Dubai real estate proffers quite a lot of appealing properties in the world where flexibility in payment plan works as a cherry on the cake in attracting investors. As time passes, more and more people are looking forward to buying a property in Dubai despite there was a crisis visible in its property market due to the global pandemic this year. At this moment, stability is taking place in terms of transaction flows and various offers. Hence, the sector is going through conceivably a good time and making it a worthy place for investment.
If you are a foreign national and wondering if buying a property in Dubai is a good idea or not, let’s introduce some clear advantages to help you decide for investment.
According to Gallup’s 2020 Global Law and Order report, the UAE is amongst the top 10 countries with the highest law and order index scores. Its index score in 2019 was 92. This made it rank as one of the safest countries in the world. This ranking can be considered as one of the foremost reasons for foreign investment in Dubai real estate.
Being an outsider, the investors will not have to worry about their security at all while buying a property and staying here since it has a notable reputation.
Dubai is going to host a World Expo called Expo 2020 that will be creative and collaborative. It will last for 173 days. The original schedule for this big event was October 20, 2020—April 10, 2021; however, due to the pandemic, it has got a new schedule from October 1, 2021— March 31, 2022. With this Expo 2020, a lot of opportunities are making their way for the people who want to invest in Dubai real estate.
The developers are offering some inducements to those who want to buy properties here keeping Expo 2020 in mind. Guaranteed rental income, lower service charges, free legal fees, and hold over payment terms include in those inducements.
The Expo 2020 is going to take place in Al Wasl Plaza and Dubai South in general; as a result, the areas are being developed massively. For instance, Dubai Greek Waterfront will supposedly be a brand new sightseeing point with a tower that is promised to be higher than the world's current tallest building, Burj Khalifa. So, these development plans are opening a lot of golden opportunities for foreign investors.
The Expo 2020 seems to be a blessing for the range of prices of the properties as well. Since the event is offering new opportunities for the investors, at present, prices are highly affordable compared to other major cities. It would be as clear as crystal if the real estate prices are compared during and after Expo. It varies from one city to another as well. There are some cities – Dubai Marina, Downtown, etc. – in Dubai that are always busy, and those cities can be a wise decision to choose for investing.
The tax-free income is also amongst the reasons to buy property in Dubai as an expat. There are Double Taxation Agreements (DTA) with trade partners in the UAE that ensure 0% tax on their income within the UAE for most of the expats who qualify as non-residents in their home countries.
The new visa laws connected to property investment authorizes the interested investors to secure a residence visa, bound by certain conditions. The time limit of the residency visa varies with the property prices. There is also a considerable retirement visa opportunity for those who are planning to be residents here. These visa programs can significantly benefit the new foreign investors.
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