Frequently Asked Questions about buying a property in Dubai
Can I buy a property in Dubai?
In May 2002, the Dubai Crown Prince, General Sheikh Mohammed bin Rashid Al Maktoum, issued a decree allowing expatriates to purchase property within certain areas of Dubai on a Freehold basis. This opportunity was welcomed by the many thousands of expatriate residents of Dubai and frequent overseas visitors, who had grown to love the United Arab Emirates and admire the remarkable infrastructure and opportunities offered by the dynamic city state of Dubai. Furthermore, full rights of residency were to be offered to foreign owners of homes provided by selected leading property development companies.
Quality control: The Government of Dubai has ensured that high quality standards would be maintained and keen competition in the interests of buyers from the outset by granting permission to build to a carefully screened selection of highly competent and financially strong organizations. In this way, it was ensured that the expectations of new homeowners could be met or exceeded.
Time-lines: As the Dubai residential property scene is still very young, the majority of the homes available are newly built. In most cases, you will be buying off plan, and the property handover will take place 2-3 years later, providing ample time to organize your funding.
Why buy in Dubai?
It is often said that buying a home is often the biggest financial decision in a person’s life; and the experience can also rank very high on the emotional scale! Whether you are buying for the first time, trading up or seeking a second home, it is still likely to be a very significant decision. However, most of the key factors influencing your decision will be similar, wherever in the world you decide to buy: location, build quality, local services and amenities, security and investment potential.
Dubai residents : Many people choose to buy in Dubai because they already live here and wish to move on from rental accommodation. If you are one of these people, you will be well aware of the attractions of switching from rental accommodation to investing in your own home. Thousands of families and individuals have been delighted by the opportunity to escape the previous necessity to rent and to see their hard-earned cash contribute towards their future prosperity.
Foreign visitors : If you live overseas, a business trip or a relaxing holiday (or perhaps an energetic holiday!) in Dubai may have stimulated your interest in this Emirate. You might have friends or relatives, who already live here and have shared their experiences with you. Alternatively, you may have seen Dubai featured on TV travel shows or read about the destination in lifestyle magazines.
The Dubai difference: By many means, overseas visitors are discovering the quality of life available in Dubai. Some might be seeking a comfortable and convenient base for family holidays. Others recognize the benefits of owning a home here as a potential retirement retreat. Also, many business people have identified the pure investment potential of owning property in Dubai in order to earn a favourable rental income.
A world of choice: Whether you are looking for a holiday or retirement home, or purely interested in an overseas re-rental investment, there are obviously many alternative locations to consider around the world, so what makes Dubai different and special?
Summary:
Here are the key factors, most frequently mentioned by Dubai homebuyers as influencing their decision:
Dubai ‘s Location :
Dubai sits on the serene Gulf coast, with a wild and beautiful natural desert and mountain landscape inland, so multiple outdoors pursuits are also within easy reach.
Dubai ‘s Security:
Dubai has a public security record, which is the envy of most of the rest of the world. Burglary is very rare and street crime virtually non-existent. Furthermore, all of the newer communities in Dubai are protected by 24-hour security services, employing real people to guarantee your peace of mind, in addition to the standard CCTV systems!
Quality of life in Dubai:
There really is a lot to do in Dubai, and it does not need to cost a fortune to enjoy a great lifestyle here. At the top end of the scale are spectacular hotels, restaurants and leisure clubs, offering superlative service. However, without sacrificing too much on quality or service, you will find that there is a huge “mid-market” in terms of entertainment options and a constant stream of attractive offers to lure you out on any day of the week.
Dubai ’s Diversity:
There are almost 200 different nationalities represented in Dubai, which is an astonishing statistic, considering that the current population is only around 1.7 million. This rich ethnic mix, combined with the traditional Arabic values of courtesy and hospitality, has resulted in a highly tolerant society. Of course, such diversity also results in the broadest imaginable range of choice in terms of cultural and culinary pursuits!
Investment potential in Dubai:
The financial advantages of owning overseas property are always difficult to quantify, as one never knows what the future may hold in a turbulent world economy. However, Dubai is noted to be an environment providing minimal tax burdens.
What can I buy in Dubai?
A range of options: There are now over 20 new residential communities in Dubai, which are completed, partly completed, or announced and on sale, in which anyone can buy a home. These are located throughout the city area within a radius of approximately 20 kilometres of the central business district, where the Sheikh Zayed Highway runs alongside the emerging Burj Dubai district and Dubai International Financial City.
A dynamic environment: The Dubai property development sector has risen energetically to its challenge and, as a Dubai home-seeker, you will discover an impressive range of options:
You can live in a luxurious villa at ground level or a futuristic apartment building, which soars hundreds of metres into the blue Dubai sky.
Choose between city living, waterfront locations, desert settings, championship golf courses, an equestrian centre or even a clutch of man-made islands.
Whether your tastes favour an Arabic, Spanish or New York architectural and decorative theme, you are likely to find many intriguing alternatives.
Property portfolios: Indeed, if you were unable to select between the many styles of home on offer, but are lucky enough to have sufficient funds not to have to choose, there is nothing to prevent you from owning 2 or more Dubai properties!
The cost of a property in Dubai
There are homes to suit every budget and everyone’s needs should be satisfied, from a young bachelor, seeking a functional studio apartment to a millionaire seeking a grand and exclusive mansion on its own hilltop.
New homes: The Dubai property market currently comprises a majority of new homes, so the local developers will be able to provide you with pricing information at the launch of each new project, 2-3 years in advance of its completion date.
Dubai ’s Pre-owned homes:
Naturally, as time progresses, the secondary residential property market is taking shape in Dubai. Already, there is a large and active real estate sector to handle private sales. As well as finished homes, it is possible to transfer an uncompleted property between owners, and there is a flourishing market for those who wish to take earlier occupancy.
Can I buy a property in Dubai?
In May 2002, the Dubai Crown Prince, General Sheikh Mohammed bin Rashid Al Maktoum, issued a decree allowing expatriates to purchase property within certain areas of Dubai on a Freehold basis. This opportunity was welcomed by the many thousands of expatriate residents of Dubai and frequent overseas visitors, who had grown to love the United Arab Emirates and admire the remarkable infrastructure and opportunities offered by the dynamic city state of Dubai. Furthermore, full rights of residency were to be offered to foreign owners of homes provided by selected leading property development companies.
Quality control: The Government of Dubai has ensured that high quality standards would be maintained and keen competition in the interests of buyers from the outset by granting permission to build to a carefully screened selection of highly competent and financially strong organizations. In this way, it was ensured that the expectations of new homeowners could be met or exceeded.
Time-lines: As the Dubai residential property scene is still very young, the majority of the homes available are newly built. In most cases, you will be buying off plan, and the property handover will take place 2-3 years later, providing ample time to organize your funding.
Why buy in Dubai?
It is often said that buying a home is often the biggest financial decision in a person’s life; and the experience can also rank very high on the emotional scale! Whether you are buying for the first time, trading up or seeking a second home, it is still likely to be a very significant decision. However, most of the key factors influencing your decision will be similar, wherever in the world you decide to buy: location, build quality, local services and amenities, security and investment potential.
Dubai residents : Many people choose to buy in Dubai because they already live here and wish to move on from rental accommodation. If you are one of these people, you will be well aware of the attractions of switching from rental accommodation to investing in your own home. Thousands of families and individuals have been delighted by the opportunity to escape the previous necessity to rent and to see their hard-earned cash contribute towards their future prosperity.
Foreign visitors : If you live overseas, a business trip or a relaxing holiday (or perhaps an energetic holiday!) in Dubai may have stimulated your interest in this Emirate. You might have friends or relatives, who already live here and have shared their experiences with you. Alternatively, you may have seen Dubai featured on TV travel shows or read about the destination in lifestyle magazines.
The Dubai difference: By many means, overseas visitors are discovering the quality of life available in Dubai. Some might be seeking a comfortable and convenient base for family holidays. Others recognize the benefits of owning a home here as a potential retirement retreat. Also, many business people have identified the pure investment potential of owning property in Dubai in order to earn a favourable rental income.
A world of choice: Whether you are looking for a holiday or retirement home, or purely interested in an overseas re-rental investment, there are obviously many alternative locations to consider around the world, so what makes Dubai different and special?
Summary:
Here are the key factors, most frequently mentioned by Dubai homebuyers as influencing their decision:
Dubai ‘s Location :
Dubai sits on the serene Gulf coast, with a wild and beautiful natural desert and mountain landscape inland, so multiple outdoors pursuits are also within easy reach.
Dubai ‘s Security:
Dubai has a public security record, which is the envy of most of the rest of the world. Burglary is very rare and street crime virtually non-existent. Furthermore, all of the newer communities in Dubai are protected by 24-hour security services, employing real people to guarantee your peace of mind, in addition to the standard CCTV systems!
Quality of life in Dubai:
There really is a lot to do in Dubai, and it does not need to cost a fortune to enjoy a great lifestyle here. At the top end of the scale are spectacular hotels, restaurants and leisure clubs, offering superlative service. However, without sacrificing too much on quality or service, you will find that there is a huge “mid-market” in terms of entertainment options and a constant stream of attractive offers to lure you out on any day of the week.
Dubai ’s Diversity:
There are almost 200 different nationalities represented in Dubai, which is an astonishing statistic, considering that the current population is only around 1.7 million. This rich ethnic mix, combined with the traditional Arabic values of courtesy and hospitality, has resulted in a highly tolerant society. Of course, such diversity also results in the broadest imaginable range of choice in terms of cultural and culinary pursuits!
Investment potential in Dubai:
The financial advantages of owning overseas property are always difficult to quantify, as one never knows what the future may hold in a turbulent world economy. However, Dubai is noted to be an environment providing minimal tax burdens.
What can I buy in Dubai?
A range of options: There are now over 20 new residential communities in Dubai, which are completed, partly completed, or announced and on sale, in which anyone can buy a home. These are located throughout the city area within a radius of approximately 20 kilometres of the central business district, where the Sheikh Zayed Highway runs alongside the emerging Burj Dubai district and Dubai International Financial City.
A dynamic environment: The Dubai property development sector has risen energetically to its challenge and, as a Dubai home-seeker, you will discover an impressive range of options:
You can live in a luxurious villa at ground level or a futuristic apartment building, which soars hundreds of metres into the blue Dubai sky.
Choose between city living, waterfront locations, desert settings, championship golf courses, an equestrian centre or even a clutch of man-made islands.
Whether your tastes favour an Arabic, Spanish or New York architectural and decorative theme, you are likely to find many intriguing alternatives.
Property portfolios: Indeed, if you were unable to select between the many styles of home on offer, but are lucky enough to have sufficient funds not to have to choose, there is nothing to prevent you from owning 2 or more Dubai properties!
The cost of a property in Dubai
There are homes to suit every budget and everyone’s needs should be satisfied, from a young bachelor, seeking a functional studio apartment to a millionaire seeking a grand and exclusive mansion on its own hilltop.
New homes: The Dubai property market currently comprises a majority of new homes, so the local developers will be able to provide you with pricing information at the launch of each new project, 2-3 years in advance of its completion date.
Dubai ’s Pre-owned homes:
Naturally, as time progresses, the secondary residential property market is taking shape in Dubai. Already, there is a large and active real estate sector to handle private sales. As well as finished homes, it is possible to transfer an uncompleted property between owners, and there is a flourishing market for those who wish to take earlier occupancy.
1 comment:
Before deciding to buy property in Dubai, deliberate on the following imperative points:
1. Can u afford it?
2. Can u afford it if the interest payments change?
3. Can you afford the transaction costs?
4. What is the ongoing maintenance cost of your Dubai property and the communal areas-are they due to rise?
5. Do you need to purchase through an offshore company or Trust?
6. Does the developer allow you to sell the property when you like to whomever you like?
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