- A variety of options: There are numerous options to choose from, be it units with small ticket price to luxury villas on the water or golf courses. Fierce competition has seen a slew of attractive offers and options for investors. Property developers are out to woo customers with smaller deposits, innovative payment plans, deferred payments. Some have also occasionally come up with and a variety of incentives by offering complimentary cars or holidays etc.
- Better value Comparisons in global property: Currently the acquisition cost in Dubai is much lower than in most other major cities in the world. According to a Knight Frank report, One million dollars (Dh3.7 million) can buy you almost nine and seven times more space than Monaco and London. Also the average rental yield of residential properties in countries like London and India is around 2 – 3 % p.a which is low as compared to Dubai which is currently at 7 – 9% p.a.
- Competitive Prices: There have been recent launches in Dubai with apartments starting from as low as $170 per sqft. and Villas starting at $150 per sqft. It’s the right time to begin looking for bargains both in the secondary market and in off-plan developments.
- Residence Visa: The biggest benefits of buying property in Dubai is that you can become eligible to get a resident visa based on your property purchase in Dubai. Provided that the value of your property should be at least AED 1 million and you match certain requirements levied by the Dubai Land Department to get an investor visa.
- No Property Tax: There is no property tax in Dubai. Which means, once you have bought the property, paid the registration fee to Dubai Land Department, there is no other government tax to be paid against your property at all. This aspect alone has a great impact on the overall rental yield generated by your property in Dubai. Thus another perk of investing in Dubai Real Estate.
- Stricter laws: The Dubai Land Department (DLD) along with RERA is in a continuous effort to streamline and protect the rights of the investors and Public. “Real estate regulatory initiatives including the Escrow accounts, mortgage cap, and Dubai’s doubling of registration fees, are examples of some initiatives that have contained a market that was in danger of overheating,” thus protecting the interests of its investors. Upon paying the DLD charges while booking the property, the property immediately gets registered under the buyer’s name from day one. Thus safeguarding him at his very first step itself.
- Consistently Growing Economy with emphasis on Innovation and Happiness: One of the biggest benefits of buying property in Dubai is that the economy of this innovative city has been growing at a good pace. Dubai is on the map of becoming the Smart cities in the world by initiatives like smart homes, smart governance, smart mobility, and many more including providing free citywide wifi, a launch of driverless vehicles etc. Earlier this year, a new ministry for happiness has been introduced in the cabinet. The main responsibility of this ministry will be to measure the happiness level of Dubai’s residents and take measures which will enhance the lifestyle of people living in the emirates along with making them happier than ever.With such innovation and dedication towards the general public, one can only imagine how much your property investment will flourish in coming years in Dubai.
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