Buying property abroad, especially in resort countries, has always attracted foreigners. Many of them opted for real estate in Dubai. What made them choose this particular city? We decided to consider 2 pluses and 2 minuses of buying property in Dubai. And maybe after reading this article and considering all the pros and cons of the purchase you will have a look at villas for sale in Dubai Hills the UAE.
Plus #1: Developed infrastructure and quality of life in the real estate in Dubai
Dubai is a modern metropolis. Many call it the “city of the future”, and they are not far from the truth. An amazing city that grew up on the edge of the desert, as if created in order to amaze the imagination of a person. Skyscrapers rising into the clouds, huge airports, an ultra-modern subway that goes without drivers, amazing shopping centers with real ice rinks and ski slopes… Everything here is designed for maximum comfort. The developed network of roads of the highest quality is practically devoid of such a vice as traffic jams, although there are more than a million cars for two million residents of the city.
The British company Mercer Human Resource Consulting has recently published the results of their annual Worldwide Quality of Living Survey. Traditionally they take New York as the base city for building up this survey. The rating is based on the 39 criteria, including environment, safety, educational level, transport availability, and consumer services. Dubai ranks 75th among 221 largest cities in the world in terms of quality of life and attractiveness for expats (New York – 49th). It also takes 35th place (New York – 32nd) in terms of infrastructure development. The UAE is considered the best Arab country to live in, according to the Legatum Institute.
Plus #2: Transparency of legislation in the sphere of real estate
Of all the seven emirates that make up the UAE, Dubai has the most developed and transparent legal framework in the field of real estate. According to the laws of the Emirate, citizens of foreign states that are not members of the Cooperation Council for the Arab States of the Gulf (GCC) have the right to directly acquire real estate in Dubai in full ownership (“freehold”) in specially stipulated territories, in the so-called freehold areas. The list of such zones is established by the Decree of the Ruler of Dubai No. 3 of 2006. These include almost the entire territory of such popular areas as The Palm Jumeirah, Emirates Living, Jumeirah Lakes Towers, Downtown and others.
Rights to immovable property are registered in a special register of the DLD, and the owners are issued a corresponding certificate of registration (the so-called “Title Deed”).
Registration of real estate transactions is carried out at the time of the buyer’s and seller’s appeal, and immediately the buyer receives a registration certificate certifying his ownership of the acquired property. Such an order of “instant” registration simplifies the procedure for buying and selling real estate as much as possible and minimizes possible risks, both on the part of the seller and the buyer.
Minus #1: Visa regime
The downside of the high level of security in the UAE is the stringent selection criteria for obtaining resident visas to live in the country. According to the federal legislation of the United Arab Emirates, the owners of housing with a value of more than AED 1 million (approximately USD 274,000) are eligible for a visa. If the value of real estate is less, then it is impossible to obtain a visa on the basis of owning real estate in the Emirates. In this case, for permanent residence in the country, you can:
- register your company (from USD 5,500),
- get a job in any of the local companies,
- enroll in a local educational institution
- or get a family visa from a close relative who already has resident status.
Minus #2: Cultural features
Dubai is a modern cosmopolitan metropolis where people of different nationalities, cultures and religions live hand in hand. It is the most loyal of the seven emirates of the federation in relation to foreigners, and the local population here is less than 10% of the inhabitants. However, the UAE is officially a Muslim country with its own laws, customs and traditions, which leaves a certain imprint on the daily life of the population.
There are quite strict rules of conduct here, especially in public places. And although, according to many expatriates, the existing restrictions practically do not affect their way of life, the presence of cultural differences and peculiarities cannot be discounted.
Real estate agency in Dubai
Do you want to buy property in Dubai? Contact the specialists of the Ax Capital real estate agency, and their specialists will definitely select the best properties for you. They cooperate with leading developers, due to which they will be able to select the most suitable offers.