Purchasing real estate abroad as one of the investment options is a fairly popular way of investing all over the world. Let’s take a look at the benefits of buying property in Dubai – land near the Persian Gulf.
Dubai is one of the ten safest cities in the world. The state allocates a significant portion of the budget to policing. Citizens and even migrants unquestioningly follow strict laws, which is why the country has such a high safety index. It is not for nothing that domestic and foreign stars, scientists, and bankers buy real estate in Dubai.
Dubai is one of the world’s leading financial and trading centers. Purchasing real estate provides access to a variety of business opportunities thanks to favorable tax conditions, a free economy, and a variety of investment opportunities. Property owners can use their properties both for running a business and for renting out, which provides a stable additional income.
Dubai is a suitable place for families with children since all projects in freehold zones have a developed infrastructure: schools are located within walking distance and operate according to educational programs from different countries and in different languages. Most residential complexes have good kindergartens. Elite closed communities are equipped with everything necessary: hospitals, shops, and gyms.
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The UAE and Dubai in particular attract millions of foreign tourists every year. The growth and development of the industry are ensured by the geographical attractiveness of the region, logistics capabilities, luxury holidays, and the government’s policy – to position the UAE as a world leader in tourism of all types, including classical, medical, educational, and business tourism.
In the UAE, the problem of filling hotels in the off-season is being successfully solved through investments in the entertainment industry. The projected hotel occupancy rate for this period is 80%, which is attractive for investors, as it guarantees earnings in the industry all year round.
Middle Eastern real estate is expanding fastest in the UAE. Since the market is currently at its peak, there is no data to suggest that it is sluggish. The government is actively working to control market transparency through legislation and guidelines. Now all users can see the data. All loans are owned by the Dubai Land Department (DLD).
One of the countries that investors find most attractive is Dubai. As a result, investors are showing interest in UAE real estate due to its thriving economy.
Not everyone looks for property in Dubai for investment purposes. Buyers of off-plan real estate have access to both installment payments and mortgages on favorable terms. For example, the leading developer in Dubai, Emaar Properties, offers installments at 0% for five years. The risks are minimal because UAE laws oblige the developer to bear maximum responsibility to the state and buyers. Therefore, it often happens that the next project is completely sold out already at the initial stage of construction.
One of the main advantages of owning property in Dubai for foreigners is the opportunity to obtain a residence permit. More precisely, a resident visa. Thus, you can apply for a three-year visa when purchasing real estate worth more than $204,000. The apartment must be completed and located in the freehold zone. You can become a resident even with a mortgaged property. At the same time, the interest rate on mortgages in Dubai does not exceed 4%.
UAE legislation requires that all real estate transactions, including the purchase and sale of land, must be carried out with the involvement of intermediaries. Most often, buyers turn to long-established real estate agencies on the market so that the transaction is carried out “from start to finish” by professionals who are well-versed in national legislation and familiar with the peculiarities of the procedure for registering real estate as a property.
READ: Properties in Dubai for Families: Villas, Townhouses, and Apartments for Different Budgets
There are 47 freehold zones in Dubai, and a competent real estate agent can choose the right option. An alternative solution is to lease a property for up to 99 years (leasehold), but only in certain areas of Dubai. Each of these deals has its pros and cons.
