Investing in Dubai – the benefits of real estate ownership
Dubai has an unmatched allure for property seekers worldwide. Be it for the glitz and glam of the city or the financial benefits that come from buying real estate, there is quite the appeal for all types of property investors. Curious about the benefits of owning real estate in Dubai? We’ve put together the definitive list of the top reasons why property buyers consider Dubai a prime real estate investment destination.
THE BENEFITS OF OWNING REAL ESTATE IN DUBAI
No Tax
We’re starting off with the most interesting of the advantages of investing in Dubai’s real estate market – zero taxes. While most countries will have you pay an income tax or property tax, Dubai (and the whole of the UAE) is a tax-free country. That means all the money you make in the UAE is 100 per cent yours. Plus, you don’t have to factor in those annoying property taxes while buying your home. Now who would say no to that?
Regulated and Governed market
Another advantage of buying property in Dubai is the presence of governing bodies like the Dubai Land Department (DLD) and the Real Estate Regulatory Authority (RERA). These bodies ensure that buyers, owners, sellers, tenants and landlords have their real estate rights protected in various scenarios.
There are many fears for expats buying properties abroad, which is understandable. For example, what happens if an off-plan project is cancelled? Or, what if you want to sell your property while being abroad?
With Dubai’s real estate governance, you can rest easy if you plan on investing in the emirate’s real estate sector. Whatever your fears, the law has your back!
Variety of property available
Everyone has their own preferences when it comes to property – some prefer the escape from cities, while others like being right smack at the centre of the action. No matter what property you’re looking for, finding it in Dubai is easy.
Be it magnificent 7-bedroom villas for large joint families, a studio for the singles, or a modest 2-bedroom apartment in the heart of the city (Downtown Dubai), you’ll find it all in this awesome city. The unique types of residential properties in Dubai will have you spoilt for choice, that’s guaranteed.
Ownership rights and visa
One major hiccup people face when buying property in a foreign country, is the freehold ownership. Do you really own a property if you’re not a citizen there? In Dubai, this isn’t really a major concern, thanks to the existence of freehold properties. Properties which are in ‘freehold’ areas of Dubai can be 100% owned by expats. And as previously discussed, the laws that govern the real estate industry protect the buyers’ rights.
Another one of the benefits of owning real estate in Dubai is the possibility of getting a long-term residence, via the Golden Visa. This visa offers long-term residency to the holder, which means they can reside and work in the country without requiring a sponsor for ten years. To be eligible for this golden visa, a property investment of AED 2M is needed.
Great Economy and Property Market
Real estate involves a significant amount of money, which is why investors tend to look at factors like the economy and the property market’s health to ensure that they’re making the right decision. Dubai, and the UAE, have seen several businesses open up in sectors like tech, hospitality, finance, design, manufacturing and, of course – real estate! For a country that was once known for primarily relying on oil and petroleum, this diversification makes investing in it a safe choice.
When you look at the property market, you’ll realise that properties in Dubai offer a high return on investment. These returns are on par with iconic global real estate destinations like London, Paris and Shanghai. That, combined with the lack of taxes, is totally a plus for real estate investors. And let’s not forget that the costs of properties in Dubai are way more affordable than the world’s metropolises.
Great Lifestyle for Everyone
Whatever ‘demographic’ you fit in, you’ll find the ideal set of activities, facilities and recreation that fits your requirements. If you’re a parent, you have great schools, activities for children, places for parents and all-around family spaces. Just take a peek at our School Guides to see the options of schools available to you!
If you’re an adventure seeker, there are mountain ranges and road trip destinations right in the UAE to explore (think Jebel Jais and Wadi Shawka). If you’re a shopaholic, malls and shopping festivals will have you all hyped. There’s definitely a slice for everyone in this city.
Lifestyle might not sound like the most important factor or benefits of buying property in Dubai – but it plays a huge role in individual well-being. A lifestyle that energises and rejuvenates you is linked to longevity, productivity and life satisfaction
Excellent Quality of Life
Everyone deserves the best when it comes to buying a home, and Dubai offers exactly that. The city has one of the world’s best quality of life, offering safety along with great infrastructure – well-constructed highways, accessible public transport and other public services that make it easy to navigate life with ease. Living in Dubai allows you to be exposed to a multicultural environment, loads of recreational facilities and wonderful entertainment opportunities. What’s not to love?
Frequently Asked Questions About Buying Property in Dubai
How can I search for property in Dubai?
Simple, head over to a property portal, find your dream home and contact the agent that made the listing. Bayut.com is your best bet, owing to the large number of real properties listed with real prices. You can use tools like Agent Reviews to identify good agents.
A great resource that can be of help is our apartment hunting checklist, with actionable tips that can help.
Can I start a business in Dubai?
Yes, as an expat, you can start your business in Dubai with ease. You can check out our guide to starting a business in Dubai, for starters – we’ve covered the topic in detail. We’d recommend getting in touch with a business setup specialist to help you get started and navigate all the legalities.
What are the visas available in Dubai?
Apart from the golden visa, there are several types of visas to reside in Dubai. There’s the business visa and retirement visa, which investors usually look out for.
While the benefits outweigh any possible downsides of investing in real estate, it’s best to familiarise yourself with all the pros and cons of buying properties in Dubai.
For more stories on Dubai, read more pieces on MyBayut, the region’s best property and lifestyle blog.
