With its limitless skyline of skyscrapers and a construction boom that transformed the city from a desert town to a flourishing metropolis in just over two decades, most people automatically associate Dubai with real estate.
And with it, one of the most common misunderstandings in the city: that elegance and glamour are synonymous with expensive housing costs, which are only available to the wealthy and those who already live there.
The truth is that purchasing a property for sale in JVC Dubai has never been easier or more accessible than it is now.
Purchasing a home in Dubai is an excellent investment since it is both inexpensive and has a lot of room for future expansion. Property prices in Dubai are still very low when compared to other similar trading centers across the world.
Despite the current market increase, top real estate companies suggest that owning property in Dubai is about to get easier!
No extra taxes
Affordable real estate is accompanied by favorable taxation, which may help one increase their earnings even more. There are no property, income, or inheritance taxes in the UAE, and there are no stamp fees when purchasing a home.
The only fee is a transfer fee of 4% of the purchase price payable by the Dubai Land Department (DLD). This is usually paid by the buyer and is a one-time payment compared to the amount of taxes that can be saved on a yearly basis.
Transparent & Regulated
The Dubai administration has long recognized that increased openness attracts international investment and has worked to make this a fundamental component of the city’s appeal as an economic destination. Today, Dubai stands out as a transparent real estate market in the MENA area, with a set of real estate rules and regulations, as well as government entities, that are comparable to worldwide locations.
While strict, real estate policies are also flexible and investor-friendly, allowing investors to buy almost anywhere with minimum constraints attached and giving non-residents the option of investing in a wide range of freehold locations.
Anyone with the financial means can own a house in Dubai. There are no age restrictions or requirements, and no obligation to reside or work in the city. People who do not live in the UAE can invest in Dubai real estate with no limitations, save that foreigners can only invest in leasehold or freehold properties in defined regions.
Additionally, top real estate companies also suggest that these sorts of homes are plentiful, whether near the city center or spread out around the Emirate, and potential buyers simply need a valid passport to qualify. Aside from that, having a clean police clearance certificate and confirmation that the property is mortgage-free or that at least 50% of an existing mortgage has been paid off pretty much sums up the prerequisites for investing in a Dubai property.
Now You Know!
When buying a property in Dubai, you need to be aware of the different factors that play a key role in the purchase. However, in case you want expert help, always try reaching out to the professionals at work. All the best!