Dubai is a business-friendly city with a booming economy and high-end entertainment infrastructure. It is home to the world’s tallest skyscrapers, top entertainment, and shopping centers. About 85% of the city’s population are visitors from all over the world. As such, apartments in Dubai with a residence permit will be of interest to many. This includes investors who earn money by renting out real estate. By purchasing off-plan projects in Business Bay, Downtown, or Palm Jumeirah, and then renting the properties, you can earn approximately 5% to 10% per annum.
However, a one-room or two-room apartment in the emirate will be of interest not only to investors. It will also attract those who want a residence permit here. After all, Dubai has one of the most favorable tax regimes. There is no purchase tax, property tax, capital gains, gift and inheritance tax, and even income tax. You will only need to pay only registration tax, which is divided by half with the seller.
Apartments for sale in Dubai
The United Arab Emirates has developed several types of property ownership:
- freehold – ownership;
- leasehold – lease up to 99 years;
- Musatakha and Usufruct (with time limits);
- joint ownership – buyers buy property in the property and jointly own the territory. The term of ownership of such real estate is not limited.
Citizens from countries that are not members of the GCC have a restriction on the purchase of properties in freehold in certain areas. For the transaction, the buyer-individual must provide his passport. The developer must provide a title to the land, permission from the Ministry of Lands, an agreement with the contractor, and an escrow account number.
How to buy a property in Dubai:
First, choose real estate. Remember to focus on prices and on the opportunity to buy freehold property in areas such as Palm Jumeirah, International City, Emaar Towers, and Greens.
Then, reserve the property. During this time, you will confirm the value of the real estate. The seller will also remove it from the market. A small amount will then be paid for the reservation. The seller deducts this amount from the cost of the property. You will then sign a preliminary sale and purchase agreement. This accurately specifies the area, location of the real estate, cost, and other details.
As a buyer, you will make a 5-10% deposit and draw up a schedule for subsequent payments. Subsequently, you will receive a special disclosure document. This contains all the rules for using the property – for example, the prohibition of redevelopment.
Lastly, you will sign the final version of the contract for the sale and pay the balance amount. Within 3 days, you can expect to receive a certificate of ownership. This process will also require an additional 10 days to register the documents in the local court.
How much does a good apartment in Dubai cost
The process of selecting housing in Dubai is quite laborious. You will need to carefully study the market, and determine the purchase budget. How much an apartment will cost is perhaps the most important question. This market is quite volatile, and the range of housing prices is large.
The cost of real estate in Dubai varies depending on where it is located. The most expensive options are located in multifunctional centers. For example, an apartment in Park Towers will cost USD 2 million. Of course, expensive real estate is not just housing, but a prestigious area, a swimming pool, a gym, underground parking, and a playground. On the ground floors of such centers, there are restaurants and office spaces, boutiques, and shops.
But inexpensive properties are also sold with an equipped kitchen, Internet access, satellite or cable TV, and security. A one-room apartment on the outskirts of 50-60 square meters can cost no more than USD 100,000-150,000. The special charm of Dubai is in the huge possibilities of choice. For the same money, you can buy a studio with a sea view in a luxury project or choose cheap apartments in a new area with several bedrooms.
The state controls the sale of apartments in Dubai
The city is now actively being built and developed, so buying an apartment in Dubai in a developing area is a good investment. As the construction of microdistricts is completed, prices begin to rise. Experts predict that the construction of new real estate will stop soon enough in coastal areas, which means that prices will begin to rise faster.
Selling apartments has become a safe procedure thanks to a number of new laws. Developers accept money from buyers to special savings accounts – escrow accounts, and, in turn, government agencies control their targeted spending exclusively on construction.
The introduction of new funds occurs only after the developer completes the next construction stage, for which the investors’ money was paid earlier. The process is accompanied by registration with the Land Department, which avoids the notorious double sale of the property.
Registration of transactions is carried out immediately at the time of the appeal of the seller and the buyer, who receives a registration certificate with the right of ownership. Such an instant registration procedure minimizes all risks on the part of the buyer and seller.
Business Bay is replenished with new projects
The Business Bay business district is one of the most prestigious and popular locations in the city. Convenient location, proximity to office centers, plenty of amenities, and luxury real estate – all this attracts potential investors and buyers. Despite the limited availability of land plots, developers, seeing a trend toward the popularity of the area, are trying to announce new projects. One of the most anticipated is Chic Tower, a 41-story tower located on the coast of the Dubai Canal.
In addition to its unique location giving quick access to the best attractions and entertainment in Dubai, this residential project boasts a wide range of properties. Buyers will find studios, 1-bedroom lofts, and 1, 2, 3, and 4-bedroom apartments. Comfortable layouts are complemented by private terraces with stunning views, outdoor pools, and a wide range of amenities provided to residents. Another feature of the project is an exclusive beauty bar, which underlies the Chic Tower concept, as a key to the youth of the residents.
Real estate in Dubai
The Emirates.Estate website provides you with a huge range of offers. Here, everybody can find something that will fit their budget and preferences.