Real estate in United Arab Emirates
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Real estate in the UAE. Brief information.
In the minds of most people, the United Arab Emirates is a country of fabulously rich sheikhs, sultry beauties performing belly dancing, boundless ocean and camel caravans wandering through the desert.
But not everyone knows that the purchase of real estate in the United Arab Emirates has ceased to be a luxury available only to a few: for about ten years (since 2006), the construction boom has been going on, and local legislation in every way contributes to the infusion of foreign investment. For example, if you want to buy an apartment in the UAE from a company at the stage of construction of a multi-storey building, the developer does not have the right to resell real estate in the UAE until the completion of construction and registration of a new owner. This law is valid provided that the company has the legal right to sell housing, and you have already paid a deposit for an apartment in the amount of 10-15% of its value. The legislation also provides the investor with a choice of the type of ownership: for example, "freehold" or "leasehold". In the first case, full ownership of Emirates real estate with an adjacent land plot (if available) is implied, and in the second – a long-term lease (for 99 years) with the possibility of extending the term.
There may be several reasons to buy a property in the UAE. Firstly, it will give you the opportunity to enjoy your holidays at the most famous resorts: visit water parks ("Dreamland", "Aquaventure", "Iceland") and dolphinariums, participate in safari and crab hunting, make excursions to the Emirates, seaplane flights. Secondly, given the popularity of renting local housing by tourists, it will be a win-win investment.
Of course, potential buyers are primarily interested in real estate prices in the UAE:
In the primary housing market in such popular emirates (territorial units) as Dubai and Abu Dhabi, the price per square meter of living space can vary from 5 to 20 thousand dollars, that is, one- and two-bedroom apartments in the UAE in these regions will cost 300-600 thousand dollars. The buyer will have to pay cheaper for the purchase of apartments in the emirate of Ajman, because apartments of equivalent size are sold here for 170-280 thousand dollars.
In the secondary real estate market, such housing can cost you even more, because the owner can add a margin amount to the real price for it at his discretion, and the reissue of documents for ownership of the new owner will require 2% of the total cost to the Land Department's cash register.
It is also worth remembering that the collapse in oil prices has contributed to a decrease in the cost of housing and provided an opportunity to buy real estate in the United Arab Emirates at an acceptable price.
It is better to entrust the search and selection of real estate in the United Arab Emirates, depending on your wishes and financial capabilities, as well as legal support at all stages of the acquisition process to experienced specialists of ProrealProperty. As a result of this cooperation, you will become the owner of real estate in the UAE.
