Investments in real property in the United Arab Emirates are in demand among the foreigners. Most buyers choose Dubai. Dubai Properties for sale offer great opportunities. It allows you to secure the money from inflation, get a source of stable income or feel the high quality of life in the emirate by movement to permanent residence. It only remains to figure out what is necessary to know about selection and purchase of a housing in Dubai this year.
Selection of an apartment in Dubai
There are more than 60 freehold zones in the emirate in which the foreign citizens can own real property on the basis of full ownership. In other parts of the city, only long-term rentals are possible. This restriction does not interfere with the choice, since affordable housing for foreigners can be found both in the coastal districts and in the central part of the metropolis. To set goals is no less important. Among the main ones are:
- movement to permanent residence;
- investments in order to secure funds from inflation;
- purchase for subsequent profit.
In the first case, it is important to take into account the infrastructure of the district, depending on one’s own needs: proximity to kindergartens and schools, medical institutions, and the development of transport communication. If apartments are acquired for the purpose of value capitalization, it is advisable to consider properties in residential complexes under construction. When the house is commissioned, the apartment can be profitably sold. Any of the developed districts in Dubai is suitable for subsequent renting. Property on the coast is more preferable.
What should be considered in purchase of an apartment
Despite the fact that on-line real property transactions have become quite common during the pandemic, most buyers tend to arrive to the country and see the property with their own eyes. This solution permits to evaluate not only real property, but the infrastructure of the district in which it is located. The purchase itself includes several stages:
- Opening an account required for the subsequent payment of property.
- Conclusion of a preliminary contract.
- The deposit payment.
- Registration of the transaction together with the transfer of the remaining part of the housing cost.
- Obtaining a certificate of ownership.
Registration of secondary housing and project designs from developers have their own features, so the assistance of an experienced broker is so important.
Resident visa for investment in real property
This is a privilege that is especially relevant for those who are planning to move to permanent residence. It is enough to purchase a property at a price of more than $204,000 to have an opportunity to obtain a resident visa. Its duration depends on the purchase price.
Additional costs in overseas property acquisition
There is no taxation of private property in the country. However, additional costs are inevitable in housing purchase. First of all, this is a registration fee of 4% of the price paid at the Dubai Land Department. The cost of filling in a number of documents, their translation will also be required. There is a one-time charge of $136 is collected for a certificate of ownership. The full information on the additional costs of the property purchase in Dubai can be found on Emirates.Estate.