Dubai is now synonymous with luxury and grandeur, the city is unarguably one of the most visited places on the planet. From internationally recognized landmarks, kilometers of beaches, extravagant shopping, and the endless list of attractions, all can be found in this Emirate.
Moreover, Dubai is the top place for property buyers and investors since it provides plush villas, apartments, off plan properties Dubai, and freehold developments. The reasons for Dubai being a dream destination are endless, however, here we try to provide you with some of the most exciting things about the city that will make you want to move here instantly.
Since its opening to foreigners in 2002, Dubai’s property 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, off plan and freehold developments, villas, apartments and luxury properties. There is a wide range of properties up for sale in the happening city.
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.
Visa Benefits of Investing in Dubai Real Estate for Foreigners
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.
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.
Conclusion
Ever since Dubai opened its freehold property market for expats just over 15 years ago, the city has become home to an incredible and unbelievable number of real estate projects. Most people prefer keeping their hard-earned money in banks and not capitalizing on it as investment opportunities that are available in off plan properties Dubai. It takes basic knowledge of economics to understand that saving your income in a bank for too long is risky and will always result in losing money rather than gaining because of the devaluation of currency. While investing in Dubai Real Estate is safer because it results in protecting your purchasing power and potentially earning a high return over time. Make a wise decision while you can, with the Expo 2020 in full swing, the investment options in Dubai Real Estate are scarce and as far as profits are concerned, sky’s the limit!