The cost of an flat in a new building in Dubai relies on numerous aspects. They are the reasons why people from different countries search a house for sale by the sea in Dubai. What affects the value of the local real estate, and why do people rush to this city so much?
Reason one – Safety
The metropolis is known in different states of the planet for its high level of security. When global tensions are growing all over the world and riots are taking place here and there, everything is calm in the United Arab Emirates and in particular in Dubai, because the local management precisely observe the order. Life, in general, is at a high level here, so people have a coat of arms they need to take to the streets, express discontent, and so on.
The UAE nationals here are only about 15%, and the rest of the residents are emigrants. Periodically, they need to update their resident status according to the existing rules. For this, various checks are carried out, and if an emigrant does not pass such a check, for example, because of his bad reputation, he will simply not be issued a new resident visa.
The second reason – Transparent laws of property in Dubai
Compared to other emirates that are part of the UAE, Dubai has the most transparent laws in buying residential and commercial property.
According to local laws, citizens of countries that are not associates of the Cooperation Council for the Arab States of the Gulf (GCC) can buy local housing in full ownership (“freehold”) in specially designated areas (freehold quarters).
These territories are established by the Decree of the Ruler of Dubai No. 3 of 2006. This list contains nearly all areas of the new Dubai, including the following:
- Dubai Marina.
- Palm Jumeirah.
- Emirates Living.
- Jumeira Lake Towers.
- Downtown Dubai and other quarters.
The rights to objects are registered with the local Land Committee, while the owners are issued a registration certificate.
Transactions are concluded at the very moment when the investor and the seller contact this department.
In this case, the buyer receives a registration certificate, which confirms his ownership of the property. Such a procedure for quickly concluding a deal greatly simplifies the purchase and sale and reduces the potential risks that both the seller and the investor may have.
The local Real Estate Regulatory Authority enforces laws. Its specialists, for example, are responsible for registering building projects and registering construction companies, real estate organizations, and real estate agents.
This Office is necessary to protect the rights of investors and sellers to prevent dishonest actions of realtors.
Reason three – No taxes
In Dubai, as in all the UAE, there are no taxes on property or income. Registration in the property and the lease of the property do not oblige the owner to make any contributions in favor of the state.
Fourth reason – Cost of apartments for sale in Dubai
Despite the many positive aspects of living in Dubai or owning real estate here the cost of villas and apartments here is somewhat less than in the cities mentioned above.
A square meter in a completely ready-to-live-in apartment in the prestigious quarters of the metropolis starts from two thousand US dollars.
Apartments on the world-famous man-made island of Palm Jumeirah can be bought for $2,500 per square meter.
Another advantage of buying a home here is that all detached houses and apartments in multi-apartment buildings are always rented out with a fine finish. They have already installed plumbing, built-in appliances, and kitchen furniture.
All residential complexes must have parking for residents. In addition, most houses have swimming pools, playgrounds, fitness studios, gyms, security posts that work around the clock, and the like.
Fifth reason – High rental income
According to Emirates.Estate, more than 90% of the city’s 2,000,000 residents are visitors. They take property and rent it out. Expats who can’t afford apartments also need somewhere to live. That is why renting a house or flat in Dubai is very easy.
This makes local properties incredibly attractive to investors who want a good income. On average, real estate in Dubai can bring five to ten percent of the cost per year.
Income depends on the object’s location, the housing category, and the cost of maintaining the building.
Exclusive, expensive properties often generate less profit, while mass real estate gives much higher interest.
Real estate Dubai
Start your search for real estate using the services of the Emirates.Estate website. You can compare prices for properties in different locations and choose what suits you best.