Summary:
Overseas investors have been permitted
to purchase property in Dubai from nominated residential developments
since 2002. A number of real estate projects are already available and
others are on track.
Rating: 5 Stars
UAE Dirhams:
Linked to the US$. Living costs are reasonably high for the
region but not compared to Western Europe. However, the infrastructure
is superb with excellent amenities.
Economic Climate:
Dubai has experienced remarkable economic growth in the past two
decades. Investment by foreign companies has been encouraged by a free
trade zone philosophy and the creation of flexible industry specific
operational centres such as the Internet and Media Cities. Dubai’s GDP
on average increases by 7-8% a year.
Taxes:
There are no income or property related taxes although there are
fees for residence visa renewal of US$1,360 every 3 years which does
permit the holder to work. The property ownership legislation is still
in a state of change.
Popular Investment Areas:
The projects in vogue are The Springs, The Greens, Dubai Marina,
Emirates Hills, Meadows and Arabian Ranches. Two man made islands, The
Palm will become the ultimate luxury address.
Price Ranges:
Apartment sales exceeded 1,500 in 2002. Dubai property costs
approximately $1,000 per square metre as compared with London UK at
$5,000 per square metre. Pricing ranges are variable on a project by
project basis.
Budgetary Guide:
Apartments: 1 bed US$ 100,000 +, 2 bed US$ 159,000+, 3/4 bed to
luxury up to US$ 835,000. Medium Villas US$ 122,00 to 240,000. Larger
Villas US$ 272,000 to 497,000.The Palm: Apartments US$ 177,000 +,
Townhouses/Villas US$462,000 to 1,264,000.
Overseas Investors:
May purchase property freehold on specific developments as well
as on a 99-year leasehold basis.
Service Fees:
Fees are not an issue as there are no taxes. Sign the contract
make an initial payment of 10% of the buying price then two further
payments 10% to an agreed timetable over period of months.
Mortgages:
Mortgages are becoming more freely available on a 10 to 15-year
basis and interest rates are linked to those in the US. Current quotes
are 6.5%.
Information:
http://www.getyourmoneyworking.com
UAE Buying Guide:
Buying Step by
Step in UAE
Finance Your Property
UAE Tax Issues
FAQ
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