet opened an account, make this the year to turn intentions into dollars. It is important to understand what you’re willing to risk. If looking for a fairly easy way to get started, open a managed account with an online investment advice service.

Financial goals

Keep your investment as simple as possible, by maintainin­g a diversifie­d portfolio to invest in the broadest index funds you can find. Similarly, while investing in mutual funds, do not let violent swings or volatility faze you. Invest with your financial goals in mind.

One of the best forms of investment to consider this year is a “side hustle”. This is not just an extra source of income, but it’s also the new job security.

While the idea may sound exciting, it is important to understand that the side hustle should be something that you’re good at, whether it is designing and selling shirts on Amazon, or starting a consulting business using skills from your day job. The side hustle should be something you believe in. It should focus on specific skills you have. Think about the tasks you do on your job every day, as well as any non-business skills you have. Dubai has several opportunit­ies for side hustles.

Lastly, invest in yourself. It is the most important element, which can help you secure your financial future.

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