Dubai’s real estate market is an increasingly attractive prospect for international buyers. However, navigating the complex process of buying property can be a big challenge for prospective buyers and investors.
Proper guidance and professional help make this process less intimidating, even rewarding for property investors. Research by Knight Frank shows Dubai’s prime property prices rising 13.5 percent this year, outpacing other global cities such as Los Angeles (4 percent) and Paris (4 percent), with the mainstream residential market poised to grow up to 7 percent.
These numbers present a lucrative opportunity for property investors to capitalize on the robust growth and favorable market conditions in Dubai.
In this piece, we’ll break down the process of buying property in Dubai, and show how you could benefit from owning real estate in this dynamic city.
Dubai’s real estate market is as diverse as it is dynamic. The mix of luxury villas and upscale penthouses alongside affordable apartments reflects the city’s multi-faceted character. The market has opportunities to suit various budgets and lifestyles, a testament to Dubai’s cosmopolitan appeal.
Read also: From Bollywood to billionaires: Why Indian investors choose Dubai’s real estate market
Non-residents can buy Dubai property in areas designated as freehold zones by the Dubai Land Department (DLD). These locations include some of such as The Palm Jumeirah, Downtown Dubai, Dubai Marina, Blue Water Island and Business Bay.
This means that non-resident buyers have access to prime locations and developments in Dubai’s real estate market, allowing them to maximise the potential returns of their investment.
Apart from being able to invest in both prime and affordable real estate, foreigners can also benefit from a favourable tax environment, world-class amenities and strong potential for investment returns.
The competitive prices of Dubai real estate compared with other cosmopolitan cities around the world and the city’s strategic location as a global business and tourism hub further enhance the prospects for property appreciation and rental income.
Moreover, non-residents can now benefit from a 10-year UAE golden visa or a five-year retirement visa for real estate investments as low as AED 2 million. With the golden visa, non-residents are also eligible to sponsor immediate family members to live in the UAE.
Moving swiftly to address the practical challenges during the pandemic, the DLD has also introduced a new system that allows non-resident investors to complete property sales transactions remotely from anywhere in the world.
Understanding the various stages involved in buying property in Dubai as a non-resident is essential for a successful and seamless experience. It is therefore important to know the different steps of the buying process, from initial research and property selection to legal considerations and financing options.
Here are the key steps when buying property in Dubai as a non-resident:
Any foreign national can buy property in Dubai. Non-residents are not even required to get a residence visa to invest in property, although they must hold a valid passport for identification.
Non-residents can also get a mortgage from banks in the UAE, although eligibility will vary from bank to bank, and financing options are limited compared with those offered to residents and UAE nationals.
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