Whether you are looking to start a new life overseas or a smart place to invest your money, you really can’t go wrong with Dubai. This luxury destination is known for offering a one-of-a-kind lifestyle that bridges the gap between Eastern and Western cultures. But that’s not the only reason why Dubai is appealing to foreign investors, says Abdullah Alajaji, Managing Director of Driven Properties in Dubai.
“Over the past few years, the government has embarked on several initiatives and reforms aimed mainly at attracting more foreign direct investment into the city,” Alajaji explains. “The government introduced the 10-year visa (also known as the Golden Visa) to offer long term residence for individuals and to retain talented people in the country.”
Buying in Dubai is different from buying in most markets. If you’re considering a big move, it’s important to equip yourself with the best information before making an offer. Read on for helpful tips from some of the top brokers at Driven Properties in Dubai.
Choose A Broker That Has Expertise In Your Preferred Location
Hadi Hamra shares that when it comes to choosing a broker in Dubai, it’s best to find one who specialises in the area or areas you’re considering making a purchase. “Areas in Dubai are very different: from an urban lifestyle in Downtown to serene shoreline villas— you should have an expert in the community you are interested in.”
It’s Best To Go With An Experienced Broker
In addition to specializing in an area, it’s essential to make sure your broker has several years of experience under his or her belt. “An experienced broker will already have many listings in the area they specialize in, and they will be able to educate you on all details,” says Hamra.
This is also because a seasoned broker is likely to better understand the market overall, explains Khadija El Otmani. “The broker must exhibit the proper understanding of the real estate cycles in their market. A good broker will be able to explain the factors influencing the cycle and how the market responds. By knowing that, they will be able to anticipate and advise their clients accordingly.”
Don’t Be Afraid To Ask Questions
Buying in a foreign country can feel intimidating, especially if you have never lived or purchased property there before. So, having questions about everything from the process to the details about the property itself is only natural. If there is something you don’t understand or want more information on, it’s essential to have an open line of communication with your broker. “There is no such thing as asking too many questions. Buying a home is a major milestone in one’s life, and the right broker must be able to answer all of them,” says Hamra.
Understand The Process
The great thing about buying in Dubai is that the process is far less stressful and complicated than a typical US sale, explains Lina Allaoa. “Purchasing in Dubai is very straightforward and simple, as the Dubai government has centralized the process to protect and ease transactions between buyers, sellers, and developers.”
Part of what makes buying in Dubai easier is that lawyers are not needed, with brokers hammering out the fine details of the contracts and closing. “Brokers are doing everything necessary to make the process go smoothly,” says Hamra.
According to Allaoa, buying a property in Dubai is also much faster than in the US. “A sale can be secured and registered within 48 hours in Dubai as opposed to an average of 50 days in the USA. Purchasing a property in the USA remains lengthy and a bit complicated requiring several advisors to guide on certain issues that don’t exist in Dubai, such as property tax and various buyer/seller declarations.”
There Are Great Financial Benefits To Purchasing In Dubai
Hamra believes that Dubai Properties are undervalued compared to other major cities across the globe. “The same amount would get you a significantly larger property in Dubai in comparison to New York, London, or Paris.”
Best of all, the capital gains tax does not exist in Dubai. However, there is a government registration fee of four percent.
The City Had Incredible Amenities You Won’t Find Elsewhere
Dubai is known for having residences that offer incredibly luxurious amenities you won’t find in too many other places.
“The amenities that are very attractive to all visitors, including Americans, are usually related to enjoying the good weather—meaning private beach access, outdoor pools, and garden areas,” says Zhibek Kussainova.
One of the biggest trends are so-called branded residences such as Bulgari and the Dorchester Collection, notes Marcella Herrera. “Branded residences in Dubai are setting the standard of premium service. Many of them offer private yacht rides, drivers with luxurious cars. There are also cinema rooms, spas, private chefs, that make their time in Dubai that much more enjoyable.”