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Aluminum shopfronts cost less

You would think that all this weather resistance and endurance would have a price. Aluminum is an easily sourced resource, making it very affordable in comparison to other options.

Dubai’s real estate market is attracting many ex-pats and foreign nationals who are willing to buy property in Dubai. Since 2002, the government of Dubai has made it easier for overseas buyers to invest in any kind of property.

People can invest money in freehold areas of leasehold areas easily. There’s an abundance of properties ranging from apartments, villas, townhouses, and commercial shops available for sale.

Like all other cities in the UAE, Dubai depends on its oil industry to earn revenue and follow a no-tax policy to attract investments from overseas buyers and renowned companies who can enrich their economy further.

The tax-free status of the Dubai property market has played a key role in attracting foreign investors. All the residential properties in Dubai are tax-free since the launch of a Value Added Tax in the UAE in 2018.

If you consider property tax rates in the world’s largest cities, you will notice that Dubai is one of the cheapest cities for real estate investments.

Compared to other cities, such as Chicago & California where property taxes are 10% of the total value to Sao Paulo where property taxes are as high as 30% of the total value, Dubai is the best playground for foreign buyers.

Another perk is that rental yields in Dubai are reaching as high as 8% which promises good returns on the purchased properties. In this article, we’re going to explain important details about the Dubai property market and how you can go ahead with property investment in Dubai if you are a foreign national. So, let’s read further to know.

What is the condition of the Dubai Property Market?

In the last few years, the Property Market in Dubai has witnessed a series of ups and downs, but now things are becoming good. The prices of properties are rising for the first time in 6 years as demand is increasing, said Morgan Stanley in his research note.

The demand for residential properties is picking up faster than expected and seeing a 1.2% rise in their value. This is because of government reforms in the last 12 months, attractive mortgage loans, and a shift in demand after COVID-19. The market is recovering from the effects of the pandemic and recovering. However, this will take at least 12- 24 months but people are already willing to opt for property investment.

Can Foreigners Purchase Property in Dubai?

Yes! After the changes made in property laws by the regulatory body in 2002, foreigners can buy, sell, or rent properties in Dubai taking no special permissions.

Dubai is one of the most beautiful, multicultural, and fastest-growing cities in the world. It boasts of stunning infrastructure, cultural diversity, a stable economy, and a rich heritage. This is why many local investors, foreign nationals, and ex-pats prefer it for real estate investment in the best places to buy property in Dubai.