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Is It the Right Time To Buy Property in Dubai?
If one were to believe the figures provided by the Dubai Land Department (DLD), the real estate industry in Dubai has overcome the uncertainty brought on by Covid and is once again in the spotlight. Based on the figures provided by the Dubai Land Department (DLD), Dubai’s real estate market has bounced back from Covid’s turmoil and is once more in the forefront. In addition, it shows strong signs of continual growth. A total of Dh.13.12 billion in real estate investments were recorded last month, according to the Dubai Land Department, making it Dubai’s strongest October since 2008.
Due to its welcoming investment policies, Dubai has been on the minds of investors for more than ten years. The demand for Dubai real estate has greatly expanded as a result of the increasing number of new migrants. Dubai’s real estate market has the highest demand in the entire world, not just in the United Arab Emirates. So, from an investment standpoint, there isn’t much better than investing in the Dubai real estate market.
Why Should I Invest in Dubai Property?
We have listed down our top elaborate reasons as to why you must consider investing in Dubai property
1. Property Prices are Significantly Lower Per Square Foot
The average price per square foot in Dubai and the UAE as a whole has steadily increased in recent years, although it is still significantly lower than in many other well-known cities throughout the world. In comparison to other major worldwide cities, Dubai has much lower property prices per square foot. The estimated cost per square foot in Dubai is $8.3, which is only 0.6 percent of the cost in New York, the most expensive city in the world.
2. Dubai Provides High Rental Returns
One of the most well-liked locations for expats to settle down in Dubai. The answer is straightforward: Dubai provides a luxurious lifestyle at a reasonable price. Over 120 different nationalities of expats are employed by some of the top businesses in the area in Dubai, which is a part of the United Arab Emirates. Not to mention, Dubai is third in the Middle East and ninth worldwide for high rental yields.
It’s a difficult task, making Dubai a top market to take into consideration for investment. When making an investment in any market, rental yields are a crucial consideration, but they are especially crucial when it comes to real estate investment.
3. Real Estate Investors Can Expect Simpler Tax Processes
Due to the absence of regular property taxes and stamp fees, investing in real estate in Dubai is an excellent option for investors to manage their taxes. For investors who are interested in real estate, the fact that Dubai boasts one of the greatest tax systems in the world is encouraging. It’s a huge relief from the taxes that are imposed in other countries throughout the world, such as the US, one of the only nations that taxes the interest income from mortgage loans or the capital gains from the sale of real estate.
4. A Warm Environment for All Investors
Dubai is an excellent market for investors of all experience levels, and one of the city’s most intriguing and distinctive features is that it provides living circumstances that both short-term and long-term investors may benefit from.
In contrast to long-term investors, who benefit from capital appreciation when they resell their properties over time, short-term investors will like the fact that they may make a quick and sizable return with their rental properties.
Additional Advantage
It can be difficult to navigate Dubai’s complex real estate market when you’re buying or selling real estate, but you don’t have to work through a long trial-and-error process. Choosing the right piece of real estate for your business can be challenging. Let Island Falcon Real Estate help you find the most profitable property available.
Contact us if you are looking for high-quality real estate sales and leases in Dubai. We strive to provide world-class services to our clients worldwide. If you are interested in an ideal property in Dubai at a reasonable price, let us assist you!
How Do You Know You Are Ready to Buy A Property?
From an investment standpoint, there is no better option than investing in the Dubai real estate market.
However, things may not go as planned. Since Real Estate Investment is not a minor one, one must calculate as many risks as one can. The simplest way to do so is asking yourself the below-mentioned questions: –
What are you purchasing?
Everything begins with the goal! Before purchasing a home in Dubai, you must clearly understand why you are doing so. Whether you buy luxury villas or sell Palm Jumeirah villas. You must be confident in the future. If the only use that you intend to make of it is personal then having access to schools, hospitals, airports, and supermarkets is crucial. However, if you are looking for an investment opportunity, you must consider future predictions as well as locality.
How much are you willing to spend?
Before purchasing a home in Dubai, the most important factor to consider is your budget. Aside from the property’s value, there are numerous other fees that must be paid, such as legal fees, deposits, and maintenance charges. Also, before you set a budget for purchasing a home in Dubai.
You must address your current financial situation as well as your future plans. If you are on a tight budget, you can also consider a bank or lending institution. As a result, ensure that you receive approval before the payment period begins.
Once you have the answer to the questions above, begin the process!
Location
The most difficult task for a new resident in Dubai is determining the best location. Before purchasing property in Dubai, a new migrant must consider a number of factors. If you and your family are relocating to Dubai. Consider schools, universities, bus stops, and supermarkets.
So, whether you are looking for a townhouse to rent in Dubai or a home to buy in Dubai, you must first define your needs. Things will then become more manageable for you and the top real estate brokers in Dubai who are working tirelessly on your behalf
a) Underdeveloped areass: If you intend to relocate to Dubai in 5-10 years, the best option is to invest in a location that will increase in value in the future.
b) Developed Locations: If you’re looking for a huge investment opportunity, look no further. The developed area is preferred. However, before investing in such locations, make sure you have some decent investment on hand at all times
Developers
Building your dream home in Dubai necessitates the assistance of project developers. Unlike in many other countries, you cannot build your own home. You must ensure that the house is built by a reputable developer. In Dubai, there are several professional project developers. The best advice is to conduct extensive research and review past performance. If the project falls into the wrong hands, it will result in revenue loss.
The project developer can begin building construction once the location has been determined. To finalize the final design, hold several meetings with the project developer. Finally, when the building is designed for the first year, the maintenance company will take over.
Maintenance Firm
As previously stated, after construction is completed. Everything is handled by the maintenance company. Project developers, on the other hand, choose the Maintenance Company. If it is not dedicated to its responsibilities, the contract can be terminated. So, before purchasing a home in Dubai, you should investigate the reputation of the building’s maintenance/management company.
Age of The Building
Dubai is not a historical city, so most of the items you’ll find there are no older than 50 years. However, Dubai is well-known for its incredible infrastructure and nightlife. Because Dubai is not a historical city, most development and construction are less than ten to twenty years old. More construction and development are taking place in Dubai as more settlers arrive.
Off plan property investment in Dubai has always been popular among investors. People are interested in Dubai off plan projects because they anticipate a high return on investment and appealing payment plans.
Developer's Guarantee
As previously stated, the majority of construction in Dubai has been completed in recent years, providing you with peace of mind. However, there are a few things that must be considered.
In the event of structural damage, the developer will be held liable for a maximum of ten years from the date of completion. Also, if the building has already exceeded the ten-year warranty period. In this case, the house owner is responsible for any repair work.
Timing is Everything
Dubai real estate, like any other industry, experiences ups and downs. This means that there is always a good time to buy and sell real estate. As a buyer, now is the best time to buy property in Dubai because the market is at a steady pace, prices are reasonable, and developers are providing exceptional services. When buyers are interested in purchasing properties, it is the best time to sell a house in Dubai.
Keep an eye out for unfinished projects.
The most common mistake made by property buyers is blindly trusting real estate agents in Dubai. When it comes to closing deals, confidence and trust are essential. However, being credulous can put you in a difficult situation. Before purchasing under construction property, you should request proof from the real estate agent that the land was issued by the land department.
Read the agreement's terms and conditions carefully
Just don’t believe what real estate agents say. Instead, request a written agreement as proof. When you receive the agreement, make sure you read it thoroughly and understand all of the details. In addition, if the situation turns against you, the written agreement can be used as proof.
Conclusion
Dubai, interestingly, hopes that 64,000 new housing units will spring up in the near future as a result of the current boom and steady rise in deals. If that happens, it will be the highest level of completions since the 2009 recession. That explains why, with ample supply, property in Dubai will remain affordable.