Owning a property is not only a prospective investment for the future but also a dream for many. And herein purchasing a property at a place that holds a greater potential for growth in the future is an added cherry on the cake.

Benefits of buying property in Dubai

UAE is one of the fastest-growing metropolises in the world, wherein Dubai is the stalwart. It is known for its high skyscrapers, malls, and scenic tourist destinations.

Before investment know every buying property in Dubai pros and cons

  If you have read about Dubai, then you won’t be oblivion to its other attractions places like the palm-tree-shaped island’s skyscrapers. Besides, it is one of the most sought places for buying properties. However, the next important question we need to deal with is what are the pros and cons of buying a property in Dubai to make a wise decision. So, here is a sneak into these:

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Pros

Home for path-breaking innovations

Dubai is home to some of the ground-breaking projects which are the epitome of innovation and development. Whether it’s the Dubai International Airport, the Palm Jumeriah, the Dubai Mall, the Burj Khalifa each surpasses the level of innovation.

Redemption from Property Tax

The absence of a property tax is one of the top advantages of investing in Dubai.

Higher yields from rents

When compared to other regions of investment like New York, London, etc. that offer an average rental yield of 2.9 to 2.7%, Dubai provides an average rental yield of 7%.

Economic and Political Stability

In comparison to other regions of the UAE, Dubai is one of the most stable places. It is growing steadily in the areas of tourism, manufacturing as well as real estate thereby being an oasis of economic and political stability.   Now that we have seen the pros, let us throw some light on the other side of the coin i.e. Cons.

Cons

 

Impossibility of permanent residency

Only a long-term permit can help you be in the country and it is completely impossible to get permanent residency. In simple words, if your permit is not extended you will have to leave the country.

Additional payments

Purchasing a property in Dubai comes with other additional costs which include paying 4% of the fee as a property value to the Dubai Land Department (DLD) which is the title and admin fees. This is followed by other costs like broker fees of 2%, and AED 5.250 for the Oqood Certificate for registering the property in your name. This is not it, there are other costs to be paid during the handover includes service charges, DEWA fees, etc. A good calculation can help you manage them.

Exceed of demand

Real estate in Dubai has gone through a massive boom over the past few years. The supply has exceeded the demand turning the market saturated and a 30% decrease in price in the past 5 years.

No democracy

UAE follows Sheikdom thus no stability in law can turn overnight may be a disadvantage of buying property in Dubai.

The ultimate call

Purchasing property in Dubai presents a volatile market that is backed by unpredictable laws and changes. However, if you are vouching for higher yields and development it is the best location to plan your next investment. Get the best property options just register your interest.