PROPERTY INVESTMENT IN DUBAI – A Complete Guide
Uncategorized Mar 24, 2020
Why buy property in Dubai?
1. It is Cheaper
When one thinks about real estate investment overseas, immediately the name of London or some other expensive place comes to mind. Fortunately, Dubai is one such city where be it an apartment or mansion, office, or studio; everything is still cheaper in comparison to property in all other prominent cities in the world.
2. Exempted from taxes
Is any city in Europe or near tax-free for ex-pats? By sheer luck, in Dubai, buying property is exempted from taxes.
3. Don’t be wary due to economic depression
Due to economic unrest, some experts warn from putting money in Dubai real estate. However, the prices of property here will rise in the future. History is witness; property is the most forgiving assets of all times. Prices of every kind of real estate are bound to increase, even if it doesn’t seem the case.
Currently, there is low occupancy in various residential and commercial buildings. If you can afford and are willing to take a risk, now if you buy a workplace, flat, or even a mansion, you can get it at a considerably reasonable price.
4. Great opportunity for amateur investors
This is an excellent opportunity for low-risk lovers or say, freshers in the field of property investment. Also, this dazzling place is a business hub with extraordinary opportunities, as a lot of business comes from the West. Entrepreneurs can get great benefits in the long run if they purchase an office here.
Where to invest in Dubai Real Estate?
Your investment depends on your requirements.
Property investment in Dubai consists of mainly 2 types – Freehold and Freezone.
Freehold (residential property) should be considered if you are willing to reside with your family, or you want a passive income (rent). The rental income from properties in Dubai is on par with cities like Sydney, Amsterdam, etc. As a business center, Dubai attracts working professionals from all over the world. This creates a fantastic opportunity for landlords to earn good rent regularly, which further stabilizes their financial condition.
Or, if you wish to settle here permanently, then it is a magnificent place to spend your life. You and your family will get to experience beautiful weather, standard of living, and will be able to live without worry due to commendable security.
Coming onto Freezone (commercial property), the price range is really attractive. It is total value for money if you do your research thoroughly.
Low-cost or extravagant, you name it and Dubai will arrange it.
Popular Places for Real Estate Investment in Dubai
- Palm Jumeirah
- Dubai Marina
- Downtown Dubai
- Arabian Ranches
- Jumeirah Village Circle (JVC)
- The Springs
How to buy a property in Dubai?
1. Determine the purpose for buying
Whether you want for rental income, business or for living yourself
2. Decide the location
Determine the area and type of structure
3. Know about all incurred fee
Property in Dubai is tax-free, but the actual price always has some hidden cost, which many buyers are unaware of. Aside from the real estate broker commission, you should know that a certain amount goes to the Dubai Land Department.
4. Research prices beforehand
You should know about the latest development concerning prices, before approaching a real estate firm.
5. Clarity regarding your requirement
It would help if you are certain of the features that you want in your desired property. Before viewing, it should be made clear to the agent. This saves your time as only properties matching your preference are shown to you.
6. Go through the sales agreement
Read and understand your sales agreement. Also, always give the booking deposit to the real estate agent, never to the seller.
7. Final stage
Complete the transfer of ownership to your name at the Dubai Land Department. This takes place when the total payment is made.
Dubai has transparent laws and regulations. The whole culture here emphasizes on integrity. So, there are low chances of getting duped. However, proceed only when sure of everything.