The real estate market in the Arab Emirates is developing and leading. Foreign citizens, wealthy individuals and investors are actively buying housing, offices, hotels and villas in the UAE, where Dubai remains in first place among the emirates. High liquidity of residential and commercial real estate, quiet crime situation, stable economy, favorable climate – all this attracts investors from all over the world to Dubai. People often want to buy real estate in Dubai not only for a profitable investment of money, but also for permanent or seasonal residence. Most foreigners are interested in a villa sea view in Dubai for sale as well as exclusive apartments in convenient locations.
Rising demand for UAE Real Estate:
The cost per Square Meter in Dubai is rising despite the international monetary instability. Unlike some other countries, such as the U.S., where demand is constantly fluctuating, the Emirates show a high market activity. The evolution in rage of Real Estate contributes to:
- The Country’s attractiveness on the aspect of foreigners;
- International business activity;
- Promising economic conditions for corporation against the background of multinational instability (the national currency – the dirham – is pegged to the dollar);
- Possibility of carrying loans from regional banks or spending for purchases in cryptocurrency;
- Permitting outsiders to confess belongings in the UAE without implicating an Arab sponsor;
- Lowering the minimum investment cost to apply for a long-term resident visa.
Attraction of foreign capital to Dubai
The government plays an important role in attracting capital investment. The emirate’s development plan to 2040 envisages more than doubling the number of residents. There are plans for a proportional expansion of infrastructure, which entails the growth of real estate in Dubai and other emirates.
Demand for real estate in the UAE among foreigners is supported by the interest in the high standard of living of this Arab country. Modern technology, comfort, warm climate, and the presence of access to the Persian Gulf contribute to the year-round visit of tourists. The state is located at the crossroads between Europe, Asia and Africa, which is favorable for trade. Loyal tax legislation, as well as certain types of incentives for scientific workers, students and entrepreneurs contributes to the attraction and development of business, as well as increasing the number of residents in the region.
Legislation on real estate purchase in Dubai
Under the legislation of the UAE, only citizens of this country or any other country of the Persian Gulf are allowed to buy any real estate in any location. Citizens of other countries have the right to buy property only in freehold zones.
Freehold zone is an area where foreigners can choose any object. A buyer obtains full ownership and can manage the real estate according to their needs and desires. It is important to say that freehold imposes no rough limits on foreigners as almost 90% of the real estate for sale is located in necessary zones.
Freehold zones in Dubai
The most popular freehold zones among foreign investors in this metropolis are the following:
- Dubai Marina;
- Business Bay;
- Jumeirah Village Circle;
- Jumeirah Lake Towers;
- Mohammed Bin Rashid City;
- Umm Hurair;
- Al Barsha;
- Emirates Hills;
- Jebel Ali;
- Al Quoz;
- Ras Al Khor.
Most of them provide an impressive number of exclusive villas and apartments for sale. To find a suitable housing unit in a freehold zone in Dubai, visit the official website Emirates.Estate. A vast collection of real estate from various segments is available for foreign buyers. All properties are built from high-quality materials according to the international standards.
Issues worth considering when buying real estate in Dubai
As in any country, real estate in the UAE has some peculiarities. Before concluding a deal, it is important to be aware of the following peculiarities:
- It is advisable to deliver all the processes of real estate purchase to qualified real estate agents.
The professionals with sound experience will manage and facilitate the deal. Still, make sure that you address a trusted real estate agency.
- In Dubai, it is possible to perform a remote transaction.
Real estate transactions can be delegated to a third party such as a realtor. The conditions of purchase in this case assume the existence of a power of attorney, which must be legalized in the UAE Embassy, certified by the Ministry of Foreign Affairs and translated into Arabic. The document can be drawn up in the Emirates and notarized.
- When buying an apartment or a villa, your rights will be fully protected by the state.
The government of Dubai carefully monitors all transactions in the real estate market, which reduces to zero the risk of fraud or deception by the seller. This applies to both new builds and properties on the secondary market.
- Before entering into a contract of sale, even if preliminary, it is necessary to conduct due diligence.
A buyer should ask the seller for a copy of the certificate of ownership with the marks of the Land Department of Dubai and to conduct an inspection of the facility. In addition you can get the seller’s consent to check the apartment through the real estate registry. You must be sure that the apartment or property under construction is registered with the RERA, there is an escrow account, and the developer or seller has permission from the RERA to conduct sales transactions.
Conclusion
Real estate in Dubai provides plenty of benefits to its owners. Interest of foreign investors in buying property in Dubai has been steadily increasing in recent years, so prices are rising fast. Therefore, it is worth hurrying up with your purchase. Making a rational decision about the purchase will give you the opportunity to resell the purchase profitably, or successfully earn money by renting it out. The choice of the offered real estate is so great that you can find an object for any taste and purse.