This is a collaborative post: For those who are interested in property for sale sea view in Dubai, this country is a good option. The benefits of funding in Dubai real estate are undeniable, as we are talking about a significant increase in income, a high standard of living, and the wide opportunities that the status of a resident of the Emirates opens up. It remains to choose a suitable property in Dubai and complete the transaction by all requirements.
What gives real estate in Dubai?
Not everyone purchases real estate in Dubai for investment purposes. Consider the benefits offered to those who purchase housing “for life”. Firstly, off-plan real estate buyers can access installment payments and mortgages on favorable terms. For example, Dubai’s leading developer Emaar Properties offers 0% installments for five years. The risks are minimal because the laws of the UAE oblige the developer to bear the maximum responsibility to the state and buyers. Therefore, it often happens that the next project is fully redeemed already at the stage of excavation.
Secondly, one of the main advantages of owning property in Dubai for foreigners is the possibility to get a residence permit. More precisely, a resident visa is issued in the UAE. So, you can use for a 3-year visa when purchasing property worth more than $ 204,000. It is essential that flats in Dubai are completed and located in the freehold zone. You can become a resident even with mortgage real estate. At the same time, the interest rate on mortgages in Dubai does not exceed 4%.
What does the status of a resident of the UAE give?
- the ability to quickly issue popular visas;
- equal rights with local residents;
- the ability to travel freely with the safest airline, Emirates, while the route map of Russian airlines has been significantly reduced;
- the ability to open bank accounts in the UAE and freely withdraw currency from them. This option is incredibly convenient for Russians working in international companies;
- the opportunity to significantly increase your income since the average monthly salary in Dubai is 200% higher than in Moscow.
Thirdly, Dubai is suitable for families with children since all projects in freehold zones have a developed infrastructure: schools are found within short distance and work on educational programs from different countries and in other languages. Most residential complexes have good kindergartens. Elite closed communities are equipped with everything you need: hospitals, shops, and gyms.
Fourth, Dubai is one of the ten safest cities in the world. The state allocates a significant part of the budget for law enforcement. Citizens and migrants unquestioningly follow strict laws, which is why the country has such a high safety index. No wonder it is in Dubai that domestic and foreign stars, scientists, and bankers acquire property.
By purchasing property in Dubai, you may obtain a business license for three years with the right to renew it. Opening a firm in a free financial area with a flexible tax system attracts many businessmen.
Conditions and features of the procedure of purchasing property in Dubai
Buying a home in the emirate has been easier for some time now because the Dubai Land Department has endorsed small real estate trades. In addition, it became possible to remotely issue a NOC, which is required to sell any property in the country. However, it is still the responsibility of the future homeowner to check the quality of real estate, open a bank account, and prepare all required documents by local laws. Many investors resort to the help of consulting companies that can advise on how to go through all the transaction stages correctly. Difficulties can arise both when transferring funds from Russia and at the stage of making a profit from the property being leased. There are also features of signing a contract of sale. In Dubai, an agreement is drawn up instead – a Memorandum of Understanding (MoU). The developer and the buyer – need a real estate agent to conclude the correct transaction. The rest of the purchase procedure is standard and consists of the following steps:
- selection of a property;
- signing a deals agreement;
- creating a deposit (10% of the cost of housing);
- obtaining permission from the developer to sell their property (NOC);
- registration of real estate (by the new owner) in the Land Department;
- the settlement with the seller.
The transaction is considered completed once the owner has a certificate certifying ownership (Title Deed).
What to think about when purchasing off-plan projects in Dubai?
Considering that real estate is acquired in another state, difficulties may arise at any stage of the transaction. There is a requirement in the UAE ruling that all transactions, including the investment and deal of land plots, must be carried out with the involvement of intermediaries. Most often, buyers turn to real estate agencies that have long existed on the market so that the deal is carried out “from and to” by professionals who are well-versed in national legislation and familiar with the procedure’s peculiarities for registering real estate in the property. There are 47 freehold zones in Dubai, and a competent agent in real estate can choose the right option. An alternative solution is to lease a property for up to 99 years (leasehold), but only in some regions of Dubai. Each of these deals has its pros and cons.
Real estate in Dubai
You can search for the real estate in Dubai using the services of the Emirates.Estate website. Here you will be able to compare prices for properties, and select what suits you best.