If you’re looking for a profitable investment, read on to learn the various pros and cons of owning real estate in Dubai.
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In case you haven’t heard, there’s a trend for foreign investors to choose Dubai as a top destination for investments in the sphere of real estate.
Real estate for sale in Dubai by the sea provides outstanding opportunities for investors to buy Arabian housing at much lower prices than in major cities of developed countries such as New York, London, Hong Kong, etc. Therefore, it is relatively inexpensive to buy real estate in the Emirates.
The developers of the UAE follow the Civil Code when performing various deals. According to the document, there are several types of real estate ownership in the UAE:
There are also cases when the Ruler of Dubai makes a gift to a UAE citizen. It is a plot of land that can be used for various purposes. The plot is charge free, but it is subject to various restrictions.
The Civil Code of the UAE does not prohibit foreign ownership of real estate in Dubai. However, each emirate may pass its own laws governing real estate ownership.
In Dubai, UAE nationals, GCC nationals and wholly owned companies can own property anywhere in Dubai. Non-UAE and GCC nationals may only own freehold, leasehold (for up to 99 years) or usufruct rights in certain areas of Dubai which are listed in Regulations Number 2 of 2006 or may own in free economic zones.
Dubai has long been among the most secure destinations on the planet. The government guarantees not only the rights of its citizens, but also those of all visitors.
Although Dubai is both a popular resort and developed metropolis, real estate prices, even in popular areas, are still quite comparable with popular metropolises.
Once in the UAE, Europeans accustomed to income and property taxes and fees are pleased to discover that they simply do not exist here. This means that owning and renting real estate does not entail any financial obligations towards the government. Against this background, it is not surprising that the tax system of the Emirates is in the 4th place in terms of attractiveness for business.
Investing in real estate in Dubai, you are guaranteed to recoup your investment, and in a relatively short time. The reason is simple: the large flow of visitors, most of whom stay here for one or two weeks, generates a stable and high demand for rental housing.
Real estate in the Emirates is also attractive because it is very comfortable to live here. In Dubai, there are all kinds of shopping areas, restaurants, and business centers. The developed entertainment industry is organically complemented by an elaborate transportation network, including unmanned metro cars.
As a property owner, you won’t have to pay property taxes and fees, but home maintenance costs can seem pretty high. But remember that utilities here include garbage collection, building security, maintenance of common areas and infrastructure elements, from the pool to the parking lot.
Despite the fact that the real estate market is experiencing an apparent boom, banks in the Emirates are quite reluctant to grant mortgages, especially to foreigners. The exception is the employees of the public sector, as well as employees with impeccable business reputation of large companies.
The number of foreigners in Dubai impresses and introduces certain tolerance towards various cultures and religions. But we must not forget that the Emirates is a Muslim state, and with a very serious attitude to religious norms. The Emirates is a Muslim country, with a very serious attitude towards religious norms.
Ownership of real estate in Dubai offers advantages as well as drawbacks. However, having analyzed the information above, we can say that benefits definitely outweigh the costs. To select a suitable housing option near the sea, visit the official website Emirates.Estate. An extensive collection of apartments and villas to any taste are represented on the source.
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