Off-plan refers to real estate in the preliminary or initial stage of construction. That is, it is property under construction.
Residents living abroad are not required to pay property tax. However, if the property is intended for commercial purposes, a 5% VAT is applicable.
Absolutely. Investing in real estate in Dubai offers numerous advantages that make it a lucrative choice:
Considering these factors, investing in real estate in Dubai can be a rewarding financial move.
Yes, according to UAE law (Law No. 26 of 2007), citizens of other countries can rent out their property. Renting can be done independently or with the assistance of a licensed company.
With a long-term lease, you can expect an annual income of approximately 8% of the property’s value. However, if you opt for short-term rentals, you can earn up to 15% of the property’s value annually.
According to UAE legislation, there is no mandatory period of real estate ownership before resale. Owners can sell their property even the day after its acquisition.
Owners or buyers of real estate can appoint a trustee and grant them an appropriate power of attorney. The trustee will have the authority to handle real estate transactions on behalf of the owner.
One can make sale and transfer transactions within two years after the power of attorney is issued.
Yes, banks in Dubai offer mortgage loans with different rates and terms. They provide financing for both ready-to-occupy properties and those under construction. Foreign citizens are also eligible for international mortgages on real estate. To qualify for a mortgage, borrowers must:
You must also be 21 to 65 years old (if employed), while self-employed individuals can obtain mortgages until the age of 70.
For profitable investments, consider purchasing apartments in business districts like Downtown, Business Bay, and Al Wasl, or tourist-populated areas such as Beachfront, Dubai Marina, and Jumeirah. Families seeking a peaceful environment may prefer quieter locations like Dubailand, JVC, JLT, and MBR City. For sophisticated buyers with high incomes, luxury options are available, including Damac Lagoons, Dubai Hills Estate, and Damac Hills.
For profitable investments, consider purchasing apartments in business districts like Downtown, Business Bay, and Al Wasl, or tourist-populated areas such as Beachfront, Dubai Marina, and Jumeirah. Families seeking a peaceful environment may prefer quieter locations like Dubailand, JVC, JLT, and MBR City. For sophisticated buyers with high incomes, luxury options are available, including Damac Lagoons, Dubai Hills Estate, and Damac Hills.
Real estate owners, foreign entrepreneurs, investors, and scientists can obtain UAE’s Golden visa with a validity term of 5 to 10 years. Holders of the Golden Visa can reside, conduct business, open a local bank account, and enjoy favorable tax residency in the UAE. To obtain the visa, you must invest at least 2 million AED in property, which is around $545,000.
As of Q3 of 2024, the cost of a studio in Dubai in off-plan projects starts from $128,790.
As of Q2 of 2024, the average cost of an apartment in Dubai is about $450,000. Depending on the neighborhood of Dubai, prices can range from $150,000 to $450,000 and from $350,000 to $700,000 by the sea and beaches.
In 2024, the average cost of a 1-room apartment in Dubai is about $130,000. The standard area is 40 sq. m.
In 2024, the average cost of a 2-bedroom apartment in Dubai is about $230,000. The standard area is 75 sq. m.
Foreigners can purchase property in Abu Dhabi under conditions similar to Dubai, with freehold zones available for ownership.
Buyers have the option of interest-free installment plans for off-plan properties or obtaining a mortgage.
The Government of Abu Dhabi actively supports the real estate market, making it more appealing to international investors.
Yas Island is one of the most sought-after areas in Abu Dhabi among tourists. It offers a compelling alternative to Dubai, with its turquoise sea, spacious white sand beach, and tranquil lifestyle.
The construction of the island began in 2007 under the leadership of Aldar, the largest developer in the Emirate. Today, Yas Island provides all the essential amenities for a comfortable life, including shops, restaurants, schools, and clinics.
Its main attraction is the wide range of entertainment options, attracting tourists from all over the world.
The primary developer in Abu Dhabi is Aldar Properties, a state-owned company. Since 2004, Aldar has implemented large-scale projects ranging from Yas and Saadiyat Islands to iconic attractions like Ferrari World, the Louvre Abu Dhabi, and the Formula 1 race track.
The developer provides units with complete finishing, including a kitchen, built-in wardrobes, and bathrooms. In some projects, appliances and furniture are also included in the price.
The Abu Dhabi real estate market offers attractive investment opportunities compared to a hotter Dubai market.
The region is experiencing significant investments, business growth, infrastructure upgrades, and an increasing inflow of tourists.
In Q1 of 2024, real estate transactions in Abu Dhabi reached $4.32 billion, compared to $3.16 billion in the same period the previous year.
Life in Dubai and Abu Dhabi has notable differences despite both emirates offering a high level of comfort and well-being. Here are some key distinctions:
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