Are you dreaming to move to one of the most respected megacities in the world?
Dubai is a place of attraction for millions of tourists, buyers, and capital providers, as well as one of the most prestigious megacities to live in.
The source https://www.axcapital.ae/will tell about the peculiarities of movement to Dubai for a foreigner, the opportunities that the Emirate offers, and buying of flats for sale in Downtown Dubai.
Dubai’s Prospects For Foreigners
Many people who are going to move to Dubai or have already changed their habitation, most often assign the reasons for their decision as follows:
- Favorable economic climate;
- No income taxes for individuals;
- Freehold areas;
- There are free-trade zones for investors ;
- Prospects for obtaining a residence visa;
- Low mortgage rates for foreigners – from 2.5%;
- The potential of passive revenue from the property;
- Variety of primary, secondary, and off-plan construction sites;
- Personal and financial security.
The Specific Character Of Buying The Arab Property:
1. Any foreigner can buy
Now any foreigner can buy property in Dubai in specially designated freehold areas. Previously, foreigners were not entitled to and could dwell in rental housing.
2. Security of transactions
The security of transactions is one of the most important things, according to capital providers in Dubai. The state exercises strict control over both developers and realtors and also monitors the compliance of the property purchase and sale.
Only certified agencies and companies that have passed state accreditation and received the appropriate license have the right to be on the market.
3. Passive income
The profitability may vary depending on the district and type of property. Analytical service Property Monitor provides the data on the profitability of investment in property of Dubai’s parts in great request for October 2021.
|District/housing complex||Property variant||Profitability in October|
|Dubai Hills Estate||Apartments||5.13%|
|Dubai Investments Park||Apartments||7.76%|
|Dubai Silicon Oasis||Apartments||7.12%|
|Dubai Sports City||Apartments||7.61%|
|Jumeirah Lakes Towers||Apartments||6.51%|
4. Legal protection
Since the UAE government is interested in attracting fresh investment from abroad and growth of its weight at the international level, it regulates any transactions related to any processes in the field of sale and purchase.
All transactions are similar to registration in the special Ejari system. It will be impossible without this to resolve possible conflicts and defend your interests in controversial situations. In addition, the buyer will not be able to apply to the courts.
5. Demand for real property rental
Dubai is a popular tourist and economic destination. Millions of tourists and capital providers come here every year for their own purposes. Many of them rent apartments and villas, thereby meeting the demand and prices for real property in the parts of the megacity.
According to the analytical source Property Monitor, in the period from October 1 to October 31, the following changes in the selling price of housing were observed in the parts of the megacity.
|District||Housing price movement||Effective price per sq. meter|
|Palm Jumeirah||4,91%||2 743 AED|
|Mohammed Bin Rashid City||0,98%||1 728 AED|
|Dubai Hills Estate||2,41%||1 265 AED|
|Jumeirah Islands||3,78%||1 250 AED|
|Arabian Ranches||2,24%||1 100 AED|
|DAMAC Hills||1,55%||1 014 AED|
|The Villa||4,9%||877 AED|
|Jumeirah Park||3,65%||974 AED|
What Is Necessary To Movement To Dubai On Your Own Or With Your Family?
Foreigners planning to move to Dubai need to take care of obtaining a long-term visa. Any of the following options will serve for this:
- Employment in any UAE company;
- Property purchase;
- Opening of your company in Dubai;
Let’s dwell on them in more detail.
1.1. The employment visa (Entry Permit) is issued by the host party, that is by the employer of a foreign citizen in own staffing list.
2.2. Investor visas can be issued to buyers of property or capital providers in government assets. The minimum investment to obtain a resident visa for 3 years from September 2021 is 750,000 AED.
3.3.The resident visa is possible to get for opening your own company in the UAE in any of the seven emirates. An important detail: the company must work and receive real profits.
4.4. High school graduates and students with excellent academic performance can obtain a resident visa and stay in Dubai for the entire period of study. Important conditions: fluency in English, passing of exams and tests IELTS and TOEFL.
Visa Admission Process:
Visa processing can be done on your own or you can entrust it to specialized visa centers. To obtain a visa, the applicant has to collect and submit for consideration the package of papers as follows:
- Copy of your international passport;
- Dubai property deed;
- Photos 3.5×4.5 – 6 pieces;
- Bank statement;
- Income verification letter;
- Health insurance;
- Statement on utility bills payment;
- Visa application form.
These papers should be sent to the Dubai Land Department (DLD). After receiving a letter of recommendation from DLD, you need to contact the police and get a certificate of no criminal record.
Then the applicant needs to send an application to the Department of Economic Development (Dubai) with a desire to obtain a license. With a license in hand, a citizen writes to the General Directorate of Residency and files a request for a residence visa.
Residence Visa For Family Members
A foreign citizen who has filed a request for a residence visa can apply for it for the closest members of his family: wife/husband and dependent children. You can apply online at the official website of the Federal Authority for Identity and Citizenship – Federal Agency for Identity and Citizenship.
Or contact the General Directorate of Residency and Foreigners Affairs – online or offline.
To do this, you have to collect the list of documents as follows:
- Certificates confirming relationship;
- Solvency certificate
- A property deed or rental agreement is a paper confirming the presence of either an apartment in Dubai or another place where you and your family will live.
Each document must be notarized.
Important: the husband’s income must be from 4,000 AED ($ 1,089). If the breadwinner’s wife ate – her income should be higher – from 10,000 AED ($ 2,720). Conditions may vary depending on the country you are a citizen of.
Purchase Of Property In Dubai
Start a new life in the country of your dreams with Ax Capital! To find real property for investment and living in Dubai, contact the company’s specialists. They will provide detailed advice on issues of interest, render assistance for you to arrange a safe transaction, and provide all-around backup service after the purchase of property in Dubai.
The specialists have extensive experience and expertise in the Dubai property field. With their help, you will save the time spent in searching for the optimal property and will be sure that the selected property is of proper quality, is not in arrears, and has great investment potential.