So, you have decided to invest in flats in Dubai. Irrespective of the goal, any first-time property buyer faces a variety of questions and sometimes finds no answers.
In this article, we compiled a list of common questions and are ready to provide enough information to answer each of them. Let`s pave your way towards homeownership in Dubai, the UAE.
1. I’m a non-resident in Dubai. Is real estate for sale available for non-residents?
There are certain areas in Dubai where non-residents are allowed to buy real estate. Foreigners are allowed to buy residential and commercial property in freehold zones. When purchased, real estate can be disposed of at will: rent, resell, repaired, transferred by inheritance, etc.
2. Are there taxes on real estate investments?
A buyer should cover the following costs:
- Property registration fee.
- Agent`s fee.
- Valuation fee –a fee charged by the bank or lender to determine the value of the property.
- Maintenance fees – monthly or annual fees charged by the developer or homeowners association for keeping the property and common areas clean and repaired.
- Service charges -fees for utilities, security, and other services provided by the developer or homeowners association.
- VAT – a 5% value-added tax is applicable on the purchase price of newly constructed properties and some services related to real estate transactions.
It is important to note that these fees and taxes are subject to change, and it is recommended to consult with a professional before making any transactions in the sphere of Dubai`s property.
3. What types of property can I buy?
Foreign investors can buy a wide range of properties. There are studios, apartments, penthouses, duplexes, villas and townhouses in Dubai. Each housing unit is made from high-quality materials and equipped with cutting-edge amenities.
4. What are the upsides of buying Dubai`s property?
The metropolis is a hub for commercial activities, trade and career growth. Purchase of housing in Dubai provides high investment value and opportunity to obtain residency. Excellent prospects and overall opulence of the city creates perfect conditions for rental business and living luxury life among latest technologies.
5. What are the restrictions for foreign investors wishing to buy property in Dubai?
As a rule, foreigners with stable income and a clear goal to buy property meet no restrictions. The only rule is to purchase real estate in certain zones in Dubai.
6. Do I need professional assistance?
A real estate agent is a specialist who will facilitate the process of purchase. AX CAPITAL in Dubai is a great helper and here is why:
- Specialists are always available and ready to help.
- A wide selection of real estate for investment.
- Advice from competent lawyers.
- Consultation on processing necessary documents in the UAE.
- Access to current information and the most profitable options in the market.
7. What are the main factors to consider when choosing property in Dubai?
The main factors to keep in mind when investing in real estate in Dubai include location, reputation of the developer, type of property, available budget, possibility to cover additional costs, and financial options.
It is also crucial to check legal requirements and market conditions, evaluate the resale potential of the chosen property in the future, as well as any rental income it may generate.
8. What are the main risks of investing in Dubai?
The main risks of investing in Dubai include:
- Market volatility. The property market in Dubai is known for its volatility, which means that property prices may change any time.
- Legal issues. There have been cases of property developers going bankrupt or failing to complete projects, leaving buyers with incomplete or non-existent properties.
- Fraudulent activity. There have been cases of fraudulent activity in the Dubai property market, including fake title deeds, forged documents, and scams targeting foreign investors.
- Economic instability. Dubai’s economy is lightly reliant on oil and gas revenues, which is unlikely to be affected by global economic conditions and political instability in the region.
To mitigate these risks, it is important to conduct thorough research, work with reputable developers and agents, and seek professional legal and financial advice before making any investment decisions.
9. What are the main steps you should take to successfully buy property in Dubai?
To perform the real estate purchase, a buyer has to find the proper housing option, submit an offer to the developer, negotiate the terms, and sign a contract. After compiling and putting the signature in the contract, the buyer makes the deposit and obtains the title deed.
Dubai has become a well-off state for investing in real estate and building prolific businesses. Due to a great flow of international investors, there is no time to hesitate and delay the purchase. Invest in stylish flats in Dubai and obtain a wide range of benefits.