Cosmopolitan, glitzy, glamorous and home to the tallest building in the world, the Burj Khalifa, Dubai is the most happening place in the world and owning property there might be a dream for many. But millennials are showing interest in the property market and are owning instead of renting like yesteryears. In the present-day Dubai, there are no traces of the 2008 economic downfall as foreign investors are back and they are looking for properties here.
What makes Dubai so endearing is that there is something for everybody here; one can choose from premium luxury apartments to villas to single bed studio apartments in Dubai.
Besides ascertaining the legality of the broker there are a still a few facts that you must know about Dubai condos before parting with your money.
- The economy is constantly growing: The government and the system are so efficient here that many times websites cannot keep pace with the changes introduced. Dubai is growing at a breakneck speed and investment from across the globe is pouring in.
- Security: Despite the political turbulence in the other regions of UAE, Dubai has maintained its calm and is politically strong. It is one of the safest places in the world where cases of theft and robbery are unheard of. Here the people feel secure and protected at all times.
- Great rental returns: No other metropolis can come close to the rental returns generated in Dubai which is a remarkable 5.82%, much higher than in New York or London which generate only around 2%.
- No property tax: This probably is the biggest benefit of buying property in Dubai because once you are done with the legalities of buying a property and paid the registration fees to the Land Department, you don’t have to spend another penny as property tax.
- Foreigners can be owners: Unlike other countries where there are too many rules and regulations for foreigners to buy property, in Dubai, the freehold law has made it possible for even no- natives to own property but only in freehold areas even when they don’t possess a resident visa. Some of the freehold areas are Emirates Hills, Jebel Ali, Um Huraira etc. In fact, you can purchase the property even when you are not physically present in Dubai.
- Leasehold areas: In Dubai, there are many areas where a property is only leased and not sold completely. The lease normally lasts between 1 to 99 years; hence, you must check the property is freehold or leased.
- Dubai Expo 2020: It is one of the major world events to happen in Dubai and to be prepared for that event the infrastructure in the country is getting a mega boost and new properties are being developed to meet the demand for housing in the coming days. If you invest now, then you can certainly hope to get manifold returns on your property.
- Multicultural society: Nationals from over 200 different countries live here in complete harmony. Besides Islam, the government encourages people to believe in their own religious beliefs as long as it does not hinder the harmony and peace of the place.
A reputed property agent can be your link to belong to this vibrant tourist hub.