Dubai has become a hot international property, with great architectural developments and ambitious projects rising overnight. With the market still young and demand exceeds supply, the time is ripe for foreigners to invest in this vibrant and exciting.
In March 2006 the law was passed allowing foreigners freehold or 99 year lease or freehold land within designated areas. Fully owned or lease allows the foreign investor many advantages. Owners can sell or rent your property in Dubai, if desired. Investment potential is high, with strong demand for short term rentals and yields around 10 percent. Dubai does not levy any income tax, including those derived from rental properties. Furthermore, no capital gains tax. With a population Dubai is expected to double over the next five years, making the increased demand for rent, property acquired for the car can be considered a generation an active long-term income. The owners are not obliged to live in the UAE, but must visit the country briefly once every six months. Some companies management of several local and international real companies, including Colliers International, Clutton, Astec, and JG Property Management, with responsibility for property when owners are absent. Properties can also be transmitted by inheritance if specific procedures are followed. Ownership of freehold property also allows the holder named first endorsements of 3 years renewable residence. (The visa holder is not authorized for employment in the country.)
The programs of the Dubai royal most popular (many of them gated, communities, families, easy access to residential pools and amentities others) are:
- Springs: offer 3 to 5 villas, one bedroom, located on Sheikh Zayed Road.
- The Meadows located near Dubai Media City, composed of villas from 3 to 7 bedrooms two plants.
- Emirates Hills: a luxury world-class development consisting of freehold villas near Dubai Media City and Emirates Golf Club.
- Arabian Ranches is a community of vacation homes and freehold townhomes just minutes from Jebel Ali in Dubai and is still located in the desert, offering access Dubai Polo Club Riding Center.
- Dubai Marina: offers apartments and luxury villas with ocean view
- Greens: Located near the Emirates Golf Course and offers modern low-rise apartments Freehold available studies, 1, 2 or 3 bedrooms.
- City International, a unique event and out of town along the road to Hatta Dubai with nine different residential areas with apartments built in the architectural style of China, Morocco, Russia, Persia, England, France, Greece, Italy and Spain.
- And other surrounding areas: Business Bay, The Palms (Palm Jumeirah, Palm Deira, Palm Jebel Ali) and Jumeirah Beach Residence.
Invest in the market moving dynamic and fast Dubai is pretty simple. The document only requires relatively simple contract of sale. If necessary, the alien may apply for funding. The two main lenders in Dubai, specializing in real estate mortgages are Tamweel and Amlak. When buying property, it is advisable to choose a lawyer and make sure a formal contract signing, especially if the secondary market purchase. It is possible and quite common to buy directly from the developer (as Emaar and Nakheel) who may charge a transfer fee included between 1-3%. Typically, a deposit, plus fees with the last installment, due to the termination or transfer of ownership. Once completed, the property must be registered with the Dubai Land Department. There is a register of land equal to 1.5% fresh buying. Owners also should expect to pay an annual charge of building maintenance which covers things such as plumbing or electrical repairs necessary site cleanliness and safety.
Buying a home abroad is an important decision. It is essential for research on all aspects of a potential investment and deal only with real estate agents in good standing since there is no formal process of purchasing structured in Dubai. Officials familiar with real estate a good reputation GoWealthy Dubai include Better Homes, Re-Max, and Landmark Properties. The property market in Dubai is likely to continue to flourish in future predictable. Dubai is a thriving international destination offering a high standard of living, a lifestyle free of taxes and a safer community, cosmopolitan and what is the place ideal for investment.
Ahmed Juma is a local UAE businessman and owner of Emirates-Ads.ae, a Dubai classifieds site with listings for Dubai apartments and villas for rent or sale, sharing accommodation, commercial real estate and rooms for rent, as well as jobs in Dubai, used cars, and used furniture for sale.
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