Your Dubai Guide
Your source of information relating to
Dubai
Buying Property
The
recent decision to permit purchase of property by non-citizens of UAE in Dubai
in certain designated freehold areas has seen a boom in construction property.
The attractiveness of Dubai as a hub for the Middle East and African region has
seen a growing interest in real estate. The returns offered in the property
market during the last few years have been phenomenal. The high rentals have too made purchasing
real estate a much sought after option.
The
decision of the government of offer residence visa to individuals who purchase
real estate has led to a number of persons to make Dubai their second home so
as to be in the midst of the action happening as well as to save on taxes on
their global income due the tax free status.
The
options available for purchase of real estate vary from studio apartments to
spacious villas. The most sought after properties is in the Palms, an iconic manmade
island in the shape of Palm tree. It is best to go in for reputed builders as
one is assured as to delivery, quality of constructions and after sales
maintenance, the popular developers are Emaar, Nakheel, Union Properties, etc. that offer a number of
options to choose from.
A
number of banks and finance companies offer finance for purchase of property
that goes up to 90% of the cost of property. In certain cases, the interest is
subsidised due to a deal with the developer. The repayment term varies from 5
to 25 years depending on your balance employment life.
A
million dollar question being asked is whether property rates are going to keep
soaring or crash. There are a number of views floating around; the popular one
being there is going to be marginal growth in the next few years followed by a
decline when the new constructions hit the market. However, the deciding factor
is whether Dubai would be able to maintain in pace of growth and emerging as a
financial, tourist and trading hub in this part of the world.
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