Any investor, overseas or resident, can purchase in many freehold property developments in Dubai and neighbouring states: Ajman, Ras Al Khamah, Umm al-Quwain and Abu Dhabi.
There are no government taxes when buying freehold properties in UAE and there is no capital gains tax when selling the property making the market particularly attractive.
There are many reasons why you will benefit from investing in UAE property, some of them are:
- High capital appreciation
- High rental yields in completed properties,
- Dubai is a Business hub of the Middle East,
- One of the most significant leisure destinations in the world,
- Cosmopolitan global business centre with luxurious facilities and incredible beaches,
- Safe Environment,
- Stable Political Situation.
New Dubai property owners and their immediate family are granted applications for residence visas in accordance with the latest immigration regulations. Please note, only government of UAE can issue visas not a developer or estate agent.
While procedure to purchase property in UAE is relatively easy, professional assistance will save you a lot of time. There are too many projects on offer and it can be very confusing to make a choice. Professional Real Estate company will offer you free consultation and help you to calculate benefits of different options. Further on it will assist you with after sale matters, which can be particular useful if you are residing outside UAE.
It is not necessary to have a bank account here as it is relatively easy to transfer funds into the country. In case you decide to have an account, there are banks in UAE that open accounts for non residents.
If you buy off-plan property each developer has their own payment terms and normally this consists of a minimum 10% deposit, followed by stage payments at intervals during the construction of the property and as contracted with the developer when paying the deposit. The final payment is normally paid on satisfactory completion and handover of the property.
When purchasing property from the resale market, the developer may well charge ‘transfer fee’ to offset their costs of changing the legal contract. Usually price quoted to the client already includes transfer fee.
When one buys from the developer off-plan property, he/she buys at original price. On the resale market this property can be sold with the premium - capital appreciation on the property.