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Real Estate in Dubai: Brilliant Prospects and Lucrative Investments

Dubai, once a small port city in the UAE, has transformed into an ultra-modern metropolis over the past decades, attracting millions of tourists from around the globe. Is it worth investing in?

Thanks to the vision of its rulers, savvy economic policies, and abundant oil dollars, Dubai has managed to swiftly build an impressive infrastructure and secure leading positions in the Middle East in terms of living standards and pace of development, including construction and purchase of apartments.

Today, Dubai offers advantages for everyone – luxurious UAE hotels, exquisite cuisine, thrilling entertainment, top-class shopping, and of course, lucrative opportunities for investments and business. All of these factors make it one of the most appealing destinations to buy property.

Taxation

The UAE, and Dubai in particular, is renowned for its favourable tax policies regarding investments. There is no personal income tax for individuals, whether they are locals or foreigners.

The only tax imposed on property is the property tax, which is a mere 5% of the annual income generated from renting out the property. In other words, if you don’t rent out your apartment or villa, you don’t pay any property tax at all.

When buying residential or commercial property here, the transaction registration tax is 4% of the property’s value.

Thus, Dubai offers some of the lowest property taxes in the world for property owners. Is it worth it? Absolutely! This makes investments here even more enticing.

The Future of Dubai Real Estate Market

In 2020, Dubai hosted the World Expo, for which an extensive infrastructure development program was underway.

Is it worth considering these projects? Among the largest projects were:

  • Construction of the colossal UAE airport Al Maktoum, designed for 240 million passengers annually.
  • Expansion of Dubai’s metro to 285 km.
  • Creation of the expansive residential district, Dubai Creek Harbour, featuring luxurious apartments spread across 9 islands.
  • Construction of a 2000-seat opera house.
  • Opening of the Museum of the Future, ski resorts, and much more.

All of this contributed to the growth in tourist traffic and the attraction of new residents to Dubai. Where demand for real estate grows, prices are bound to follow suit.

Experts predict that over the next 5 years, the cost of real estate (particularly apartments) will increase by an average of 25-30%. So, it’s an excellent opportunity to secure the best options at a favourable price.

Advantages of Investing in Dubai Real Estate

There are numerous reasons why investing in real estate in Dubai is lucrative today:

  • Consistently high economic growth rates in the UAE due to oil revenues and astute governmental policies.
  • Rapid development of residential and tourism infrastructure.
  • Absence of income tax for individuals.
  • Low property taxes.
  • Opportunity to gain residency privileges with property purchases starting from $270,000.
  • High demand for rental properties from tourists and UAE businessmen.

Furthermore, Dubai boasts the highest levels of safety and stability. Crime rates here are among the lowest in the world, and the political situation is absolutely stable. Therefore, buying real estate, such as apartments, in Dubai is a secure long-term capital investment.

Seeking Professional Assistance

The real estate market in Dubai has its nuances and intricacies. For foreign buyers, it’s easy to make mistakes or encounter unscrupulous agents.

Is it worth considering hiring a real estate agent? It’s highly advisable to seek the assistance of an experienced realtor who can help with property selection, document verification, and legal support throughout the transaction in the UAE. This will help you avoid many problems and save both your money and nerves when purchasing apartments.

It also makes sense to engage an auditing company to analyze the financial risks of the UAE project and optimize taxation.

It’s not worth trying to save money on professional services – this is a trivial saving compared to the cost of an error when buying real estate.

In conclusion, it’s worth noting that the city currently offers some of the best real estate investment opportunities in the world. The combination of rapid development, political stability, tax exemptions, and benefits for foreign buyers makes it attractive for both living and investment.

Therefore, investing in real estate is an excellent way to preserve and significantly multiply capital through purchasing.

 

View projects: https://mayak.ae/projects/

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