Dubai is one of the most popular cities in the world in the eyes of those planning to move to permanent residence. The city’s uniqueness is not only in its rapid development but also in the international composition of the population.
More than three-quarters of the residents are foreigners, so the number of people who want to buy real estate in Dubai Marina, UAE, and other popular locations in the emirate is growing daily. This is confirmed by data on the state of the real estate market, showing a staggering increase in sales. This year, changes have been made to the current legislation, opening up some advantages for foreign real estate buyers.
Registration of a residence permit when buying a property in Dubai
There are several types of visas that homeowners in Dubai can apply for, including:
Three-year, which can be obtained when buying a housing stock worth 750,000 AED ($204,000). Documents for registration are submitted directly by the owner; family members can obtain a visa after the owner issues it.
A ten-year, so-called “golden visa” previously required a significant investment. From April 2022, it can be issued when buying a property worth 2 million AED ($544,000).
Changes to the rules for buying real estate for foreigners
If previously a “golden visa” could be obtained only on condition of full payment of the cost of housing with one’s funds, now it is possible to use bank loans. An important condition concerns that an institution approved by the state must issue credit funds. Also, investors can invest money not only in ready-made but also in objects under construction.
What are the benefits of buying an apartment in Dubai from a developer?
Off-plan real estate has outperformed other formats in 2020 and the first half of 2021. Only villas in Dubai could compete in demand with it, the increase in sales amounted to 200%. There are at least 6 reasons why it is more profitable to buy an apartment in Dubai at the stage of excavation:
- Wide range of offers. You can choose the most convenient layout, floor, and area.
- Low prices. Since the developer is interested in a quick payback of the project, he seeks to interest the buyer.
- Possibility of partial payment. The construction plan includes several stages and may provide for a partial investment of money in each and not require the payment of the entire amount at once. Typically, the initial payment can vary from 25 to 50% of the value specified in the contract.
- Security. The state protects investors from delays in the delivery of an object, fraudulent activities, or speculation at the legislative level.
- Saving. An apartment in Dubai automatically rises in price after its commissioning.
- The money received from the buyer is kept in a bank account. The developer is forced to report to credit institutions at each stage of construction; otherwise, he loses funding. This makes him interested in meeting quality and deadlines. This format allows investors not to worry about the deposited funds even in the event of contractor bankruptcy.
In what areas can you buy an apartment in Dubai on an off-plan?
According to https://www.axcapital.ae/, the following areas are in high demand among foreign citizens:
- Dubai Marina;
- Dubai South;
- Downtown Dubai.
In all sub-communities, searching apartments for sale in Dubai with one, two, or three bedrooms is possible.