Many foreign investors are seeking to buy real estate in Dubai today. It is a city of the future with a developed economy and innovative infrastructure. There are high-quality buildings with modern design. Real estate objects are presented in a wide price range: from inexpensive to luxurious. Like any investment, buying a property in Dubai has its advantages and disadvantages.
Reasons why it is worth buying a property in the Emirates
Dubai is located on the coast of the picturesque Persian Gulf. The city is sunny most of the year, and there is almost no rain. The air temperature in winter is +23 °C. In summer, it rises to +40 ° C. For many, it’s too hot, but thanks to modern air conditioning systems in buildings, you can survive such a heat quite comfortably. The sea is always warm here — the temperature rarely drops below +25 °C.
Tourist attraction and high demand for housing in the UAE
Tourists love Dubai not only because of the hot climate, clean beaches and warm sea water. It has the most modern entertainment and a very developed tourist infrastructure. In addition, there are all conditions for a comfortable stay: accommodation in the UAE is presented in a wide range (studios, apartments, houses, etc.), there are various beach activities, stylish restaurants, exhibitions, etc.
Going to the Emirates is prestigious and fashionable. Therefore, there is a consistently large flow of tourists at any time of the year. This means that there is a high demand for housing. Buying an apartment in Dubai and renting it out is a good way to earn and recoup investments in 8-12 years. Renting real estate in Dubai allows you to make a profit in the range of 5-12% per annum.
Quality housing in Dubai, high standard of living
In terms of comfort, the UAE is among the TOP 50 countries in the world and is recognized by many as the most comfortable Arab state.
Dubai is a highly developed and modern metropolis. There is an abundance of trading platforms, business centers, and restaurants. The entertainment infrastructure is at the highest level. There are a lot of domestic and intercity transport: buses, taxis, metro. Thanks to good transport accessibility, you can easily and quickly get to any area of the city. Special attention is paid to the quality of roads.
Real estate in Dubai is of high quality and durable. Modern certified materials are used for construction, projects are thoroughly tested. Buildings are being built quickly, and objects are being sold out extremely fast. The main real estate investors are wealthy people who are used to a high level of comfort.
Transparent legislative framework and loyal taxation system
Foreigners can invest in UAE real estate and own it in special “free zones”. The process of buying and selling an object takes place under the control of administrative authorities, and is recorded in the Land Department. The buyer receives the certificate of ownership (Title) on the day of application. If he purchases real estate with a mortgage, he is given a copy of the document in his hands. The owner receives the original Title after the loan is paid in full.
There is no property tax in Dubai, as well as income tax on real estate that is rented out.
What are the disadvantages faced by buyers of real estate in the UAE
There are several points that may be difficult for those who are going to buy a house in Dubai:
- Obtaining a visa. If you are going to live in the Emirates permanently, you need to apply for a resident visa and update it periodically. There is no such thing as permanent residence in Dubai. All emigrants have received a resident visa and are renewing it. You can issue such a document on the following grounds: buying real estate in the UAE in the amount of 1 000 000 dirhams, investing in a local business or opening your own company.
- Cultural features. The UAE is a Muslim country, and there are restrictions on behavior in public places.
- High real estate maintenance costs. This includes cleaning of common areas (swimming pool, parking, gym), security, garbage collection, etc.
- Difficulties in obtaining a mortgage. Local banks are reluctant to lend to non-residents. To get a loan, you need to have a resident visa, be employed in a local company or have your own business, make an initial payment of at least 25%, as well as fulfill other conditions.
The sale of real estate in Dubai is one of the areas of work of our agency. We will help you to cope with the above disadvantages. We will find a suitable property, consult on all issues of obtaining a visa and mortgage, and tell you all the lifehacks about life in the UAE. With our help, you will be able to buy real estate in Dubai profitably in a short time.