Things To Consider Before Buying A Property In Dubai

By Author: Aditya Joshi
Total Articles: 8
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Dubai has been one of the top notch emirates for over a decade offering everything from a tropical desert weather to cosmopolitan culture and world class amenities. The rich lifestyle, relaxed immigration laws and tax free environment are some of the main reasons why expats from across the globe are attracted to invest in Dubai. The property developers in Dubai offer an extensive range of projects and offer various off plan property bargains. However, there are a few things you need to consider before investing in a property in Dubai.

The Type Of Property:
You have different types of commercial and residential properties right from luxurious villas to apartments, pent houses and more. These properties are located in secured complexes with all leisure amenities like club house, swimming pool, indoor games, fitness centre and much more. If you’re looking to invest, you need to ensure which type of property will give you the best returns. You can consult a reputed and reliable real estate agent who can help you determine the best suitable property as per your individual needs and budget.

Know The Ownership ...
... Rules And Procedures:
We all know that since 2006 expats in the emirate can own their own respective properties as per the new law passed by the Dubai government. However, it is mandatory to do your homework and study about ownership rules and buying procedures. As a foreign investor, you can own freehold properties in Dubai. Leading property developers in Dubai deal in selling freehold tittles, but there are developers who are still selling leasehold titles. Therefore, you need to check if you are buying a freehold or a leasehold property.

Paperwork And Buying Process:
Like every country, you have to abide by all the laws and regulations while investing in Dubai. The financial authorities request for various important documents as a minimum requirement for loan like your passport, bank statements, proof of residence, salary certificates etc. You can easily get a mortgage for 15 to 25 years with monthly instalments. You can do the paperwork in person or use the power of attorney service if you cannot be physically available to purchase the property.

Know about the taxation in Dubai:
Dubai is a tax free paradise. The main attraction for investors buying properties in Dubai is that there are no capital taxes. The taxation laws are relaxed and Dubai does not levy tax on any income from property. It is imperative that you know about the taxation laws in the city before you take the next big step.

If you are looking for an affordable investment option, you can consider off plan properties in Dubai that offer relaxed payment plans with reputed developers or real estate agents.