Top 7 Benefits of Purchasing a Property in Dubai
The Middle Eastern city of Dubai is renowned for holding towering skyscrapers, scenic waterfront lakes, and some of the most incredible landmarks in the world. There’s no denying that the idea of visiting Dubai manifests multiple layers of excitement. Yet, what if you get to lead a life here, and that too with utmost profitability? In recent times, investing in a property in Dubai is one of the best decisions an investor or homemaker can make.
The booming real estate sector of Dubai has been attracting millions of local and foreign investors for a while now. So, there’s no need to find properties elsewhere when progressive one is at your disposal.
Are you up for knowing the merits of purchasing a property in Dubai? Let’s enlighten you with the details below.
- Variety of Prospects:
From affordable studio apartments to elegant townhouses and villas, there’s something for every taste and budget. So, whether you’re a bachelor seeking a temporary shelter or a family person with a considerable troop, you can find properties accordingly. In addition, the upcoming projects or Expo 2020 will provide further investment opportunities to investors. With such a range of attractive prospects, the time is undoubtedly ripe for investing here.
- Affordable-Luxury:
It’s a popular fact that properties purchased in luxurious neighbourhoods promise a considerable ROI. Now, you must be wondering if we’re referring to the iconic Palm Jumeirah or the bustling Downtown Dubai. Yet, even if your budget is tight, the city has many options. For instance, areas like International City and Dubai International Media showcase highly- furnished flats within AED 300k.
- No Property Taxes:
It might sound unreal, yet it’s true. The elimination of property taxes is one of the main reasons the city looks appealing to investors. It implies that after you’ve made necessary payments to Dubai Land Department (DLD), there’re no other taxes to pay to the government or any platform. It’s one of the perks that you’ll rarely find anywhere else.
There’s a possibility of making money out of the investment, but how? You can make a profit by renting out your property. The sought-after villas in Dubai can get you a return of over 4%, while the desirable neighbourhoods provide a rental yield of around 9%. Nevertheless, if you’re purchasing to rent out, you must familiarise yourself with Dubai’s tenants’ rights.
- Residential Visa:
Since the last year, property investors have been eligible for long-term residency visas. Dubai will consider your investor’s permit if you’ve made a property investment worth AED one million. Yet, there’s an exception that the property shouldn’t be off-plan or purchased under a debt. Similarly, you’re eligible for a five-year renewable visa if you invest at least AED 10 million. After acquiring one, they can also sponsor their relatives based on this long-term visa.
- Constant Development:
Nothing is impossible for Dubai, whether it’s blowing life to an artificial archipelago or the tallest building in the world. Such developments might have already persuaded you to invest here. The arrival of new developments in consecutive years excels at introducing new road links, shopping complexes, and entertainment spots. All of such progressions help increase your property value over time.
- Secured Lifestyle:
The Emirates of Dubai is one of the safest places to live on the planet, especially for families. There’re digital applications that allow reporting the crimes online, and the cops are smart enough to take action within minutes. Likewise, apps like Smart Police Station are specifically designed for the security of pedestrians. Besides digitalization, the city excels in enforcing the laws. In a nutshell, a secure platform is another notable perk of investing in Dubai.
Final Verdict:
Most expats have been seeking apartments for rent in Sharjah and Dubai for years, so investing in either city will be profitable. However, considering your budget and the family’s requirements and expenses beforehand is essential. All in All, the real estate market of Dubai offers a slew of beneficial investment opportunities for everyone.
