Property in Dubai
Now Dubai is experiencing a real boom in a property sector. Luxury real estate brokers in Dubai the UAE have various offers for every taste and budget. However, each medal has a downside: due to the large number of offers, it is not easy to choose the most profitable option on your own. Therefore, we recommend engaging a specialist who is well versed in the nuances of real estate in Dubai and will help you make the best choice.
Nuances of real estate in Dubai
As already mentioned, every medal has a flip side. When buying property in Dubai, it is necessary to take into account unusual moments for us, which you will definitely encounter. In addition, especially if you plan to live here, it is worth considering some local nuances.
1. Property maintenance
Yes, you won’t have to pay property taxes and fees, but home maintenance costs can seem quite high. But remember that the utilities here include garbage collection, building security, maintenance of common areas and infrastructure elements, from the pool to the parking lot. The amount of payment is set by the management company, and if an Owners Association is formed in your house, then this responsibility falls on her shoulders.
2. Getting a loan
While the housing market is clearly booming, Emirati banks are rather reluctant to issue mortgage loans, especially to foreigners. The exception is employees of the public sector, as well as employees of large companies with an impeccable business reputation.
To purchase a property with a loan, you must also have a verified monthly income of at least 5,000 dirhams (about USD 1,360) and you must be ready to pay at least 30% of the cost of the proposed purchase.
3. Visa regime
We have already talked above about the annual mandatory check to confirm the status of a resident. But the issuance of a visa involves a number of other restrictions. So, to qualify for it, you must meet at least one of the following conditions:
- purchase of housing in the amount of AED 1 million (about USD 270,000);
- be a member of the founders of a company with an authorized capital of USD 5,500 or more;
- be an employee of a local company;
- receive education in the Emirate.
In addition, it is possible to obtain a so-called “family visa” if one of your relatives is a resident or citizen of the UAE.
4. Culture features
Yes, there are many foreigners in Dubai. Yes, they are treated very loyally here. But we must not forget that the Emirates is a Muslim state, and with a very serious attitude to religious norms. Therefore, at least in public places, it is always necessary to behave appropriately.
5. Buying process: taxes and other nuances
To buy a property in the Emirates, you must go through the same standard steps as when buying a home in any other country:
- selection of a suitable property;
- signing an agreement;
- making a deposit;
- registration of real estate for a new owner;
- payment of all required fees.
Of the latter, the registration fee is mandatory, the amount of which is 4% of the cost of the acquired property. However, in some cases, it can be divided between the seller and the buyer.
In addition, a separate registration fee is charged in the amount of AED 2,000 to 500,000 (USD 544-137,000), depending on the type of property purchased. Registration of ownership in the local court will require payment of a fee (about USD 70).
If you decide to entrust the management of housing to a local rental agency, keep in mind that you will have to give an average of 5-7% of income to an intermediary. However, your own income will be from 7% per annum in the case of a long-term lease, and about 10% for a short-term lease.
Before making a transaction, we advise you to make sure that bank transfers are available. Although formally there are no restrictions on the purchase, the bank may require additional documents from the developer to confirm the foreign exchange transfer.
Privileges of real estate in Dubai
Since this question is one of the most frequently asked, let’s clarify: there are no special privileges from owning a home in Dubai. But here we add: a purchase of USD 250,000 allows you to obtain a residence permit under a simplified procedure, in just 1 month. At the same time, it can include the spouse, children and other family members who are dependent on the investor.
The usual domestic way of savings – currency conversion – today is not the best solution. It is much more promising to buy real estate, which not only grows in price over the years, but also allows you to receive passive income by renting out. In addition, by purchasing a real estate at the construction stage, you can get up to 30% profit by selling it after commissioning.
Despite rapid growth, the Dubai real estate market now offers excellent options at prices comparable to those in European cities. If you decide to invest in housing, you should definitely consider this opportunity. And you can save time and money by contacting experts who will not only help with the choice of real estate, but will also guide you through all stages of the transaction as quickly and comfortably as possible.
Real estate agency in Dubai
Ax Capital agency provides a wide range of services for real estate transactions. Their qualified specialists will help you with the sale and selection of housing in Dubai and other emirates, mortgage registration, legal support of the transaction. Their specialists conduct a thorough analysis of the real estate market for similar properties and develop a strategy for a profitable deal especially for you. Specialists will carry out the selection of new apartments, villas and other real estate according to your chosen parameters. Ax Capital guarantee an individual approach to each client and do their best to make him satisfied with the quality of services.