Let’s look at some interesting facts about the Dubai housing market for first-time investors and expats who want to move here for permanent residence and interested in off-plan projects in Dubai.
Buying a Property in Dubai Qualifies for a Resident Visa
Throughout its rich history, the UAE has gradually opened its doors to millions of people of different cultures. The key point here is a resident visa for property for sale in Dubai and the country. These are the main advantages of the visa:
- it is issued to a foreigner for 10 years;
- its registration takes no more than a couple of weeks;
- individuals can open a bank account, obtain a driver’s license, and register cars in the UAE;
- it creates conditions for career development and business within the country.
No Tax for Apartments for Sale in Dubai
The UAE does not charge personal taxes (income tax, capital gains tax, and death tax). The only real estate tax is a fee of 4%, in which the buyer and seller pay 2% each.
However, it is necessary to pay attention to indirect taxes and fees related to property transactions. They are divided into 3 categories:
- actual costs of registration and ownership rights;
- related expenses if the purchase is made on a mortgage;
- transaction fees for consultations from lawyers and other professionals.
The Return on Investment for Flats in Dubai is Higher than in Other Megacities
Dubai has become one of the most popular places to invest in real estate. The main reasons for this were the picturesque nature, futuristic infrastructure, and the absence of taxes and fees for the purchase and maintenance of residential properties.
Moreover, the rental income of real estate in Dubai is higher than in most of the world’s megacities. In Hong Kong, London, and Singapore, the annual interest rate is about 3%, while in Dubai it reaches 10%.
The Most Profitable Deals are Made Through a Real Estate Agency in Dubai
An agency with qualified personnel with knowledge and experience in the Arab real estate sector will save not only the buyer’s money but also his time. AX Capital specialists are the most qualified in the Dubai market. Clients of this agency can count on help with:
- finding off-plan properties for sale in Dubai that meets their desires and capabilities;
- purchase, sale, and lease of residential and commercial properties. for instance, villas for sale in Dubai;
- solving financial issues, such as opening a deposit account in an Arab bank, currency exchange, mortgage registration, real estate insurance, etc.;
- activating utilities and obtaining a visa after the transaction is concluded;
- real estate maintenance and its management.