This is a list of frequently asked questions about real estate investment in Dubai
- What is Currency Conversion? (AED to USD)
The AED is pegged to USD at 3.67 which allows your investment not to get affected by fluctuation of currency and can be very profitable as well.
- Am I Taxable?
There is no tax from the UAE government on residential property neither does it have any capital gain or inheritance tax.
- What is the Payment Mode?
Credit cards and Net banking are permissible. There are also various other means of buying the property. E.g. Cryptocurrency is acceptable.
- Will I get a Visa for my investment in Dubai Real Estate?
The law indicated the following visa for property investors:
– The property has to be a minimum value of AED 750,000 and be fully paid.
– The property needs to be ready property. The visa is linked to the property and gets canceled once the property is sold.
– The property can be jointly owned.
– The property should be a cash-paid property and not on the mortgage.
– Visa is a 3-year renewable
– The visa status reflects the investor
- Am I Eligible to Obtain a Mortgage?
Yes, you can get a mortgage on the ready property of up to 60%, depending on the documentation from your country of residence. The process is easy and simple, not very complicated, and we can provide the service with a professional mortgage consultant advising on the same.
- Can I open a Bank Account in UAE?
Yes, you can open a savings bank account with online banking facilities without the requirement of having a resident or investor visa.
- Do I have to come to Dubai to Buy / Handover / Rent the property?
No, the process of buying a property is well-managed in UAE, and government entities have made the process simple and investor-friendly. That is why buyers do not have to physically be present in Dubai to do property investment. All processes are managed and done by the developers and brokers that are authorized and registered in Dubai Land Department (the governing authority for property sale.) Similarly, once the property is ready, your broker can play a vital role in taking the handover. Once the instruction has been passed by you to the developer stating your broker to take the keys of the apartment and to lease them on your behalf by providing services to you such as managing tenant’s issues and receiving the payments on your behalf, depositing in your account, or arranging an online transfer.
- How do I trust if my transaction is safe or not?
All payments made in the primary market are paid directly to the developer’s account or seller’s account (in the case of the secondary transaction) except the brokerage is paid to the brokerage company account as committed before deal signing if any.
- How do I get assured of the timely delivery of this project?
The RERA laws are rigid and have a fine following system on each project released. The progression of the projects can be tracked from the RERA website timely. If there is any delay by the developer in a normal circumstance without justifying, then delay compensation can be raised by involving RERA authorities.
- How do I know the Developer is reputed or Registered?
All projects, developers, and brokers are registered on the DLD (Dubai Land Department) websites.
- Does the law in UAE favor the tenant over the landlord?
The law is simple and favors fairness. A rental is an annual contract and renewable yearly if the tenant does not confirm for his renewal 90 days before the next contract than the landlord can vacate the apartment on completion of one year. If the tenant informs for the next year renew and landlords want the apartment vacant then the landlord has to Top of Form
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