Dubai is one of the most desired places to live in the world. It has one of the fastest-growing economies and is often associated with luxury, skyscrapers, tourist destinations, and other unique attractions. One thing that attracts investors is that you don’t have to be a UAE nationality to own property in the country.
Whether you’re a family person looking for a new home or an entrepreneur looking for an investment opportunity, you’ll find what you want in Dubai. Buying property is one of the most profitable ventures today.
Things to Consider When Buying Property
Although owning property is profitable, you can’t just buy it blindly. There are a few things you need to remember. Consider your savings, how much is the down-payment? According to the UAE Central Bank Regulations, expats are required to pay a minimum deposit of 25% of the purchase amount for a property below AED 5 million and citizens pay 20%.
How long is your tenure? How long have been in Dubai and how long do you plan to stay? This helps you to decide whether you need to buy or rent. If you have long-term plans and hope to rent out your property, you need to consider whether the rental income will cover maintenance expenses and the monthly mortgage.
What are the Benefits of Buying a Property in Dubai?
Dubai is one of the best places to invest in the world; there are many property developments and people from all nationalities are free to invest.
Here are the benefits of owning property in Dubai;
Growing Economy and Population
The UAE economy is constantly growing; this attracts global investors. The country has experienced tough economic times in the past but has remained stable. Did you know that Dubai has one of the fastest-growing economies in the world? When trying to buy property you need to consult a reputable law firm in Dubai to learn about the requirements and avoid scams.
Dubai has people from over 200 countries; this means that there is a high population and more people are expected. This provides a ready market for your rental property. People looking for jobs need places; this is your opportunity to benefit.
Affordable Luxury Homes
Did you know that luxury homes in Dubai are cheaper than those in other big cities like New York, London, and Hong Kong? The city has unrivaled property developments that match and often outshine those in major cities. Its unmatched portfolio of luxury homes gives investors the benefit of choosing from many options. Foreign investors don’t have to pay taxes or additional charges after purchasing a property.
Dubai strives to be one of the smartest cities in the world that is why it embraces innovations. A city that embraces constant development attracts masses; these individuals need a place to stay. The government also initiates, encourages, and supports innovations ideas; this is a good sign that property investment in the city is beneficial.
Hiring legal consultants in Dubai is crucial because they help you to understand the economy and areas to invest in. New developments are expected to take form in the coming years; these will link shopping malls, roads, and recreational areas. This will increase the value of your property. Smart technologies in apartments and villas will also boost value.
A property in a sketchy neighborhood might be cheap but it would cost more in the long-run; you can’t live there nor can you rent it out. Dubai is one of the safest places to live and work in the world. This is the ideal place to live whether you are single or looking to raise a family. Theft and burglary cases are rare and you don’t have to worry about people breaking into your house.
Higher Rental Return
Real estate investors in Dubai enjoy higher rental returns than those in major cities like New York, Singapore, London, and Hong Kong. You can expect high rental yields with an average of more than 7%. This is favorable compared to other cities like Singapore with 2.5%, New York 2.9%, London 2.7%, and Hong Kong 2.4%. There’s also a high demand for holiday homes and short-term lets which is beneficial for investors.
Buying a property in Dubai has many benefits like acquiring a resident visa according to your purchase. You have to follow various requirements; the property should be completely habitable, have no mortgage, and cost at least AED 1 million. If your investments amount to AED 5 million, you are eligible for a 5-year long-term visa.
Buying property anywhere in the world has its advantages; however, properties in Dubai have more benefits. Dubai not only has unmatched properties, but it’s also cheaper to than other major cities like New York. You also get other benefits like a long-term visa, security, and no taxes or additional charges.