How can an Expat Invest in Properties in Dubai?
The real estate market in Dubai has seen an increase in the number of expats and foreign nationals who are interested to invest in the city. Several people are still unaware about the fact that they can own a freehold property in Dubai and it is not constraint to 99 years lease anymore. Investors in Dubai can now invest in freehold apartments, townhouses, villas and even mansions very easily. Furthermore, people looking to invest in commercial properties are also eligible to opt for freehold shops, offices and many more options. With the no taxation policy in Dubai, investors can be rest assured that property investment in Dubai can only provide them with ample amount of profits.
The biggest and the foremost attractive asset is that of the high rental yields that an investor in Dubai can bag in of upto 8%. To cut the long story short, every foreign expat is allowed to invest in UAE and can earn a handsome profit out of it too. In this article, we are furthermore going to talk about the advantages of investing in UAE:
- Everyone wondered if the pandemic had an adverse effect on the property market in Dubai, but it is not what you think happened. The investment market in UAE has been stable due to the drop in the market prices. The demand for residential properties with a larger space has only seen an increase. With the pandemic, people have realized the importance of social distancing and a larger space to be able to take good care of a bigger family. Let us walk you through the steps of how one can invest in a property in Dubai.
- If you want to purchase property in Dubai, there are some steps involved. You can follow these to buy all off plan properties, freehold properties, and resale properties. So, let us see how you can fulfill your dream of owning property in Dubai.
- Finding the right agent for your property purchase in Dubai can be a task. You can always find the best experts at Azco Real Estate to help you with your leasing, freehold property purchase and a lot more.
- As for any property, the best place is to search online. There are several real estate agencies that list a range of properties on their portal. You can explore the ones in your preferred locations. The listed properties are both newly constructed and those available for resale. Developers may also sell properties that are still under construction.
- To invest in Dubai, you need to have a passport to prove your identity to the government. You do not need to take any residency permits to buy the property unless you have an intention of staying there for a certain time. If you want to visit Dubai to investigate things before you invest your money, then you need a visa. The UAE government offers a six-month visa, called the “Property Holders Visa”. Moreover, to qualify for this, you must be an individual not an organization and buy property under a certain value.
- To buy property in Dubai, you must ensure that you have sufficient funds to invest and meet all the costs that are involved in the purchasing. The expenses include the deposit, transfer fees, real estate agent fees, legal advisor fees, and more. Taking help from a lawyer is not necessary but recommended getting help with all the paperwork and legal formalities.
- To buy property in Dubai, you must ensure that you have sufficient funds to invest and meet all the costs that are involved in the purchasing. The expenses include the deposit, transfer fees, real estate agent fees, legal advisor fees, and more. Taking help from a lawyer is not necessary but recommended getting help with all the paperwork and legal formalities.
After finalizing the property and getting the loan, you are required to pay the deposit. The amount will be mentioned in a form, and it is usually between 5% and 15% of the property value. Developers do not drive sales and purchase agreements until you pay this deposit. While buying off-plan property, make sure that the payments you make are forwarded to a RERA- approved securities account. It is the real estate regulatory agency in Dubai that takes care of all the real estate investments. These payments are later transferred to the developer when the development of the property is completed.
To get everything done, you need to transfer the deeds. here you need to pay 100% of the purchase value of the property in Dubai. Until you transfer the deeds, you cannot own the property, so make sure to arrange the financing beforehand. You can inspect the property by visiting it to point out any issues that the developer should consider before finalizing the development.
The real estate market of Dubai is different from other countries so it is recommended to hire a real estate advisory firm who can guide you throughout the property buying process. Azco Real Estate is one of the reputed real estate advisory firms in Dubai that specializes in offering properties to investors in the most sought-after areas of Dubai. They offer an exclusive range of villas, apartments, plots and a lot more in Dubai that are ideal for foreign nationals. They can help you find the right property which could be either under development or available for resale. You can check out the ideal options as per your interests and book any one of your choice by simply paying an initial deposit or down payment to them.