Dubai has become a popular place for foreigners to purchase property, ever since Dubai’s prince issued a formal legislation that allows all foreigners to buy property in Dubai without having to be a resident of the city. This legislation was designed to increase international investment. With no special permission needed, to buy property in Dubai is an easy process for anyone interested in getting up on the real estate ladder in this beautiful location.
With the new legislation, today increasingly more investors, individuals, and families all over the world are now asking themselves; “Can I buy property in Dubai? What is the best property to buy in Dubai?”
With increasing rental rates, and a healthy, growing property market, to buy property in Dubai is an increasingly attractive opportunity. Any person, whether a Dubai resident or not, can purchase property there.
Of course, there are many factors to consider when purchasing property, especially if one is going to buy property in Dubai as a foreign investor. Even though it is now an easy process, there are important aspects to consider. This guide serves to provide essential information for those who are considering to buy property in Dubai, what it takes to find the best property to buy in Dubai, and how to buy property in Dubai and get residency.
Reasons to Buy Property in Dubai
Plentiful shops, beaches, surfing, attractions, and beautiful weather are abundant in this middle eastern city. Whether it’s for luxury, business, or to settle down with family, anyone can buy property in Dubai and get residency. Dubai is well-known for its shopping, night-life, and skyscrapers that dominate the sky. It’s a warm, thriving and growing city situated just off the Atlantic.
One of the most attractive reasons to buy property in Dubai is the tax-free incentives. Dubai’s simple tax system is one of the main advantages of purchasing property in Dubai. When an individual wants to buy property in Dubai, a one-time tax is paid, which is approximately 4% of the price of the property price. Beyond a land registry tax, there is no property tax in Dubai. A property owner will also not incur tax by renting out property either.
Additionally, after meeting some general criteria, it’s possible to buy property in Dubai and get residency. The two types of visa permits include the property investor visa and the six-month residency visa. If one meets the minimum income requirements and criteria, and has the necessary documents, gaining a visa is a relatively easy process.
Finding the Best Property to Buy in Dubai
Choose the best property to buy in Dubai can take some research and hard work Finding the right neighborhood for a property investment is critical. It’s all about location, location, location. Whether it’s to live or invest, choosing a good neighborhood is essential for enjoying Dubai. Choosing the best property to buy in Dubai will also increase the rental value if the plan isn’t to live there.
Freehold properties, versus leasehold properties, generally will be the best property to buy in Dubai. This is because the property is owned entirely by the investor or buyer, and can be sold, rented, or passed on to others as the buyer’s discretion.
One-bedroom apartments in Dubai are probably the most sought-after type of real estate investments. They appeal to investors and buyers alike. If seeking a one-bedroom apartment in Dubai, be ready to jump whenever an opportunity arises.
If seeking to make an investment with an emphasis on rental returns, then a one-bedroom apartment in Dubai is a perfect option. It will rent out easily and will yield a higher rental profit.
Hence choosing an area that will continue to increase in value depends on what is going on in that area. It is possible to find an area that is not already too expensive.
Depending on needs, income, and other factors, it’s best to seriously consider all aspects
before one decides to buy a property in Dubai. Here are three great areas to consider when seeking to buy property in Dubai:
- For middle-income individuals who are looking to buy a property in Dubai and get residency, certain locations are better choices, and there is no better place thanMiracle, in Dubai’s Arjaan neighborhood. Miraclz offers a range of options from studios to two bedroom apartments at competitiveDespite its lower costs, it will still offer modern amenities, including a swimming pool with breath-taking views, fully equipped health club, a variety of retail outlets, and badminton court.
Although a car would be essential for residents due to the lack of transport options, the road improvements in the area have made commutes much more convenient and have reduced travel times. Families looking to get started on real estate investment and buy a property in Dubai for a much lower rate will find this an ideal choice, as well as benefiting from its proximity to multiple schools and the beautiful Dubai Miraclze Garden.
- Downtown has always been one of the most popular locations to buy property in Dubai. It continues to charge some of the highest prices in the city. Traditionally there has been a lack of ‘community spirit’ or nice outlets that foster a healthy lifestyle culture, but that has changed recently.With the explosion of the Boulevard and the opening of Dubai Opera House, there are many reasons to make Downtown the place for investment. With new projects, such as the Opera Grand.
One must realize living in downtown means there may be lack of access to the Metro, and could be slightly less family-friendly than other areas. However, it more than makes up for it in facilities. Downtown will offer some of the best options when finding the best property to buy in Dubai, while living in the center of Dubai’s cultural revolution.
- The Dubai Canalis one of the most ambitious projects ever undertaken in Dubai. For property seekers, renters and buyers, it is set to become the place for new and fresh locations. It will most certainly be the place to live in the few years to come, and those interested will have much choice to find the best property to buy in Dubai.
Located along the peninsula coastline of Jumeirah Beach, the area is packed with amenities and conveniently positioned next to a wide variety of complexes. Lush green parks and breathtaking beaches surround its central location, making it a great place to bring your children to play and unwind.
While it is still at the higher end of Dubai prices, there are some great deals to be had, especially for those looking to invest or those seeking the ideal location to put down roots.
Some of Dubai’s other most popular neighborhoods to buy property in Dubai and get residency include:
- Dubai Marina
- Al Barsha
- International City
- The Greens
- Jumeirah Central
- Mira Oasis
- Dubai South, a city within a city
- Meydan Polo Residences
If seeking to buy property in Dubai, especially as a foreign investor, it is important to seek the advice of professionals who can fully assist in determining the best property to buy in Dubai, and how to buy property in Dubai and get residency.
There are key steps and legal requirements when seeking to buy a property in Dubai, and it’s advisable to seek legal advice from a local lawyer so there are no issues during the process. Contact the professional agents at Déjà Vu Properties, or visit the website Déjà Vu Properties, to get the professional assistance necessary when seeking to buy property in Dubai.
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