Buying Property in Dubai
Since 2002, international investors have been allowed to purchase property in Dubai. The property market is constantly coming up with projects targeted at overseas property buyers. The infrastructure of Dubai property sector as well as the larger scaffolding of Dubai economy itself is quite strong. In the last two decades, Dubai economy has seen a rapid upward trend. On an average, Dubai’s GDP witnesses a growth of about 7-8 percent every year. The capillaries of economy run deep into trade, tourism and of course the property sector. All these infrastructural branches of Dubai economy are closely influenced by international investment. With more and more foreign companies and individuals investing in Dubai property, Dubai property market is gradually taking the centre stage of economy. The most popular property destinations in Dubai are the Greens, Emirates Hills, Arabian Ranches, the Springs and the Meadows. The Palms provide a luxury option in Dubai property market.
International investors in Dubai can get hold of property on freehold as well as on 99 year leasehold. A property buyer in Dubai has to make a lump sum payment of 10 percent of the price. The remaining amount can be paid in instalments as agreed upon in the contract. One can get hold of mortgages on property in Dubai through a number of mortgage providers, the more prominent being HSBC, Amlak and Tamweel. Buying property in Dubai enables one to have access to excellent services amenities for everyday living. When it comes to the cost of living in Dubai, it is pretty high but certainly lower than the Western world. There are no taxes levied on one’s income or property in Dubai. However, a person having a residence visa has to renew it every three years for about 1,360 US dollars. But having a residence visa does not entitle one to work in Dubai.
There are certain factors impinging on the buyer interested in making property investment in Dubai. Following are a few pointers in this regard –
• Like any other investment, even property rates can fluctuate in accordance with the market. One has to know the current market scene and future trends before investing in Dubai property. • Banks and mortgage providers can change the interest rates and/ or the term of payment. This can have potential effect on one’s monthly instalments. One has to be aware of such an eventuality before taking up a property loan. So, one must be conversant with the terms of the mortgage provider. • Usually, lenders charge 1 percent of property loan amount as their processing fee. In addition to this, there are insurance and booking costs involved. One must survey the market to have the best possible option.• One has to know the maintenance costs of his/ her property in Dubai. This will have a bearing in the long run.• One must seek professional advice from reputed realtor(s) and lawyer(s).• One must have a comprehensive understanding of the advantages and pitfalls involved before making property investment in Dubai.
International investors in Dubai can get hold of property on freehold as well as on 99 year leasehold. A property buyer in Dubai has to make a lump sum payment of 10 percent of the price. The remaining amount can be paid in instalments as agreed upon in the contract. One can get hold of mortgages on property in Dubai through a number of mortgage providers, the more prominent being HSBC, Amlak and Tamweel. Buying property in Dubai enables one to have access to excellent services amenities for everyday living. When it comes to the cost of living in Dubai, it is pretty high but certainly lower than the Western world. There are no taxes levied on one’s income or property in Dubai. However, a person having a residence visa has to renew it every three years for about 1,360 US dollars. But having a residence visa does not entitle one to work in Dubai.
There are certain factors impinging on the buyer interested in making property investment in Dubai. Following are a few pointers in this regard –
• Like any other investment, even property rates can fluctuate in accordance with the market. One has to know the current market scene and future trends before investing in Dubai property. • Banks and mortgage providers can change the interest rates and/ or the term of payment. This can have potential effect on one’s monthly instalments. One has to be aware of such an eventuality before taking up a property loan. So, one must be conversant with the terms of the mortgage provider. • Usually, lenders charge 1 percent of property loan amount as their processing fee. In addition to this, there are insurance and booking costs involved. One must survey the market to have the best possible option.• One has to know the maintenance costs of his/ her property in Dubai. This will have a bearing in the long run.• One must seek professional advice from reputed realtor(s) and lawyer(s).• One must have a comprehensive understanding of the advantages and pitfalls involved before making property investment in Dubai.
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