Besides buying properties in Dubai for investment purposes, one of the predominant reasons people buy property in the UAE is for housing and migration. As you invest in a new house, hoping to move your family into the home, it is essential that you know the benefits of owning such a house in such a location and the various routes to owning it. This article will focus on nine reasons you should consider Dubai for your new home. Before that, check out the facts below:
Gain 10 years of residency in Dubai via the property route
Did you know you can gain residency for up to 10 years if you buy property in Dubai? Generally, foreigners are not allowed to own landed properties in the United Arab Emirates, Dubai inclusive. However, the country, overly desirous of encouraging tourism and international entrants in various sectors, often makes policies in that line. As regards the real estate sector, here are three significant policies you will find helpful as a foreigner or intending immigrant.
Although foreigners cannot generally own property everywhere in Dubai, the government of the UAE permits them to own property in freehold zones in the country. There are many freehold zones in Dubai’s major city. Some of the most popular ones include areas around Jumeirah, Dubai Hills, Damac Hills, etc. For a comprehensive list of the freehold areas in Dubai, please Read more on the official website https://www.axcapital.ae/. Interestingly, these freehold zones have high economic value because of the value placed on Dubai real estate on the international market, so it is a great place to invest.
It is now settled that as a foreigner, you can own property in its entirety and deal with it as you please in the freehold zones. It even gets juicier because the government extends the offer further such that you can earn a residency permit by buying a property in one of the freehold areas. Here’s a breakdown of how it works:
- Buy Property worth 750 000 AED ($204 225) and above, and you will be entitled to a 3 years residency visa in Dubai upon application (remember, you still have to apply for it)
- Buy property worth 1 million AED ($272 300) and above, and you will be entitled to a 5 years residency visa in Dubai (You have to apply for it too).
- Buy property worth 2 million AED ($544 600) and above, and you will be entitled to a 10 years residency visa in Dubai.
From the above, it is clear that real estate can be more than a source of tourism for you, it could be your family’s residence for the next 10 years, and you may even choose to sell, rent or transfer the property after that 10 years. More so, there are many payment options that you can utilize in buying these properties, and you do not necessarily have to pay all at once.
3 amazing Reasons to Buy a new home in Dubai
Dubai real estate has international value and never lacks buyers
One of the factors to check before putting your hard-earned money into real estate is its marketability and the demand for such properties. This is beyond security; it is a guarantee that should you decide to close your investment in the area, it would be easy to get a buyer interested in purchasing it. With international value comes a broader target market and turnover, which is every investor’s dream.
The hub of luxury and affluent living
It is incontestable that Dubai is one of the world’s top locations for a relax-and-chill, holiday, and luxury lifestyle. Dubai has some of the most luxurious and aesthetically designed real estate, ranging from fountain hotels to moveable/ moving skyscrapers that allow for varying angles and views of the city, expensive ex-pat aura, global icon - Burj Khalifa, etc. If affluence and opulence are what you seek, there is no better place to reside where you will have that and meet like-minded people.
A tourist-friendly environment
In 2022, about 14. 36 million people visited Dubai for tourism, business, residence, or investment purposes. This was a double record higher than the entrants in 2021 when only about 7 million people visited the city of beauty. Dubai’s government is not only concerned about the residency of people who invest in the city. It also cares about the well-being and security of ex-pats and includes such in its policies and laws. At the same time, you will not be alone in Dubai, as many of its population are expatriates from across the world. Unlike many Arabian countries with extremely stringent rules, Dubai is friendly and homely, and everyone lives harmoniously and minds their business!
Additionally, over the years, real estate has been improving, raking billions of dollars annually, and offering great returns for the money.
Finally, in answering the question of ‘how’, you can preview the Axcapital website for listings and available properties as they pop up. Doing this will not only save you valuable time but also ensures that you do not invest in the wrong and unverified places.