The strong economic position of Dubai has enlisted it in the list of the best cities to live in the world. It has successfully grabbed the attention of investors and businessmen due to the countless benefits it offers to investors. Many businessmen and investors want to settle in Dubai permanently to handle their business properly or invest their money in a lucrative land. They all have a common question into their minds, i.e. should they buy property in Dubai? What are the benefits of buying property in Dubai? If you are also looking for the answer to the same question, then read the article till the end as we are going to cover various aspects of buying property in Dubai.
Why Do People Invest in Real Estate?
Usually, there are two reasons for buying property in Dubai or any other place. First, accomplishing the dream of building an ideal home where they can live happily with their families while investing money in beneficial place is the second reason of buying a piece of land. No matter which is your motive of buying property in Dubai, we will evaluate them one by one so you get to know whether it’s a good decision for you or not.
1. Buying Property in Dubai to Live with Family
Everyone wants to give premium facilities to his family and work hard to make an ideal home where they can live happily. If you are already working in Dubai and monthly rents east up your entire salary or disturbs your budget badly, then you must have thought of buying your own home at least once. But, the main question is, can you buy property in Dubai on mortgage? Yes. You can buy your own home on mortgage if your monthly salary is equal or more than Dh15, 000 and it’s one of the biggest benefits of buying property in Dubai.
Though, the mortgage properties were not available after the big shuffle in property prices after 2008, but Dubai real estate industry got stable after 2015 and affordable housing projects are available now.
Apart from the easy terms for buying property in Dubai, there are many other benefits your family can enjoy when you make home in Dubai. Let’s discuss them one by one.
2. Family Friendly Environment
Dubai offers family friendly facilities to its residents. Every society provides all living amenities to residents including schools, parks, markets, super stores, leisure clubs, and shopping centers. You can buy everything from the market present in the proximity of the house and ensure to provide the best entertainment facilities to your kids.
3. Neat and Clean Societies
Every society of Dubai has zero tolerance for garbage and pollution. They follow high cleanliness standards to ensure a hygienic environment in the area. Thousands of tourists visit Dubai daily, but you don’t see any garbage and even a wrapper on the road which is the proof of its uncompromised cleaning policy.
4. Good Infrastructure
Nobody wants to invest his money in a place where basic infrastructure isn’t available as the absence of basic infrastructure means your family is going to face various troubles on a daily basis. In Dubai, you don’t have to face such issues due to the availability of elite class infrastructure that includes government and private hospitals, healthcare facilities, medical centers, education centers, public transport, and just name it. Dubai metro system is not less than a blessing for families who don’t have their personal conveyance family and have to rely on public transport.
Dubai is one of the safest cities in the world with minimum crime rate. Robbery, theft, and kidnap rate is absolutely zero which give a peace of mind of parents that their kids are living in a safe place free from criminal activities.
6. Benefits of Buying Property in Dubai for Holiday Home
Dubai has countless entertainment opportunities which attract tourists from all over the world. Some tourists visit Dubai regularly and want you buy property here to make their visit more comfortable. Dubai Marina, Palm Jumeirah, and Downtown Dubai are some favorite investment places for similar purposes as they are adjacent to tourist places. Here are some benefits you get when buy property in Dubai for a holiday home.
7. Get Residency Visa
By buying property in Dubai, you can apply for residency visa. Being a residency visa holder, you can get many avail many citizenship rights and visit the city without any restrictions such as unlimited entries in Dubai. However, the property worth must be Dh1 Million or above.
8. Zero Tax on Property
Unlike the other cities in the world, Dubai government never takes any tax from investors. You have to pay just once when buying the property and there is no tax implemented afterwards. Otherwise, people have to rent out their homes in their absence just to pay tax.
9. Ideal Entertainment Place
Dubai has a number of private and public beaches. You can visit a beach present at walking distance and enjoy sunbathing. Shopping malls, desert safari, cycling, water parks, and adventurous activities are some examples of entertainment activities available in Dubai.
10. Perks of Buying Property in Dubai for Investment Purpose
Securing the future is the main purpose of the majority of investors who want to buy property other than their own country. In this way, you don’t only secure your money, but also convert it into a beneficial investment as the property value increases over time. Let’s check out some major benefits of buying property in Dubai for investment purpose.
11. Affordable Prices
If you compare the prices of property in Dubai than the average prices of other cities such as London, New York, Hong Kong, etc. USD 3, 208, USD 2, 119, and USD 1, 719 are per square feet prices in London, Hong Kong, and New York respectively. On the other hand, the average per square price in Dubai is just USD 468.
12. Tax Free Property
Dubai offers tax free property to its investors while the tax rate in other cities is much higher. Tax rate in Hong Kong, Singapore, London, and New York is 15%, 13%, 2%, and 2.2% respectively.
13. High Rental Rates
Rental rate in Dubai is much higher than other cities which makes it very popular among investors. Return on investment rate in Hong Kong is merely 2.82% and average rental yield in Singapore in just 3.21%. Dubai offer maximum rental yield on property which is 5.82%.
After evaluating all three aspects and reasons of property buying, it’s evident that Dubai is the best place for investment that gives maximum return on investment, zero tax rate, and amazing opportunities. It offers an ideal environment for families and best activities for adults. Favorable business opportunities and residential visa are some other benefits which make Dubai the best investment place.