3 May 2024
By Vista CorpA Guide for Potential Investors
Dubai, the crown jewel of the United Arab Emirates, has become a global hub for business, tourism and luxury living. With its soaring skyscrapers, man-made islands and vibrant culture, it’s no surprise that Dubai’s real estate market also attracts significant interest from international investors.
With perks like “no income tax” or “capital gain tax”, investing in real estate properties in Dubai is nothing short of a boon. It allows you to grow your wealth, without compromising on the returns. From opportunities to own and rent properties, the choices you get access to are quite impressive.
Hitesh Bagmar, Managing Director of Vista Corporate Group is a leading name in the real estate niche around Dubai. He emphasizes the fact saying, “Dubai is a treasure trove when it comes to real estate. With modern amenities, tax-free life and the kind of massive returns and appreciation, investing in real estate in Dubai is going to a life-changing decision for many.”
If you are on the edge about investing in real estate in Dubai, we will discuss all the insights shared by Mr. Bagmar alongside his colleagues in this guide.
Why Consider Dubai Real Estate?
The prospect of buying properties in Dubai often raises a lot of eyebrows. With how things are emerging, having this particular question in mind makes quite a lot of sense.
Following are a few reasons that explain why Dubai is an attractive proposition for property investors:
Thriving economy
This doesn’t require any kind of introduction but Dubai boasts a diversified, knowledge-based economy, less reliant on oil compared to other emirates. This, coupled with the extensive business opportunities and retail establishments, has made Dubai one of the leading sites of economy across the world.
Strategic location
Dubai is located at the crossroads of continents, which makes it an amazing spot for practicing trade and tourism. If you are considering investing in any kind of property in Dubai, Rami Naseer Al Nabwani – Head of Sales, Vista Corporate Group suggests that the location is what makes it an amazing choice. It gives you an upper hand and leverage wherein you get to make the most out of international businesses.
Booming Tourism Industry
Let us say that you have bought an investment property in Dubai that you don’t intend to stay in. You have the choice to make the most out of the country’s growing tourism. You can rent out the place, use it as a pit stop for when you are in Dubai or simply let the property appreciate over time. The country attracts millions of people annually and you get the make the most of it.
Government Initiatives
The Dubai government actively promotes foreign investment in real estate. Initiatives like freehold ownership for foreigners and streamlined business setup processes contribute to a welcoming environment for investors.
Capital Appreciation
Unlike a lot of other countries, Dubai offers monumental returns on real estate investments. This explains why Bhavna Yogesh Radhakrishnan – Marketing Manager, Vista Corporate Group says, “Investing in a property in Dubai now has the potential to make you a multi-millionaire ten years from now.”
In short, your hesitance in investing in real estate in Dubai needs to go now, especially if you are planning to make the most out of the investment in the long run.
What are the Types of Real Estate Investments in Dubai?
Now that you have an idea why Dubai is a great place for making real estate investments, it makes sense that you are curious about the types of properties available. Which kind should you invest in? Which kind of real estate property will yield you maximum returns on the investment?
Ideally, this is where you have to make relevant decisions, so keep an eye out for the following:
- Complete properties : If you aim to shift and relocate to Dubai immediately, the completed projects are your best option. However, we understand that finding complete projects can be a challenge. Investing in completed apartments, villas or townhouses offers immediate rental income and a tangible asset.
- Off-plan properties : If budget is a constraint for you and you are looking for more affordable real estate purchases, off-plan properties are often considered a great option. These under-development projects are usually a lot more discounted, so you can afford one based on the kind of budget that you have. However, one alert about these properties is that they come with inherent risks of project delays and market fluctuations.
- Residential vs. commercial : What kind of property are you planning to buy and for what purpose? Do you want to buy a property to live in or rent out to people relocating to Dubai? Do you want to buy a commercial property that you can rent to businesses and earn a higher rental income? Either way, deciding which kind of property would work for you is a decision that you need to take proactively.
What are the Best Places to Buy Properties in Dubai?
Just because it’s Dubai doesn’t mean that buying a property anywhere will yield you a lot of profits. That’s not how things work, especially with real estate investment. So, when you have decided that you want to invest a good sum of money, finding the right location makes a huge difference.
Buying or investing in properties in prime locations ensures that the returns are magnificent and worth the investments you are making in the long run.
Following are some of the best spots to buy properties in Dubai:
- City Walk Dubai
- Palm Jumeirah
- Jumeirah Beach Residence (JBR)
- Dubai Marina
- Dubai Downtown
Steps to Buying Your First Property in Dubai
With all the basic insights about buying the first property in Dubai out of the way, the next thing that you have to focus on is buying the first property in Dubai.
The investment process is pretty straightforward but having access to the right resources should be an effective way to help you secure the best deal.
Here’s a breakdown of the steps:
- Start by assessing the real estate market in Dubai. This involves checking out the properties, the location and the neighbourhood around.
- You must focus on shortlisting the options based on the available options around.
- Once you have decided and the purchase is finalized pretty much, you have to sort out the agreement and contracts with the seller.
- Also, there is an involvement of a Memorandum of Understanding (MOU), which you have to get access to in Dubai.
- Furthermore, it’s vital to secure an NOC and then get the property transferred to your name respectively.
