In addition to being an increasingly popular location for business and tourism alike, Dubai – sometimes referred to as the investment hub of the Middle East – continues to attract international buyers from across the world looking for property investment opportunities with potential for superior equity growth and cash flow.

For investors interested in Dubai’s cosmopolitan atmosphere and warm, sunny climate, the city offers an excellent tax set up with no income tax and no capital gains tax. Its real estate market has recently been outperforming global industry benchmarks and if you have been thinking of investing, now is the time to take action as Dubai’s housing market steadily grows and its market continues to mature.

Foreign investment in Dubai is open to any person of any nationality and requires no residency or special permit. The purchase process is fairly informal with very few transaction fees and the opportunities to foreign investors and expats are both numerous and lucrative. Typically, the only paperwork involved in the property purchase process is a sales agreement. Most property purchases in Dubai do not require surveys so costs are often a minimal land registry fee of 1.5%.

Buying property in Dubai is very similar to the British system and when it comes to financing your purchase, it is wise to consider all of your options. Paying cash is recommended but for many, remortgaging your current home is probably easiest. Pre-arranging a mortgage before you look at properties will also help minimize the length of time it takes to complete the purchase transaction and may also help you compete against other buyers that have more cash on hand.

It is also possible to arrange a mortgage on your Dubai property, but new limitations added by Dubai’s central bank in October 2013 have increased the amount of red tape and paperwork while lowering the mortgage cap for foreign investors to 75% of the value of a first home priced at $1.4 million or less and to 50% for un-built real estate investments. Due to the complexities of financing, it is best to seek professional advice before making any decisions.

It is essential to become educated and do your research before investing. Sterling Luxury Group is extremely knowledgeable about the property ownership rules and purchase procedures in Dubai and our staff members often guide investors to help navigate the process, making it simpler and easier.

In addition to establishing how you will finance your purchase, you must also make decisions about whether the property will be purely an investment or if you will plan to reside there. For purely investment purchases, you will need to decide between renting the property or selling it for capital gain.

As the second largest land territory of the UAE, Dubai has many areas to select from for investment and as they say in real estate, it’s all about Location, Location, Location. Whether you plan on buying a vacation home or intend to renovate and sell the property for a profit, the right location is crucial. Depending on your personal preferences and lifestyle, Sterling Luxury Group can suggest the ideal location.

Dubai also offers a variety of types of homes from high-rise condominiums with leisure facilities and ocean views to spacious villas in gated communities. Knowing what you want in a home or investment property is an imperative first step before beginning your search. Sterling Luxury Group’s expert staff knows the area and can help you determine what type of property best suits your needs.

About Sterling Luxury Group

Sterling Luxury Group is comprised of a group of licensed real estate professionals from various Miami and Dubai brokerage firms. Founded by Michelle T. Sterling, our team of real estate professionals can help you source, select, and close on the perfect home through Sterling Luxury Homes while also being able to refine the finishing touches of your interior decor through Sterling Home Styling, and styling you from head to toe through Sterling Personal Styling. Let us redesign and restyle your life from Miami, New York, L.A., San Francisco and Dubai.

info@sterlingluxurygroup.com

Miami Direct: +1.305.356.7326

New York Direct: +1.917.423.1466

Dubai Office: +971 4 313 2467

View other posts >