The property prices in Dubai are lower as compared to those in the UK and the popular European countries and resorts where markets remain at a high all the time. Even after the Dubai real estate prices have increased in the past 2 and a half years, the average villa and apartment in Dubai as about half of the price per square foot as compared to cities like Singapore, Shanghai and London.
The absence of stamp duty, legal fees and survey costs involved in the purchase of free hold real estate properties in Dubai have made buying property in Dubai really easy and straightforward. There is only a 1.5% land registry fee charged when the buying process is complete.
Investing in property has been a long time popular form of making profits, achieving good capital gains and income all over the world and Dubai property is no different in this aspect. It is estimated that investors’ can expect up to 30% or more return on their property investment here.
The payment method for all property developments vary but typically the buyer is required to pay 10 – 15% deports followed by a 10 - 15% or 20 %payment every three months till the possession.
Along with all this, the concept of freehold property in the UAE, introduced in 2002, made buying property in Dubai very easy. Foreigners were allowed to buy property but only on a leasehold basis and no property title registration. However, in March 2006, a new law was passed by the Dubai Real Property Registration Law that granted non-residents of UAE the right to buy property designed on freehold bases that allowed them to have it registered with the Dubai Lands Department for the first time.
The freehold law applies to the properties that are built by the three master developers of Emirates that is Emaar, Nakheel and Dubai Properties. The land is granted to these developers by the Government and it is then either developed or sold off to smaller private developers who then build and sell it. According to another stipulation in the law, the property owners in these developmental zones would be able to apply for freehold status retrospectively.
While a large number of projects offer residential accommodations, the number of commercial and mixed use buildings is on the rise which offer a blend of amenities and luxuries. Before buying property in Dubai, it is advised that you consult a professional who will understand your needs and requirements and help you gain access to a large number of properties so that you get the best of property and services in the buying process.
Dubai properties are finished to cater high standards. The villas are a separate unit with gardens and landscaping while town houses are spacious than normal and the average apartment is double of the one you will find in London or New York. Luxury finish and supporting amenities are an affixation with the property that helps buyer make a choice from the best being offered!
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