How you can choose real property to purchase in Dubai
Why is Dubai real estate so attractive and why is it worth investing in it? Let us consider this issue in some detail.
Dubai is truly a city of the future. It is regarded as one of the largest tourist and business centers in the world. The perfect accessibility of the location, the modern infrastructure, the economic and the political stability, the affection of the country authorities for foreign investors: all these factors taken together make it an ideal place where you can do business. Tourists are attracted to Dubai by the following main features:
- The highest level of the country development;
- The world-renown sites to see;
- Maximum vacation comfort.
These features certainly make the Emirate real property very attractive for investors as well.
What are the main reasons to put money into Dubai real estate?
- In 2019, the Government of the country launched the ‘golden visa’ program. Since last year, it is possible to acquire a residence permit in Dubai when purchasing real estate there.
- There no tax in Dubai on residential property. Neither are there taxes on property rent nor transfer.
- There is a wide choice of property to buy in Dubai ranging from affordable modest apartments to luxurious suites in aparthotels to villas on the seashore.
- The price for a nice apartment in Dubai starts at US$ 150,000.
- In 2020, Dubai will host ‘EXPO 2020’, an exhibition that is expected to attract more than 25 million visitors from all around the globe. According to analysts, the demand for the real estate in Dubai is going to increase greatly after the event. Thus, we highly recommend that you consider purchasing some real property in the country in the nearest future.
Some specifics of purchasing property in Dubai
A citizen of any country of the world is entitled to buy commercial or residential estates in Dubai. You do not have to have a residence permit in order to be able to sign the purchase agreement.
There is a series of procedures that are identical for all foreign investors. The following payments are due when registering the purchase deal in Dubai:
- A payment to the Dubai Land Department (DLD);
- A fee for the purchase agreement and ownership right registration;
- A payment to the licensed real estate agent.
In total, the expenditures associated with purchasing real property in Dubai will not exceed 4% of the overall price of the property. You can make a purchase agreement with the developer yourself and pay 0% in taxes. You can also hire a representative in Dubai who will act on your behalf when making the deal.
Please apply for our support in making the property purchase deal in Dubai by contacting us at [email protected]. Our experts will help you save time and effort on buying real estate in the country and will guard you against overpaying or acquiring a non-liquid piece of property.
How should you choose the property to buy in Dubai?
Without doubt, the choice will depend upon your main goals. Would you like to buy:
- Residential property to live it, to stay on vacations, or to rent out? Or
- Commercial property (manufacturing facilities, warehouses, retail podiums, offices, etc.) to do business in Dubai?
You can buy real property in Dubai in the new homes market (including property under constriction) or in the existing homes market. If you make and ‘off-plan’ deal, that is, purchase an uncompleted apartment or house, you have to register the deal with the DLD anyway. Whether you make the purchase deal directly with the developer or via a real estate agent, you have to pay no commission.
The real estate market in Dubai is very diverse and there are numerous offers, which makes it hard to understand what the best investment object would be. Assistance from an experienced agent will guarantee that you will pay an adequate price and that all the official documents will be completed correctly. The price of commercial and residential property in Dubai depends on the district infrastructure very much. Besides, the price of land is different in different districts, which, of course, affects the price of the houses located there.
Please write to us to [email protected] and we will help you choose the best piece of property to buy in Dubai. In addition to that, we will be glad to assist you in acquiring a residence permit in the Emirate, open a bank account there, or establish a business company.