Till the recent past there were restrictions on the sale of Dubai property to foreigners. However, this restriction has been lifted thereby making the property market in Dubai extremely dynamic.
There are a lot of people buying and selling properties in Dubai and the motion of the market has been exceptional in a time as short as 3 years.
You may be aware of the fact that Dubai had been an economy that was based on its oil resource. This resource is gradually being drained out and Sheikh Mohammed Al Maktoum the ruler of Dubai has been making attempts to shift the base of the economy to other industries like commerce, finance and tourism.
The property and real estate market in Dubai has shown as marked improvement in the Gross Domestic Product that it has generated. In fact there are projects of a sum of $42.5 that are still undergoing construction. The current income from rent of property in Dubai ranges from 8 to 10%.
The increasing demand of property can be explained to some extent by the advantages that you are likely to enjoy as an owner. You can get a Residence Visa if you buy property in Dubai. The cost of the property is relatively low here.
You will only be required to pay the registry fee and are no legal fee or stamp duty otherwise. If you are a foreigner you can get mortgages to buy real estate. The quality of the completed properties in Dubai is very good.
If you buy property or rent it you will not be expected to pay any capital gains tax or income tax. An ownership of property in Dubai can be further desirable, as it is a nice city where there is hardly any crime. Despite being an Islamic city it practices tolerance.
Owning property in Dubai can be quite fruitful for you in the long run as the future prospects in the market looks bright. The expectation of its capital growth is estimated to be more than 15% p.a.
With upcoming features like the World, the largest shopping mall, the first underground hotel, the tallest building and various other attractions it is inevitable that the cost of property will be sky high in future. This is lucrative enough for you invest in the property in Dubai.