It
was 2002 when Sheikh Mohammed bin Rashid Al Maktoum of Dubai
had a vision to create the city of the future. In doing this
and creating a truly cosmopolitan and global society, an international
community would be required, and so the Sheikh decided to
allow foreign investors to purchase property on Dubai soil.
Dubai and the UAE's future is focused upon creating a business
and tourism environment second to none which centres around
incoming foreign investment from commercial institutions and
individual investors. |
| Why Invest in
Dubai Property |
|
• Future Demand: Population is destined
to increase from 1m to 3m whilst tourism will also triple from
6m to 15m, by 2010
• Future Supply: All master-planning is Government controlled
to carefully manage the demand-supply ratio thus maintain strong
growth & returns
• Capital Gains Tax: 0% on Dubai Property
• Rental Income Tax: 0%
• Legal & Notary Fees: None required, although legal advice
is recommended when purchasing Dubai Property
• Land Registration Tax: 1.5% this is paid to the Government
on completion of the Dubai Property
• Transfer Fee: 1-7% (this is paid to developer on resale of
contract before completion of the Dubai Property)
• Dubai Property Buying Process: Simple. No Company formation
is nor National registration required
• Payment Structure: Following an initial reservation deposit,
a deferred payment structure is usually provided by the developer
with payments spread over the construction period
• Dubai Property Finance: This is available to non-UAE residents
only on certain projects, with competitive interest rates from
6 - 9%, and usually with 15 yr terms and reasonable conditions
• Capital Appreciation: Recent years Dubai Property has risen
between 15 - 25% annually
• Dubai Property Rental returns: Recent years have returned
between 10 - 20% annually
• Freehold: The right to obtain freehold rights on your property
is provided with most non-UAE purchases of Dubai property
• Residency: Resident visas are supplied with non-UAE purchase
on Dubai property
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Dubai Property - Purchase Procedure & Legal
Costs
|
Purchasing
property off-plan in Dubai is a relatively simple process
which does not require use of a lawyer, however of course
using a lawyer is always recommend. All property investment
available to foreigners in Dubai is within special zones master-planned
by governmental organizations, and as a result the contract
structures must be passed before the government before they
can ask customers to sign. There is no capital gains tax or
income tax within Dubai itself. |
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