The temptation of a living tax-free or the attraction towards a luxurious lifestyle, Dubai is the best option for buying a property. Lots of malls and beaches, lots of retails and high-end shops and restaurants, the busy industries and you cannot forget about the activities such as indoor skiing, due surfing and other various activities make this middle eastern city a wonderful place to live in or to visit.
If you are looking for an investment, there is nothing better than investing in real estate in the emirate. In 2002, a law was passed, called Freehold Law, as per the law any foreigner can buy, sell or rent property in Dubai without any permission. Around 70% of Dubai’s population is a foreigner, so it won’t be surprising to see the foreigners purchasing homes and lands in Dubai.
Nearly 70% of people in Dubai don’t own their own property. Actually, there are two barriers they face while buying property.
- Most of the people don’t know the span of their stay
- The 25% amount of property price should be put as a deposit
If you can overcome these two hurdles, you can easily invest in projects in Dubai.
So, let us walk through some intricacies of buying property in Dubai which is important for you to know:
- How to find a property in Dubai?
Three main types of properties you can buy as a foreigner in Dubai:
- Freehold properties
- Usufruct properties
- Commonhold properties
- How to choose the right property?
Keep a couple of things in mind before buying a property:
- Traffic: The traffic in Dubai is bad, especially the roads that go from Dubai to Sharjah. It’s better to take a test drive before setting down in Dubai.
- Neighborhood: Choose a good neighborhood to live or invest in Dubai. Some good neighborhoods are:
- Dubai Marina
- Palm Jumeirah
- International City
- Parking: You got to pay attention to parking.