Real estate investments in the UAE
In recent years, the dynamic development of the real estate market in the United Arab Emirates has been noted. You can buy any property in UAE already in the projection phase.
Real estate investments in the UAE
Real estate in the UAE – is a great diversity of options. There are many objects from which you can choose: hotels, shopping centers, prestigious suites, elegant and luxury villas that stand up according to all the client’s requirements, strictly following the individual author’s project. The buildings in the Arab Emirates are bought by the inhabitants of the whole world: the citizens of the European Union, citizens of the countries of the East and also the Russians. As the legal person, both physicists can buy real estate in the UAE. You can use the unbeatable UAE real estate database on Bayut.
UAE builders have the very favorable collaboration conditions for the customer. You can present to the construction company a deposit in the amount of ten percent which gives you the right to reserve the property in the Arab Emirates. If you buy the property in installments in UAE, then the last payment can be deposited already in the phase when you move to your new home.
There is one detail: according to the law, at the moment, foreign citizens cannot own the land in which UAE real estate is and is in their possession.
However, lately in the UAE there is a convenient freehold statute that allows you to buy real estate based on the absolute right of use.
Currently “epidemic” of massive construction is noted in all space of the Emirates. The construction boom covered almost all emirates such as Sharjah, Umm al-Quwain, Dubai, Fujairah and, above all, the largest of the Abu Dhabi emirates that owns 9/10 of all UAE oil.
The price of real estate in the Emirates is determined by the number of floors, accessibility of the coastline, view from the window, the surface of the house and many other factors. If it is an isolated villa, then the price also depends on the area of the dependencies. In case if you buy the property in the Emirates directly to the real estate, then in general this operation does not apply the tax. Taxes are applied to other transactions with real estate, but the rates of these taxes are insignificant.
You also have the possibility of buying the property on loan in the UAE. For this, it is necessary to take advantage of the mortgage services of one of the banks in the country where you can clarify the details of the specific financing.
In order to obtain the mortgage credit for the purchase of a property in the UAE, the property must be obligatorily insured. The purchase of real estate on loan in the UAE is considered a not very comfortable operation since in this case the formalization of the contract of sale can last a long time. On the other hand, the documents of purchase of real estate without mortgage credit are formalized in a few days and at the time of making the first contributions documents are not required (except your passport for the foreigner).
If you intend to buy real estate in the UAE in the projection phase, then the construction company offers you a wide variety of finishing options (this service is included in the price of the house or villa that goes to buy). If you buy a finished property, you can change the arrangement of the suites or apartments to your liking but for that it is necessary to obtain the permission of the Partners Association. If you choose to change the arrangement of the finished villa that you have purchased in the UAE, the procedure will be a bit more complicated. In total, the three instances have to put their signature: the Builder and the Community of Property Owners in addition to the Association of Partners.
On the other hand, the owner can apply his creative amplitude and all the variety of his intentions and ideas when reconstructing and landscaping the dependencies that are around the villa. Here, as it is said, he can satisfy any of his whims by organizing the landscape of the terrain as his fantasy suggests.
As the owner of a property in the UAE, he automatically acquires the right to obtain a green card. This visa is valid for three years and each time the three-year term is fulfilled, you will be obliged to renew the residence card in the corresponding instance – the UAE Naturalization Department.
By becoming the owner of the property in the Arab Emirates, you get a large number of possibilities to live constantly in this developing country with a stable economy and policy or to reach the UAE for seasonal rest. This region stands out for its favorable climate and the level and quality of public services, transport, infrastructure do not yield to the best global models. By the way, about public services: its level depends on the type of property. The payment for water and electricity you deposit in the accounts of the municipal organizations and the payment for the maintenance of places of common use – in the accounts of the management companies.
Owning real estate in the Arab Emirates is as beneficial and prestigious as buying a home or house in America or Europe and many Russians (as well as citizens of other states) have already had time to appreciate it. The UAE State is committed to foreign citizens in the purchase of real estate in the UAE.
In recent years, the demand for real estate in Dubai is constantly growing. If you are interested in the prospect of buying a property as an investor, it is better to choose the suitable property by resorting to a property agent. Then a deposit is deposited (normally the amount of the deposit is not large and is about a thousand dollars). Then the contract with the real estate company for the sale of real estate in the Arab Emirates is formalized. To hold the business you only need your activated passport abroad.
The value of the property in Dubai depends on a number of factors. First, the price is determined by the initial cost of the property (the builder tells you in the thick works), the premium (the difference between the initial cost and market value) and the registration fee. The value is the sum of these three components. You can make the payment by transferring the money through the bank and also pay in cash or with checks.
Used pays for the property and the formalization of the business and does not have to spend more means, in particular, you do not have to pay taxes. It is one of the factors that makes investment in real estate in Dubai so beneficial.
If you have purchased the property in Dubai, this does not entitle you to work in the country. The work permit is obtained separately. The residence permit is obtained immediately as this is supported by the real estate to which you are investing your resources.
The owner of the property in Dubai has the right to obtain a resident visa that is valid not only for you, as the owner of the property, but also for your husband or wife, unmarried daughters and minor children. This visa must be renewed every three years.
Citizens of foreign states seek to buy the prestigious suites and luxurious villas in Dubai and the natives tend to become homeowners at affordable prices. Often when foreigners invest in the suites in a luxury hotel, they rent this property to the same hotel, obtaining a considerable benefit from this operation. Apart from the remarkable financial gain, this business allows the owner of Dubai suites at any time to head to rest at their own hotel.
Real estate investments in Dubai
Our compatriots, just like citizens of other states, normally buy real estate in Dubai, pursuing all three objectives. The first objective – is the rest, the second – is change of address, the third – is the management of business activities in Dubai. Generally the inhabitants of the Islamic countries try to find the permanent address. But as a resting place Dubai attracts the person of any country in the world who professes any religion. It is beneficial and convenient to buy real estate in Dubai to go on vacation. It is a fast growing country with a developed infrastructure, benevolent and friendly natives, favorable climate and the warm sea. However, buying real estate in Dubai for vacations, you can take advantage of home ownership.
Buying real estate in Dubai – is the optimal option for wealthy people. It is beneficial in any case and you can number for a long time all the profits and advantages of such a business, but they are obvious. In particular, one of the advantages is the absence of the tax on the purchase of real estate in Dubai. You can use your villa or suite for your own vacations in solitude or with your family, you can rent and if such need arises, you can advantageously sell such property.
The combination of these advantages favors our compatriots aspire to arrive in Dubai not only on holiday in the Persian Gulf coast but to become owners of their own property.
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