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Dubai’s real estate market is transparent and it offers a high return on investment (ROI) for buyers and investors. It is the ideal market to invest in due to the following reasons:
Generally speaking, the buying process follows the following steps:
This is one of the most common real estate FAQs, and since the UAE is a tax-free country, you do not have to pay taxes on the property. But as a property owner, you will have to pay annual maintenance and service charges. The payment frequency varies from one to four times a year, depending on the property.
The Value-Added Tax, also known as (VAT), applies to sales of commercial property, which are subject to VAT at 5%. However, it does not apply to the following:
Freehold property is one that the buyer owns in addition to the land it is built on. This way, the owner is free to keep the property, lease it or sell it, as they have complete authority over the property and how to use it following the rules and regulations. The aim of these properties is to encourage foreign investments.
Even though complete foreign ownership was not possible in Dubai until 2006, the government has made new incentives allowing full foreign ownership. The short answer is: Yes, you can have 100% property ownership in Dubai. Foreigners can buy properties in free zones, such as Al Furjan and Palm Jumeirah and enjoy full ownership.
Yes, you can rent out your property in Dubai. The rental income depends on the property type, location, and service charges. The average net income (total income minus service charges) ranges between 5%-10% annually. It is also important to note that an expensive property attracts less percentage of rental income and vice versa.
You can close the deal without real estate agents; however, it is highly recommended that you get an agent right from the start. The agents’ immense, up-to-date knowledge and market expertise help buyers, property owners, and tenants find a great deal. Moreover, they are the best players in closing a deal at negotiated prices.