Global Real Estate Trend in Dubai
Dec 7th, 2008 by Ozdeniz
Globally in the real estate world-buying property in Dubai is the most prestigious trend and perhaps many would say “it’s the latest fashion”. The mega developments in Dubai have claimed world wide fame and its phenomenal architectural advancement are recognized by several celebrities like the Beckham’s. It’s not to be forgotten the landmark and highlight of the world one and only seven star hotel.
Dubai is the country that fights vigorously for bigger and better opportunities, therefore the advancements in Dubai regarding real estate arena is commendable, and as below we would discuss procedure and the process to get real estate in Dubai
Buying real estate in Dubai would be wise for the reason that Dubai is today the leading trade center. There are million numbers of people who are interested in investing their money to buy property in Dubai mainly because of appealing policies of U.A.E government, which allows them to develop profitable ventures as well as from the past 20years it can be seen that Dubai has just been growing for the better, and never looking back.
The reasons above may not only be the only reason many people are wanting to invest in Dubai as there is no problem in buying property from Dubai as the government had made the policies very flexible, that makes foreigners more adaptable to such policies as there are no restrictions and the government do not intrude in any business dealings. These dealings are usually done verbally based on trust.
The chance to buy property is now possible people from the middle class family too. People consider it cheaper to invest their money in buying residential quarters as although Dubai is a country that keeps developing the real estate prices are still very much cheaper.
Purchasing properties in Dubai has always been profitable no matter if we wish to sell the property or rent later. Dubai is probably one of the best place where we can spend our holiday, if we have a property in Dubai. In fact, the luxury environment will continuous to look appealing for us, that is why this city is rightly named as the ‘City of gold’.
Dubai Property Buyer’s Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Below are some procedures on investing property in Dubai, the prosperous future country.
Purchasing a property in Dubai is very simple especially if it is purchasing “Off Plan”. You don’t have to go through any legal process if the property that you intend to purchase is within the special zones created by the government. In fact, any property purchase must be done through the local government before the purchaser is allowed to sign the agreement.
(However we would always advise that you take legal advice with any Dubai property purchase, this is really just to ensure your own safety as at the end of the day you do not want to be cheated)
Unlike some other countries there is no need to obtain a registration number before a Dubai real estate purchase that is really a plus point for many investors. The fact that there are no legal or notary fees actually makes property purchase much cheaper.
Dubai Land Registration tax is 1.5%, which is paid to the government when the property transaction is completed and that’s it there is no other hidden charges!
Dubai Transfer Tax between 1-7% paid to developer on resale of contract before completion.
The Shariya law the banks will not permit you to buy your property via a mortgage! The way it works is as follows the Dubai bank will buy your chosen property for you and it will be given to you as a gift. So instead of paying off the mortgage, investors will have to pay back on a lease. When you think about it, it is actually worth is because you can purchase your property from the bank for 1 dirham at the end of the leaseback.