Buying real estate abroad is now available to many who have the financial ability to do so. Wealthy people are more likely to look at places suitable for both permanent residence and vacations. In addition, such investments can bring good income if you rent out housing or commercial premises.
One of the most attractive options is to buy property in Dubai, a magnificent modern city with a resort climate and a high level of security.
Today, the Dubai market is one of the most dynamic, there are practically no frozen properties, and apartments and villas in new complexes, still at the zero stage, quickly find their buyers. But such a decision requires increased responsibility, not only because of the high cost of the purchase, but also the presence of considerable risks, including the likelihood of fraud. Experts recommend approaching the issue with all seriousness and adhering to some rules.
The Dubai Market offers all kinds of properties for foreigners to buy. This:
apartments with a different number of bedrooms in high-rise buildings;
apartments in luxury houses with a swimming pool, gym, and other infrastructure;
small low-budget studio apartments;
townhouses with a small courtyard;
villas with a full backyard.
Choosing accommodation within walking distance to the sea or in a quiet, peaceful place is a matter of taste. You need to know that real estate on the first line and with a beautiful view from the windows is more expensive, also on the upper floors of skyscrapers.
To explore the areas it is very convenient to use a rented car by contacting local companies like Evolve. Great prices and a wide selection of rental cars can be explored directly on the website, and even make an order. The friendly staff at rental services will quickly serve you so that you make the most of your time allotted for viewing future housing.
For foreigners in Dubai, housing is available in almost all areas of the city, called freeholds. They are located in "New Dubai", the most popular among our compatriots are the following areas:
The Palm Jumeirah
Jumeirah Lakes Towers
Downtown Dubai, etc.
Apartments by the sea are more expensive, the place is more vain, there are many tourists. Such an investment is more promising if there is an intention to rent out housing. For living and relaxing with the family, buyers choose more private, quiet places in cozy resort areas, from which to the sea - 10-15 minutes by car and 20-30 - by public transport. And luxurious villas on the artificial archipelago of The Palm Jumeirah have private beaches, access to which is closed to outsiders.
Learn your rights and responsibilities
The emirate of Dubai has the most transparent legal framework related to the real estate market. To make a purchase, foreigners need only have a passport and the required amount of money. All transactions are carried out only through licensed real estate agencies or private agents.
Registration is immediately carried out at the Dubai Land Department, where the buyer receives a document certifying ownership. Such an "instant" registration simplifies the process of buying and selling real estate as much as possible and minimizes the possible risks of the seller and the buyer. It is most advantageous to purchase housing directly from developers.
It is also necessary to know the scope of the owner's responsibilities and to know what expenses for the maintenance of housing will have to be borne. In the case of renting out real estate, the owner must pay for the security of the building, cleaning and landscaping, and garbage disposal. Payments are made once a year. Those who rent housing will pay for electricity, water, and air conditioning.
Find an official representative
It takes a lot of time and constant presence in the country to independently select options and solve current issues. It’s easier to entrust this matter to a trusted representative in a reputable agency who will look after the client’s property after the transaction - pay bills, conclude leases, collect rent from tenants, and so on.
Also, remember that in the UAE it is profitable to buy real estate in the process of construction, you just need to select a developer with a good reputation. In addition, in Dubai, repayment within 10 years is possible, but in this case, developers add a percentage to the original price. All these nuances should be spelled out in the contract.