The United Arab Emirates attracts investors from all over the world. Not everyone buys housing as a place of permanent residence. Properties in Palm Jumeirah, Business Bay, and other prestigious areas of Dubai are becoming increasingly popular for renting. There are many advantages of buying real estate in Dubai. The main ones are below.
Comfortable living conditions
The climate makes it possible to forget winter cold and sleet in the off-season. Dubai remains one of the world’s safest cities. Crime has been practically eradicated here. With a developed healthcare and education system, these conditions provide comfortable living conditions for any social audience, from pensioners to families with children.
Favorable prices for flats and apartments
Compared to real estate in major European cities and resorts, apartments in Dubai are cheaper. Considering that all properties are modern, the buyer receives high quality with fewer investments.
Foreign real estate taxation system
There are no taxes on real estate in the UAE for individuals. The owner can own and dispose of housing at his discretion, without obligations to the state. Renting out housing is also tax-free, allowing people to make a legal net profit.
An affordable income-generating option
The profitability ratio of housing in the UAE is high, especially in resort areas popular with tourists. Apartments in residential complexes can be rented remotely. Many management companies offer this service. The profit can be 7-10% per annum.
The state controls the transfer of real estate ownership. Contracts are registered with the Dubai Land Department. When purchasing an off-plan property, the buyer is insured against any risks:
- The developer is responsible for each stage of construction with his property.
- Delays of construction deadlines are not permitted, except for force majeure.
In the latter case, the extension of the term is allowed for no more than 12 months.
Resident status for the purchase of real estate
It is difficult to obtain citizenship in the UAE, so a resident visa remains an alternative for foreigners. If a citizen of another country has this visa, he can legally reside in the UAE. In Dubai, it is possible to issue a two-year visa with investment in real estate over AED 1 million. The higher the cost is, the longer the visa is valid. When buying a home for AED 10 million, the owner can apply for a ten-year visa.
Assistance with the purchase of Dubai real estate
The largest real estate portal presents ads from developers and local agencies. The database offers you flats, apartments, houses, and villas in any area of Dubai. Read more information on the official website https://emirates.estate/.