The lowdown on moving to Dubai

Buy property in Dubai while traveling. Who can own real estate in Dubai? How to purchase property in the emirate. Advantages to buying property in Dubai.

Dubai: Travel or Invest?

Dubai is a magnet for foreigners. People flock in yearly for many reasons. Some are businessmen who have deals to make in Dubai. Some are expats, moving to Dubai to work. A lot are tourists, who are just there to have fun. Some are foreign investors looking for ways to grow their wealth in the city. This proves that Dubai has something for everyone.

Should you spend a holiday in Dubai or invest in real estate? The answer is that you can do both. Dubai is welcoming if you want to have a great time. It is just as okay if you want to buy a property. All you need to do is check out Dubai investment apartments.

Can Visitors Get Real Estate in Dubai?

Tourists are often careful about buying real estate on a foreign land. That is understandable as many countries have strict laws concerning real estate investment. This, however, is different in Dubai. This city has relaxed laws on its real estate.

Apart from citizens, Dubai allows foreigners who are residents of the city to buy property. That is, indigenes of other countries who live in the city can own real estate in Dubai. That’s not all, non-residents can also invest in real estate with just a tourist visa, that is to say; one can buy a flat while on holiday. Companies are equally allowed to buy property in Dubai

How to Invest in Dubai as an Alien

Buying flats in Dubai is a very easy process. No stringent policies are guiding the purchase. You can decide to buy a flat on your next trip to Dubai. These are the steps to buy property in Dubai

● Check out the available properties in the designated areas, then make a choice. There are many to choose from, based on price, number of rooms, whether it’s complete or off-plan. Take your time when browsing for a flat. You should make sure that what you choose is exactly what you want.

● Contact the seller or developer through a reliable real estate agency. If you choose a flat through a real estate aggregator, you get linked directly with the real estate agency in charge. You have the liberty to negotiate the cost. This way you can get the best offer for the apartment.

● Once you and the seller/developer have agreed to a cozy, it is time to sign an agreement. It is best to employ a lawyer during this process. You and the seller will sign an agreement and you’ll pay a deposit for the property.

● Apply for a No Objection Certificate. It is a certificate often issued by the seller and it proves that there are no unpaid bills on the apartment. This certificate is a step towards finalizing the transfer of property ownership to you. 

● The last step is to complete the transfer at the registrar’s office. Here you’ll be asked to submit some documents; like the sale contract, original passport, and so on, to seal the transaction. You will be asked to make the full payment. Then you become the official owner of the flat.

Perks to Owning a Flat in Dubai

Dubai is an exotic city. There are many attractions scattered over the place. Having an apartment in this city automatically makes you a part of this paradise. You can pop over to any tourist site you want once you have a place in Dubai. You may be lucky to get a flat in the same area as your best attraction. That way, you can visit any time you want.

If you don’t plan to live in Dubai permanently, there are still pros to buying an apartment here. You can keep it for yourself as a second home; a summer home if you wish. Anytime you come to Dubai, for business or vacation, you need not book a hotel. You will enjoy the homeliness of an apartment that belongs to you, rather than impersonal hotel rooms.

Another advantage is the return you will gain on your investment. Your apartment can be rented out, either to a fellow foreigner or a resident, to make money without stress. You can rent it out to other tourists for a short term or someone who wishes to stay permanently. If later in the future you want to sell your flat, you will be able to sell at a profit. 

Dubai Flats and Their Affordability

Being a developed country, Dubai gets a lot of interest from residents and foreigners alike. Many people want to migrate to Dubai to build a better life, some just want to experience the luxury it gives while smart people want to invest in its real estate. This issue of price for many people, is a great determinant in investing. Naturally, one would be curious about the cost of the intended investment.

When compared to big cities around the world, real estate in Dubai is very affordable. Although some districts have costlier real estate. Others vary in price due to the size of the apartment, the number of rooms, the amenities that come with the apartment, and so on. According to Emirates.Estate, these are the lowest cost of these apartments:

Apartment TypePrice/Cost
Studio Apartment 521, 850 AED
1-bedroom Apartment 550, 000 AED
2-bedroom Apartment 555, 000 AED
3-bedroom Apartment 560, 000 AED
4-bedroom Apartment 565, 600 AED

What Next After Buying a Property in Dubai?

The next action after purchasing a flat in Dubai is your decision. Ownership of a Dubai property opens you up to a list of options. You can move to Dubai and work there, enjoying the economic stability, or visit occasionally to unwind. You can rent out the apartment for a nice amount or wait for the value to rise and resell at a higher price; the choice is solely yours.

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