The real estate market in Dubai is equally attractive for investors and private individuals, but there are a few things to consider before making any investment in the desert city. Is you want a suitable real estate agent in Dubai, you should focus on a holistic advisory approach, in which tax aspects as well as the legal peculiarities are taken into account.
As an internationally aspiring business location, the real estate market in Dubai is also constantly developing. In the largest city in the United Arab Emirates, there are always construction projects that can become a good investment for foreigners. The special thing about Dubai: Both business people and tourists are impressed by the luxurious city, which means that international investors are very interested in the properties there. Foreign investors also benefit from Dubai’s low tax rates. Another advantage lies in a new mortgage law, which should also favor foreign investments.
READ: Maximum Comfort: How Much Does a Luxury Property in Dubai Cost?
But Dubai is not only a good investment opportunity. The first-class infrastructure that prevails and the general rapid development of the desert metropolis attract businessmen as well as emigrants and tourists. With more than 90 percent foreigners, Dubai is very attractive with its opportunities. So it is not surprising that Dubai is more like a US city, where life is pulsating and has a lot to offer in every respect.
There are absolutely no language barriers due to the enormous internationality of Dubai. Although the official language is Arabic, English is spoken everywhere. A law even stipulates that all contracts must be drawn up not only in Arabic, but also in English. Another factor that makes Dubai extremely interesting for investors and tourists is the fact that the city is one of the safest in the world.
The development of the average gross rental yield for September 2022, which according to “Property Monitor” is now 6.1 percent, the highest in the past three years. In an international comparison, this number increased the attractiveness of real estate as an investment in Dubai enormously.
In order to illuminate all these aspects, foreigners who are looking for a long-term investment in the form of real estate in Dubai are well advised to rely on a real estate agent who follows a holistic approach. This means that in addition to the corresponding network of real estate specialists, experts on financing, tax optimization and legal issues are also available in order to be able to offer comprehensive advice.
Professional real estate agents work together with top specialists in the areas of financing, succession planning, legal structuring and taxation. It is very important to pursue an individual strategy optimized according to holistic standards. Due to the many years of international experience of real estate consultants, Dubai brokers themselves more as consultants than as pure real estate agents.
READ: Dubai Foreign Investors: Who Leads the Real Estate Market
If the property you are looking for is not in portfolio, professionals act as a so-called buyer’s agents who search the local market for an interesting offers. All the necessary steps are carried out at no additional cost to the customer: from the provision of financing to the negotiation and conclusion of the contract to the transfer of ownership. But even after the transaction, the highly specialized real estate agents continue to support their customers.
Another important factor that buyers should consider when investing in Dubai is the ownership and rights to the property. It is important to check the tenure and title deeds to ensure the seller is the legal owner of the property. Another point is the building permits and regulations that must be observed. Dubai has strict building regulations which can vary depending on the location and use of the property.
For foreign investors, there are special legal framework conditions to be observed in Dubai. It is important to note that foreigners may be restricted from buying property in certain areas and that owning property in Dubai does not automatically grant you a permit to reside or work in the country.
READ: Cost of Living in Dubai: Updated Information for 2023
Dubai offers investors a lot of opportunities to invest in the real estate market. Political stability, growing economy and lower real estate prices compared to other metropolitan areas are advantages that attract investors. However, there are also risks and legal framework conditions to be considered. Buyers should therefore obtain sufficient information before investing and seek advice from an experienced real estate agent or lawyer.
