Buying property in Dubai: What investors need to know
Dubai, for the longest time, has been a hotspot for tourists from all over the world, wowing them with its spectacular sights and upscale luxury lifestyle. It is also a thriving investment hub. A stable economy with a peaceful political backdrop, world-class infrastructure and a well-protected, low-crime environment make investing in Dubai real estate a money-making venture.
Can foreigners buy property in Dubai? Yes, an ex-pat or foreign investor who buys a property in Dubai worth at least 1 million AED in a freehold estate is entitled to hold resident visas in UAE. You don’t need a visa to buy a home in Dubai.
Research the Market
The pandemic impacted the estate market of Dubai, just like the rest of the world. However, it created huge demands for larger properties owing to the remote working of the customers.
If you want to invest in properties in Dubai, always check whether the respective property is in a designated area for foreign ownership.
Why not read our insightful articles on the property market and speak with us to find the best areas of investment in the Dubai property market?
The Right Location
Dubai has spectacular neighbourhoods, each having its speciality and price points. Always ensure that the property and area meet your investment requirements and budget, at the same time having a high rental yield and a potential for capital appreciation.
Some of the most sought-after neighbourhoods are
- Palm Jumeirah
- Business Bay
- Jumeirah village Circle
- Jumeirah Lake Towers
- Azizi Riviera
- Dubai Harbour
- Downtown Dubai
These areas offer an eclectic mix of upscale luxury and affordable properties with world-class facilities and easy accessibility to key business and leisure spots.
The Right Property
Dubai offers an array of properties ranging from villas, penthouses, luxury townhouses, apartments, and commercial spaces. Make choices which suit your budget, requirements, and the purpose of investment. For instance, if you want to live in Dubai, buying a villa or townhouse would be more attractive to you, the same way an apartment would be more feasible if you are investing in buy-to-let.
The Right Professionals
Buying a property in Dubai can be a daunting and complex task, although easily navigable through the guidance of a credible estate agent. Verify the credibility of the agent’s registrations before hiring them. The real estate agency and its agents should be registered with Real Estate Regulatory Authority (RERA).
Foreign investors should do the due diligence when it comes to comparing prices of properties, and rental yields in the area. A thorough check on the paperwork should be carried out – like whether the MOUs (Memorandum of Understanding) and NOCs (No Objection Certificates) are in place before submission.
The Pearl Gates property specialists with their diligent expertise and strong local network, can provide guidance, towards your journey of investing in a property in Dubai.