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Real estate experts have already stated that 2024 will be a very good year for making investments in Dubai. 2023 was a great year for the real estate sector in Dubai and 2024 is expected to be even better. Last year, the real estate market in Dubai registered its highest residential capital gains in a decade. People based in different countries were already keen on investing in real estate in Dubai and this law opened a sea of opportunities for them.
The profits that the real estate market made last year by selling a variety of properties were humungous, to say the least. If we take sale and mortgage transactions into account, the amount would run into billions. Based on the prevailing trends, experts would say that this is one of the best years to invest in real estate property in Dubai.
Why Dubai Makes For An Ideal Real Estate Investment Destination?
As a city, Dubai has always offered solid opportunities to those who wish to invest in real estate. The Freehold Law of 2002 played a key role in attracting investors from different parts of the world to buy property in Dubai. The legislation made it possible for non-UAE citizens to buy, sell, rent, and lease out properties in Dubai.
Several factors have contributed to making Dubai an ideal destination for real estate investors. Along with its strategically placed geographical location and world-class amenities, Dubai’s reputation for mounting high-end infrastructural projects and being a tax haven has contributed to attracting global investors.
As the number of tourists and expatriates in Dubai increases, one witnesses a rise in inquiries for residential and commercial projects. If somebody chooses to invest in ready or already-constructed property in UAE, they stand a chance to qualify for a residence visa that lasts for two years. A golden visa, with a validity of ten years, is given to those who invest a minimum amount of AED 2 million on a new property or one that was earlier owned by somebody else.
Understanding the Real Estate Landscape in Dubai
In Dubai, you get the opportunity to invest in a variety of properties. Apart from apartments, townhouses, independent houses, and villas, you get a plethora of commercial properties to invest in as well. In the local real estate market in Dubai, apartments tend to be more popular than other types of properties. People get the opportunity to invest in properties that are ready to be moved in and ones that are still undergoing the process of construction.
To get the right guidance while investing in a property, an individual can seek the help of a real estate agency in Dubai. Along with helping you find the right property for your investment needs, a real estate agent or agency will also help you get it at a good price after ensuring that all the legal formalities are carried out properly.
How lucrative or beneficial your investment proves to be depends on multiple factors including the area in which you acquired the property. Some areas in Dubai have witnessed rapid development in recent years and because of that, the rates of properties in these areas have gone up significantly. Those who bought properties in these areas a couple of years back are reaping the benefits now.
Investing In Real Estate in Dubai
Research
Before making an investment in the real estate sector in Dubai, it is important to have some information about it. Doing adequate market research will help an individual gather a deep understanding of different factors related to the real estate market like current trends, changes in pricing, and growth prospects.
When an investor has a good amount of resources at their disposal, they prefer investing in areas where the demand for properties remains high. Some of the areas in Dubai that are considered to be the most ideal for real estate investment are Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Dubai Hills Estate, and Palm Jumeirah.
Finances
Before you buy property in Dubai, you must have clarity on your financial capacity. Apart from figuring out whether you have the resources to invest in the property you wish, you also need to know how well you can sustain yourself financially after acquiring the property. You must take your financial goals into account while making these calculations.
While working out your finances or preparing a budget, you can take the help of somebody who has expertise in finance or real estate. Apart from calculating the initial investment cost, you must consider service charges, potential yields, maintenance fees, and other expenses. While no income and capital gain tax is levied by the government, one has to pay a 4 percent transfer fee to the Dubai Land Department.
Guidance
While buying a property, getting proper guidance is important. Having somebody around to guide you becomes all the more important when you are a non-UAE resident and planning to invest in a property in Dubai. For those looking for the right guidance, seeking the services of a real estate agency in Dubai would be a good idea.
While one has the option of reaching out to a private consultant, hiring the services of an agency would be a better idea. From showing you a variety of properties to choose from to make you aware of all the laws and regulations governing the acquisition of properties in Dubai, a professional real estate agency can help you in different ways.
Transaction
During the transaction process, one has to be mindful of several things. Once you decide to purchase a particular property, a sale and purchase agreement must be signed between you and the seller. It can be best described as a document that contains a lot of important information including the property’s address and its cost and size. The terms and conditions related to the deal are also mentioned in this document.
If a mortgage is involved in the overall transaction, the buyer would be required to procure a no-objection certificate or NOC. One has to do the same if the property happens to feature on the secondary market. Along with these documents, the buyer needs to show their current residence visa and passport. If the transaction is being carried out by an agent representing the buyer, the latter should provide them with a Power of Attorney.
Company Bio – Falcon Premier Real Estate
In the last few years, Falcon Premier Real Estate has firmly established itself as the best real estate agency in Dubai. Apart from introducing clients to a variety of properties, the company helps them in procuring a property of their choice at a fair price.
