Dubai is one of the hot spots for business and tourism in the world. Over these years, it has grown to become an influential hub of business, and it is a fact that over 80% of the largest world companies do have offices in this city. Dubai properties are some of the most attractive real estate markets due to the growth of the real estate sector to 25% in the year 2013. The growth has continued into 2014, and has made Dubai to be a real estate haven. The real estate in Dubai has grown rapidly. This has been driven by huge demand and high quality of the properties here. Also the tax setup has made it all the more popular to investors.
Why invest in Dubai property
There are lots of reasons to buy property here, not to mention the fact that the world’s tallest building, Burj Khalifa, is found right here in Dubai. You should consider buying a property in Dubai because it’s growing at a very rapid rate and its popularity is even higher. The city has quite a number of British home buyers who have been attracted by the lifestyle and the cosmopolitan climatic condition. In the recent years, the prices of the real estate have increased by 25% per year, but this has remained low compared to the UK standards. This has made Dubai to be recognized as the international real estate property hotspot. The continuous emergence of residential development has instilled fear of properties crowding, but the demand is still high and there is no chance of it reducing soon. Before buying learn more about it here
You should know that Dubai consist of two major regions, Bur Dubai which is the old part and also the Deira, which is known as the city centre. Most of the residential developments are currently concentrated in the west of the Dubai city. The main occupants of this area are the foreigners with the expatriate buyers been concentrated in an area of 25 square km. The area has easy access to the beaches and also the city’s finest facilities.
Choose the finest
Foreign buyers prefer villas and apartments because they are located in secure places with leisure facilities like tennis court, gyms and swimming pools.As from the year 2002, when the royal decree that foreigners could own properties, Dubai has enjoyed the real estate boom. There have been many new developments, and many of them are luxurious and feature the most current technology. More information on this can be found at dubai real estate company forums.
Buy a property in Dubai
Up to 2002 owning a property in Dubai was restricted to only the citizens of the country. Even when the law was reversed, there was still no act of buying properties in the country. It was until 2006 that the government of Dubai passed the law that now allows ownership of properties by foreigners in the country. This was only allowed in some designated areas. The law also protects foreign owners and allows them to have maximum control over their properties.
Understand process of purchase
Due to the fact that the property market in Dubai is at its infancy stage there is still no formal process of purchase. The paperwork is a direct sales agreement. This does not need a lot of legal formalities, but before making any agreement, it is important to consult a lawyer who is familiar with laws of Dubai. Majority of the cases, to those purchasing freehold property in the city are exempted in paying the survey fees. This is because the stamp duty is not used. The only cost incurred is 1.5 % land fee which is paid upon completion. It is advisable to deal with highly regarded developers or agents.
Mortgage in Dubai
Obtaining a mortgage in Dubai is so tiring because it involves a lot of legal formalities and it is rigorous. Dubai lenders are not taking consideration on any projected rental earning from the property. The only amount that can be lent out is based on net earnings. The mortgage payment and other expenses are not to exceed 35% of the net income. Due to that the exchange control is much complex, which is why it is advisable to seek professional advice before taking a mortgage in foreign currency. To learn more about apartments for rent in Dubai please follow the link.
The beauty, sparkle and glitter of Dubai can lure you in purchasing a property but it is advisable to check and find a property that does not cost you much for the additional beauty of the property. If possible, use property finder Dubai.
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