Thanks to the UAE’s hyper active architectural developers, the onetime desert region has now morphed into a world leading real estate investment hotspot. Eyes of the world’s property investors are fixed on this promising land which over time has seen an unprecedented growth in property investments from buyers across the globe.
Property investment in UAE, especially Dubai, is sure to yield heavy returns for the investors. Seeing the current property trend, in which limited supplies fail to fully meet the burgeoning demand, it’s easy to deduce that the time is ripe for the foreigners to invest in the UAE. If you choose to buy a freehold property in Dubai, you’ll enjoy many advantages as a foreign investor. You’ll have the power to sell or rent your property as per your desire. Due to a huge influx of expatriate and temporary residents in Dubai, the demand for short-term rentals is continually shooting higher offering yields around ten percent. The good news for the lenders is that no taxes on income, including that acquired from renting property, are levied in Dubai. Experts predict Dubai’s population to double in the next five years which will also cause the rental demand to climb accordingly. So your property in Dubai can effectively turn out to be a long term income generating asset.
As a property owner, you won’t be required to live in the UAE, but brief six-monthly visits to the country are a must. There are many property management companies which may take care of your property while you are away. Owning a Real estate in UAE entitles you to a three year renewable residence visa, which, however, doesn’t allow you to take up work there. Investment procedure for Dubai real estate is very simple – the only thing you need is a straightforward sales agreement for buying property in Dubai. If you are purchasing on the secondary market, it is highly advisable to hire the services of a lawyer and make sure a formal contract is signed. Ownership process is simple: down payment; installments; final installment with property completion or handover. Once completed, the property is required to be registered with Dubai Lands Department. You pay the registry fee which is 1.5% of the purchase price. As the property owner, you will pay an annual property maintenance fee for the site’s security, cleanliness, plumbing and electrical repairs, etc.
Deciding on an overseas property investment is not easy. You should keep in view all the aspects of your investment before you make up your mind. Some of Dubai’s reputable real estate agents, Halcon Real estate for one, can help ease your decision and provide you with the best and highly professional consultancy.
