Buying property in Dubai as a foreigner is not as easy as you think. Like purchasing any other property, one has to conduct proper research and analysis before closing the deal. The laws governing the property market in Dubai are different from other countries and one has to be aware of these laws before investing. Here are some tips for dealing with off-plan property in Dubai such as villas for sale in Palm Jumeirah.
Firstly, you need to know the type of property you want to buy. There are different types of property available in Dubai. You can opt for an apartment, flat, Beachfront resort Rocky Point, multiple unit building, a piece of property, duplex, etc. Before choosing any property, decide upon the number of rooms, amenities, etc, which you want in your home. All these aspects will help you decide on planning permission and fees associated with the property.
Second, check on the laws and regulations pertaining to property purchase and selling in Dubai. There are strict laws on foreign investment and properties. These rules and regulations are in place to serve the national interest.
If you plan to work or run a business from your home, you will have to get planning permission from the concerned authority. It is advised that you approach a UAE lawyer who will help you understand the laws well. A UAE lawyer can also provide valuable information about obtaining property approval for business purposes in Dubai.
If you plan to live in Dubai for a long time and do not wish to get a permanent visa, then you need to apply for a local residency visa. This is called EAD or Employment permit. If you plan to get a permanent visa for staying in the country for a longer period, then you need to get a permanent residency visa (PRS).
Both these processes are very complicate and you need to hire an experienced UAE real estate agent/firm to deal with these processes for you.
The property market in Dubai is hot and there are many opportunities to buy and sell property. The target market is the global investors and traders who can afford to pay high prices for properties in Dubai. If you do not know anything about the real estate market in Dubai, you should contact a UAE real estate agent who can help you out with all the legal deals.
The agent can tell you about the various rules and regulations of the property market in Dubai.
Another important thing to be kept in mind is that the legal property market in Dubai does not allow the overseas investors to directly buy properties. In the case of direct dealing, you will have to appoint a licensed UAE real estate broker to help you out. As a new buyer, you will have to register with the Dubai government by producing necessary documents such as credit history, tax returns, etc. Before buying a property in Dubai, it is advisable to carry out a thorough research about the market. This will help you find a suitable property.
Though there are restrictions on buying luxury villas for sale in Dubai as a foreigner, there are several benefits of investing in properties. The price of the properties are low and they will appreciate in a very short period of time. Foreigners coming to invest in property markets in Dubai also get a lot of tax breaks.
They do not have to pay the standard income tax or the income tax that is paid by residents of the country. The tax benefits are one of the main reasons of investment in Dubai properties by foreigners coming from abroad.
Dubai is fast developing and growing at a great pace. There are several new projects including residential, commercial, and recreational zones being constructed in Dubai. Thus, investing in real estate in Dubai can be very profitable if you make right investments. You can visit the Dubai property website to check out the available properties and their details.