6 Things to Know About Buying Property in Dubai

If you decide to buy real estate in Dubai that you want to use for housing, business, profitable investment, etc., then you should familiarize yourself with the peculiarities of the legislative framework of this country, the nuances of the procedure itself in order to make the best deal you won’t regret. We have selected for you 9 features of buying property in Dubai.

Determine the purpose of the deal.

If you buy housing for yourself, then be guided by the availability of infrastructure nearby and proximity to your place of work. If you do not live permanently in the UAE, but come here several times a year for vacation, then you will certainly be interested in the property located as close as possible to the beach.

If you are going to make money on renting residential real estate, then it is worth doing a little research: which areas are most popular among ex-pats, apartments or villas are rented with great pleasure, how many rooms are available, etc.

There are plenty of luxury rental services in Dubai to help avoid the costly expenses of importing large assets during initial visits. For example, there are plenty of services where one can find a Ferarri for rent in Dubai. In addition to a luxury car and pleasant trips, you will have first-class rental service, reasonable prices, and friendly staff at your service.

Select Market: New or Resale.

In addition to the primary (more expensive) and secondary (cheaper) markets in Dubai, there is another option – is to buy an apartment directly from the developer. The contract is concluded when the construction of the facility is at an early stage, so you have to wait until it is ready. You can benefit from this because you can pay for housing in installments, and you are insured against a rise in real estate prices.

Have to pay tax.

From purchases of real estate in the secondary market, the state takes a tax. If you purchase housing in the Freehold zone, which has already been in use, then you will have to pay 2% of the property value to the state treasury. According to the law, this tax must be paid by the buyer, not the seller. Necessary additional expenses also include payment for the services of a realtor, court costs, etc.

Need an intermediary.

According to the laws of the UAE, all real estate transactions, including the purchase and sale of land, cannot be made without the participation of intermediaries.

The primary market is served by licensed companies that leave their details in the contract. If you are buying housing or land on the secondary market, then be sure to check with the realtor if the contract contains data on the primary cost of the object you are interested in and the intermediary who dealt with this transaction.

Property prices in Dubai are not low.

Despite the fact that the Dubai real estate market is developing with serious leaps, there is still an excess of demand oversupply. Therefore, the cost of one square meter in Dubai is decent: about $3.000.

Pricing here is interesting: the larger the area of ​​the proposed housing, the lower the cost per square meter. For example, a villa will cost you $1.500 per sq.m., but a city apartment or townhouse – at least $2.500 per sq.m., because their area is more modest than a huge villa.

Buying real estate is a way to get a resident visa.

True, you can only count on it if you buy expensive housing, at a price of at least 1 million dirhams (almost $300.000).

Purchasing luxury housing gives you the right to live freely in Dubai for three years. You can extend the resident visa as long as you want, the main thing is to continue to own real estate and not violate the laws of the UAE. If you want to be employed in the Emirates, you will have to obtain an additional work permit from your employer.

Conclusion

If, when buying a property, you take into account all of the above, then the main mistakes ex-pats make when making a deal can be avoided. But you can be sure of one thing for sure: you make a successful investment that will definitely bring you both pleasure and profit.

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