Housing some of the world’s most remarkable projects such as Burj Khalifa, Burj Al Arab, and Palm Jumeirah, Dubai established its reputation as a true real estate haven.
Newly inforced legal initiatives, as well as the latest positive rankings regarding the UAE economy, boosted Dubai’s appeal as an investment destination. If you haven’t done it so far, let me show you why you should consider buying property in this Emirate.
1-New Residency and Visa Schemes
UAE announced several interesting initiatives lately regarding the benefits you can obtain by buying a property in the UAE. The most important one is the permanent residency for investors. So-called gold card residency is valid for 10 years and is auto-renewed upon completion of that period.
This initiative is valid for property investors with a gross value of at least Dhs5 million, expatriates with investments worth at least Dh10m.
Making it the most important reason in the top 5 reasons why you should buy a property in Dubai.
2-Low Prices and Attractive Payment Plans
In comparison to other major cities worldwide, property prices in Dubai are much lower. Additional benefits include high capital appreciation, one of the highest ROI globally that ranges from 3-5 % in prime locations and up to 7-9% in more affordable locations.
In addition to unmatched payment plans directly from the developer with no interest rates, and up to 9-10 years with more “Rent to own” payment plans being introduced to help first time home buyers in Dubai acquire a new place to call home.
This is a great time to capitalize on something that was never available in the Dubai Real Estate Market a few years back.
3-Safety and Political Stability
UAE is among the safest countries in the world in terms of crime. The feeling of safety goes to that extent that most people here don’t feel the need to lock their homes. Furthermore, UAE is politicly stabile country whose government places a large emphasis on economic, social, cultural, environmental and political issues.
Also, since real estate is a major aspect of Dubai’s economy, the country ensures transparency of the property market through the escrow regulation, rental cap, rental increase calculator, and a rental dispute settlement center.
Properties in Dubai are known for its amazing facilities and amenities. Community swimming pools, gyms, 24/7 security, and concierge service are part of the standard package here in most cases. Besides that, you can choose from a variety of options depending on your preferences and lifestyle. Luxurious villas, state-of-the-art skyscrapers, beachfront townhouses, golf residences with stunning views, sustainable units – Dubai has it all. Furthermore, it’s organized in communities designed as cities within cities, allowing you to live surrounded by like-minded people.
Despite 5% VAT implemented in 2017, Dubai is still a tax-free paradise for real estate investments. Most of the properties in Dubai are exempt from VAT. For those buying a residential property as a “first-time” tenant, or purchaser directly from developers within three years of completion, the VAT value will be zero-rated. The same goes for renting or purchasing residential property from a “first-time’ buyer. Residential off-plan sales are VAT exempted too.
Paying a 5% tax in other cases, such as commercial units, you must admit, is still nothing in comparison to taxes you would pay in other other major cities worldwide.
These were the 5 reasons why you should buy a property in Dubai.
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