The United Arab Emirates (UAE) seems to offer the best of all worlds: modern amenities and infrastructure, a large property market, great nightlife, sun, beaches, and a mix of Western and Eastern culture. For those looking to make the UAE their second home, the reasons for doing so are numerous. Whether it is as a financial investment or as a place to get away, owning property in the Emirates can be fun and life changing. This article will look at some of the advantages of investing in real estate in the UAE and how foreigners should go about doing so.
Why invest in the UAE?
Just a few decades ago, if one asked a Westerner which city would be one of the financial and tourist centers of the world by the early 21st-century, the answers would likely have ranged from London, Tokyo, New York, or even Rio. Few, however, would have heard of, let alone answered with, Dubai. Yet in an astonishingly short amount of time, this former dusty town on the shores of the Persian Gulf has gone from serving local fisherman to some of the wealthiest and fun-seeking people from all over the world. As such, Dubai and the other Emirates have become huge destinations for expatriates looking to invest their money wisely while still enjoying all the comforts of home. Because the Dubai economy is so diversified compared to its neighbours, it has become particularly attractive for long term investment. In addition, those owning a property in the UAE will be able to enjoy great shopping, fine dining, constant sun, superb beaches, and a host of other amenities year round.
Buying a home in Dubai
The first thing one will need to decide when buying a property in Dubai is deciding where they want to live. Fortunately, Dubai offers a plethora of choices, from beachfront condo living to secluded villas. Properties can be found through classifieds sites such as Dubizzle Qatar. Because the foreign property buying process in Dubai is still fairly young, the process is still largely unregulated. As such, it is vital to have a lawyer or local assist one when buying property. Once the sales agreement is signed, it becomes legally binding, making it imperative that the agreement is fully understood. Additionally, since mortgages can be difficult to get in the UAE, many expatriates choose to remortgage their homes in Europe or North America or seek financing options through either a local or international lender with branches in Dubai. Since Dubai is a major financial hub, banking options are numerous. Additionally, Dubai collects no direct taxation, although certain fees may be imposed. For a complete picture of the property buying process in Dubai, WikiHow provides a useful guide.
From glittering skyscrapers to traditional fishermen, the UAE offers something to satisfy everybody’s tastes. Because of its diverse economy and Western amenities, Dubai in particular has become a popular spot for expatriates looking for a home abroad. While the process of buying property in Dubai is certainly different from Western nations, the effort is well worth it.
Joyce Ayers is a relocation expert. She loves to write about relocating to other countries on expat blogs.
