Investing in property is one of the best way to build your wealth, but why in Dubai?
- This city offers very attractive rental yields between 5-10%.
- Property prices per square foot are much lower than any other city in the world.
- There are new visa laws, which means when you invest in a property, you may be entitled to get residency visa up to 10 years.
- Once the property is purchased, owners are not paying additional taxes in the future, which makes the Emirates the best place to invest.
- Dubai is a global destination, attracting high net worth individuals looking for unique experiences.
What should you consider when selecting an investment property?
One of the most important factors is the location. Consider the accessibility to main roads, malls and airports in Dubai. Additionally, facilities and amenities as schools, malls, courts, swimming pools. of the neighborhood as well as plans for development add to the value of the property.
Another important thing is the quality of the property. The quality of the building materials and finishings will save on massive repair and maintenance costs and have a good resale value in the future.
RERA service charges and maintenance cost is another relevant factor to check.
There is off plan – meaning that the property is under construction – and ready properties. Both of them have their own pros and cons.
There is a high probability of the property increasing in value near the completion or handover with the off-plan properties. Also, there is a smaller down payment and the developers offers very attractive and flexible payment plans and in some cases you might be offer post-handover payment plan meaning you can actually rent out your property, before commencing the repayments. There is a risk that the project might be delayed, so to mitigate this its vital to conduct research on the developer for their reputation.
With the secondary market, price advantage may relevant to market conditions. Buyers have the ability to bargain. You can start earning rental income from the moment you found your tenant also you got proven rental yields. However, the down payment is higher than off-plan and in some cases, you have to be quicker than others buyers.
There was never better time to invest in Dubai than now. The city is growing and Dubai is ranked the 5th among the list of elite metropolitan cities that are pushing the boundaries of the country’s economic growth. Thanks to its warm climate and easy accessibility from Europe, Dubai is also a luxury tourist destination.