Dubai has become inarguable the hub of International commerce, culture and entertainment. With the ongoing Dubai Expo 2020, the footfall in this UAE Emirate soared past all records. The demand for property in these busy times has also increased. Dubai off plan properties are selling like hotcakes and buyers are eager to invest in the real-estate.
Since its opening to foreigners in 2002, Dubai’s residential market has attracted a large number of expat and international buyers. Foreigners can buy property in leasehold zones, which are often around the city centre, or freehold areas, which are scattered throughout the emirate as off plan properties Dubai.
Dubai is a prime real estate market for investors, with a wide range of properties for sale, including houses, Dubai off-plan property, villas, apartments and luxury properties. There is a wide range of properties up for sale in the happening city.
Eligibility – Purchasing property for an expat in Dubai is a relatively simple procedure. A valid passport is all that is required of a foreign buyer; a residence visa is not necessary. To discover the perfect off-plan properties Dubai and complete the necessary formalities, the buyer might engage with local real estate agencies or directly with the developer.
Why Invest in Dubai Property?
What makes Dubai the best investment is that Foreigners are permitted to purchase residential properties in designated leasehold or freehold areas. The tax free status of the Emirate plays a significant role in attracting foreign money in the real estate sector.
Moreover, Dubai off-plan properties include an abundance of flats, villas, and townhouses currently on the market; the number of units available to foreigners has expanded dramatically over time
An average property transaction in Dubai takes less than 30 days. While the purchasing process is relatively simple, still if you need a proper step by step guide to get hold of your property in Dubai, here you go.
Benefits of Owning a Property in Dubai
There are several perks of owning a property in this bustling Emirate. Be it Dubai off-plan property, apartment, villa, condo, or a shop, all offer various benefits depending upon their price and valuation. The most exciting one is getting a residential visa, Yes the following residential visas are up for grabs on these investments.
- A 3-year renewable visa upon AED 1 million or above investment in property.
- A 5-year renewable visa upon the investment of AED 5 million or above
- A 5-year renewable visa for ‘retirees’ over 55 years upon AED 2 million or above investment in real-estate.
Moreover, in 2021, new laws and regulations took place regarding the purchase of property in Dubai. If you are an investor or looking for a property in Dubai for residential/commercial purposes, you should follow the below given steps and save yourself from any kind of extra hustle.
First you have to decide why you want to invest in Dubai property, and what kind. Is it going to be an off plan property Dubai, a freehold, apartment, villa, or piece of land. Once you clear up the fog, identify the purpose of investment and choose the right type of property, comes the next phase.
How to Find Suitable Property in Dubai
You can search online for a property that you desire to invest in, or contact a real estate agent or a property developer. But most importantly, check your eligibility for buying property in Dubai. You must be legally allowed to own a property.
Steps – After choosing property, here are the simple steps to buy a property in Dubai.
- Pay deposit for the property
- Get loan from a reputable financial institution
- Transfer deeds and pay land registry tax.
However, when you buy property in Dubai, you’ll need to pay a one-time tax for the land registry. This comes in at 4% of the sale price. Half of the fee is paid by the buyer, and the other half by the seller.
That brings you to the end of this informative piece. Good luck for your new property in Dubai!