Incorrect or absent paperwork<\/li>\n<\/ul>\nThe best way to avoid problems when buying property in Dubai is to carry out checks on the real estate agents to make sure they have the correct registrations. Before you begin the process of buying a property, you need to make sure that the real estate agent or property developer is registered with the Real Estate Regulatory Authority (RERA).<\/p>\n
In addition to this, foreign investors need to ensure that their real estate agent has completed the correct paperwork for a property purchase, including a Memorandum of Understanding (MOU) and a No Objection Certificate (NOC).<\/p>\n
Foreign investors must ensure that they have done their own due diligence checks on the neighbourhood in which they are buying, and comparable property prices and rents in the area. This is to avoid paying too high a price for a property, and making a bad investment decision as a result. GuestReady advises foreign investors on rental rates and property prices, in addition to calculating rental yields and advising every step of the way.<\/p>\n
6. Why buy property in Dubai?<\/h2>\n<\/p>\n
Many foreign investors choose to purchase property in Dubai because of the strong rental yields, absence of property taxes, increasing population, consistent development opportunities, visa qualifications and lower property costs.<\/p>\n
Firstly, the rental returns in Dubai are some of the best in the world. This means that the annual income generated from investment properties, particularly short-term rental properties, is generally a good percentage of the property’s purchase price, representing a good return on investment.<\/p>\n
Once a property has been purchased and the transfer fee has been paid to the Dubai Land Department, there are no property taxes for foreign investors to pay on investment properties. This helps to increase the profits generated by investment properties. Bear in mind that if you are not resident in Dubai, you may be subject to income tax in the country in which you live.<\/p>\n
Dubai has a constantly increasing population, is extremely popular with tourists, and has consistent new development opportunities. Many areas of Dubai are rapidly developing, with new innovative technology and interesting structures becoming a big part of the area.<\/p>\n
Foreign investors who purchase property in Dubai worth over a certain amount are eligible for residency visas. The length of these residency visas is roughly proportional to the value of the property price, meaning that higher-value property owners can expect to get longer residency visas.<\/p>\n
Lastly, many of the properties in Dubai are cheaper than elsewhere in the world with similar rental yields. This makes them accessible for a wide range of property investors from all over the globe. If you’re new to the short-term rental market, GuestReady has a range of tools available to help you calculate the daily rental rate of your property and assist with making decisions.<\/p>\n
7. Is now a good time to buy property in Dubai?<\/h2>\n<\/p>\n
Now is a great time to buy property in Dubai, since property prices and rental figures are increasing. Since the coronavirus pandemic, tourism has opened up in Dubai and short-term rental properties are now more popular than ever amongst tourists and investors alike.<\/p>\n
8. Can foreigners buy property in Dubai?<\/h2>\n<\/p>\n
Yes, foreigners can buy property in designated areas for foreign property ownership in Dubai. These areas are determined by the Ruler of the Emirate of Dubai, and include regions such as Palm Jumeirah, Downtown Dubai, Dubai Marina, Arabian Ranches and Jumeirah Beach Residence.<\/p>\n
It is recommended that foreign investors buy property in Dubai through regulated real estate agents to mitigate the risk of scams and fake properties.<\/p>\n
9. Is buying a property in Dubai a good investment?<\/h2>\n<\/p>\n
Yes, Dubai’s lack of property taxes and increasing population make it a great place to invest. The visa program makes it an attractive investment opportunity, as do the strong rental yields and relatively low property prices.<\/p>\n
Therefore, buying property in Dubai is a good investment because of the strong rental returns, absence of property taxes, consistent development opportunities, visa qualifications and lower property costs.<\/p>\n","protected":false},"excerpt":{"rendered":"
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