View our database of carefully selected investment properties in the United Arab Emirates Summary:
Overseas investors have been permitted to purchase property in Dubai from nominated residential developments since 2002. A number of real estate projects are already available and others are on track.
Rating: 5 Stars
UAE Dirhams:
Linked to the US$. Living costs are reasonably high for the region but not compared to Western Europe. However, the infrastructure is superb with excellent amenities.
Economic Climate:
Dubai has experienced remarkable economic growth in the past two decades. Investment by foreign companies has been encouraged by a free trade zone philosophy and the creation of flexible industry specific operational centres such as the Internet and Media Cities. Dubai’s GDP on average increases by 7-8% a year.
Taxes:
There are no income or property related taxes although there are fees for residence visa renewal of US$1,360 every 3 years which does permit the holder to work. The property ownership legislation is still in a state of change.
Popular Investment Areas:
The projects in vogue are The Springs, The Greens, Dubai Marina, Emirates Hills, Meadows and Arabian Ranches. Two man made islands, The Palm will become the ultimate luxury address.
Price Ranges:
Apartment sales exceeded 1,500 in 2002. Dubai property costs approximately $1,000 per square metre as compared with London UK at $5,000 per square metre. Pricing ranges are variable on a project by project basis.
Budgetary Guide:
Apartments: 1 bed US$ 100,000 +, 2 bed US$ 159,000+, 3/4 bed to luxury up to US$ 835,000. Medium Villas US$ 122,00 to 240,000. Larger Villas US$ 272,000 to 497,000.The Palm: Apartments US$ 177,000 +, Townhouses/Villas US$462,000 to 1,264,000.
Overseas Investors:
May purchase property freehold on specific developments as well as on a 99-year leasehold basis.
Service Fees:
Fees are not an issue as there are no taxes. Sign the contract make an initial payment of 10% of the buying price then two further payments 10% to an agreed timetable over period of months.
Mortgages:
Mortgages are becoming more freely available on a 10 to 15-year basis and interest rates are linked to those in the US. Current quotes are 6.5%.
Information:
http://www.getyourmoneyworking.com
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