Dubai is one of the fastest-growing destinations in the Middle East and has now become one of the fastest growing destinations for overseas property investments. There are many reasons behind this, but one of the main ones is that Dubai’s growth has resulted in cheaper real estate for investors. What do you need to know about off plan property in Dubai? In this article, I am going to show you some important things you need to think about before you plan property investment in Dubai.
Before you plan property investment in Dubai, it is advisable that you carry out your research and find out all the pros and cons of the area you are planning to invest your money. Looking at the current trends, the demand for real estate is increasing in Dubai and there are many new projects that are being planned. The rising number of tourists as well as the increase in population is also creating an environment for more investments.
If you are planning to make off plan property in Dubai, you should always buy properties located close to the airport. This will help you get easy access to business and shopping areas. If you want to have a secure property, try to buy a property located close to a police station or military base. The reason for this is that the security forces often patrol these areas and if something does happen, your off plan property would be safe. If you are planning to own Dubai property for long term, then you could consider an apartment or villa which is located nearby to the city’s major commercial centers.
One of the best ways to ensure your off plan property is really a good investment is to ask the right questions and make sure you know the type of property you are planning to buy. Some of the questions you should ask are whether the location suits the tourist needs, what kind of facilities does it have and what are the other local laws regarding your property. You should also get information about taxes, planning and development issues and legal formalities. Dubai property usually has a legal protection from local customs and laws, so you need to make sure you know everything about the laws related to your property.
There are a lot of developments happening in Dubai and one of the major factors that made off plan property so popular in the city is the increase in the construction and development happening all over the city. If you are buying off plan property, you should consider this aspect carefully. A development is planned where a group of houses, apartments, or condos will be built. After this is done, the property will be sold to the public and you can easily make money by renting out your off plan property.
Another reason why people consider Dubai as a very lucrative investment destination is because the prices of real estate in the city have decreased significantly. This makes the property very cheap and there is actually a big demand for it. However, you still have to look out for any special discounts and offers on off plan property. Dubai law does not allow foreigners to buy properties for the sole purpose of investment.
You should also remember that the Dubai government has a very strict policy of not letting non-Saudis to buy property in the emirate. For foreigners, the main criteria for purchasing a piece of property in Dubai is that they must own a valid passport and they must be resident of the country where they are purchasing the property. There are certain rules that a foreign investor has to follow regarding his investment plan and he needs to follow all the rules for the safety of his property. Another great option of investing are the city walk apartments for sale in Dubai.
One of the best ways for you to become more familiar with the real estate in Dubai is to search online. You can do this easily and you will soon find out if you are really making a good investment with your off plan property. Dubai laws prohibit the selling of property to a non-resident of the emirate at a price higher than the one applied for in the plan property. However, it is also important for you to keep in mind that there are some good deals on plan property for non-residents. If you research well, you can find some great deals that can help you save money. In order to keep yourself away from fraudsters, you can hire a property broker in Dubai.