High net-worth individuals invest in Dubai real estate for its luxurious properties, tax benefits (no income, capital gains, or inheritance tax), strategic location as a global hub, stable economy and currency, high rental yields, quality of life, investment diversification, ongoing infrastructure development, and strong legal framework ensuring property rights and transparency. These factors combine to make Dubai a compelling choice for wealth preservation and growth through real estate investment.
Are there New projects in Dubai?
Dubai has bustling city life skyscrapers and serene high-end villa communities, its shorelines, canal views, and marina or creek views are unforgettable, as well as iconic skyline views. You can say Dubai has it all under one beautifully painted sky.
Be it a countryside townhouse, a stand-alone villa, or an urban city apartment with views that are as diverse as the city itself. It is natural to ask what is new in Dubai, the answer is as versatile as the city itself. Although the ready market is booming, the off-plan market is having a much greater impact on the city’s real estate sales almost hitting a billion a month in sales.
Why is it you may ask? Why are the high net-worth individuals choosing Dubai over other major cities worldwide?
Best Developers in Dubai
Dubai has a blend of it all: the in-house developers raising the standards of high-end quality, regional powerhouses trying to take a piece of the market, and international developers signing agreements in this multimillion-dollar city. We at PRESTIGE EDITION do our homework to bring you the best Developers in the city with whom we partner with for your satisfaction and best experience and we know exactly what will match with you in our 15-minute personalized consultations that we provide to better understand your special requirements today. We make sure we choose developers that provide quality developments, timely or before the time delivery of their residences and also have a history of having built successful projects in the past. So we know a thing or two for you to trust our expertise in supporting you and having your best interest at heart as we care about your property experience.
Why choose Dubai?
Dubai has it all from the middle-class budget to the ultra-luxury. Yet, this blend of a cosmopolitan city that welcomes people from all walks of life as well as caters to high net worth individuals offering a quality of life accessible to all and also the exclusivity of the select few in the luxury sector which comes down to ownership queries that most clients from around the world ask us here at PRESTIGE EDITION.
Can you own a 100% property in Dubai?
The answer is astonishingly yes, 100% ownership exists in the new parts of the city that are bustling with business activity and also have a promising return on investment from 7 to 10% per annum. This lucky ownership of a piece of the city is called having “a freehold property”, meaning you own the land and the property over it forever and therefore can be subject to inheritance, luckily we do not have an inheritance tax in Dubai. Lease-hold properties are properties owned by the government who own the land but rent out the property for a price that can be used for 99 years and can not be inherited but transferred, every time a property transfers, the number of years is deducted and the next owner will have what remains of the 99 years on the property. After 99 years this property returns to the government ownership. This is to preserve the rights of the nation on some of its land. Still, most lands are turning to freehold nowadays and leaseholds are losing ground meaning there is much more for foreign investment available for complete 100% ownership than the small percentage of leasehold which is slowly also becoming freehold as we move ahead in developing the city.
What to consider before buying a property in Dubai?
A fascinating question as it is simpler than we think. Well for one consider whether you want an apartment or villa and then consider if you have between $200,000 for a studio up to $850,000 for a decent property of up to 3 bedrooms. Anything above that amount would be considered luxury segment properties but mind you the affordable range in Dubai is already quite luxurious with sometimes over 20 amenities so you will be spoilt for choice. Take the advice of a Realtor who will support you through each step whether it is administrative or financial to make sure you do not waste money, time, and effort, maybe not follow the right steps, and have to lose in penalties that can be hefty if you do not have the proper guidance. A committed Realtor like our team of Realtors at PRESTIGE EDITION will ensure your property ownership process is a breeze and you will be excited to hear from our follow-ups.
Process of buying property in Dubai?
All you need is a passport, the 4% government fees for registration, and about $1450 in admin fees. A 10% cheque of the property value should be deposited as a security deposit that is returned upon purchase. In case the property is mortgaged then there is other fees regarding the valuation of the property and admin fees from the bank that can amount to around $1450 and then a 0.25% fee of the property fee on the date of transfer to register the mortgage. The agency fees is roughly between 2% and 4% and can go up to a maximum allowed amount of 20% if you wish to compensate your broker, it s subject to negotiation where the legal limit is set to 2% at the lowest end. Other than the 10% security deposit which is paid prior to a contract, the other fees are paid as per the process required and your agent will be there to guide you every step of the way until you get your property ownership documents and access to the property to live your best life in a city that has it all under your fingertips.
What are the taxes on buying property in Dubai?
Technically there is no tax on property or property inheritance tax, there are registration fees and admin fees which are one-time payments on the date of ownership transfer. Your Agent can walk you through the details so you understand the costs you will incur, there is just a municipality housing tax that comes with the water and electricity bill that is 5% added to the water and electricity bill which isn’t much but is destined to maintain the city we live in and appreciate.