Daniel Marshel

Dubai is well-known for the development in the sector of real estate in UAE. The ground-breaking technologies and concepts applied for the development of the city is remarkable. Therefore Investment in Dubai real estate is believed to be safer and most profitable way to double your money even at this moment of economic  problems hovering all over the world.

Reason behind the expansion in Dubai property sector is the changes in laws and provision of flexibility for foreign investors provided by the government, which permits foreigners to buy, rent and sell properties in Dubai. Many real estate development organizations are offering resident visa for those who buy real estate from them. Several multinational organizations are currently establishing their offices in Dubai, which made Dubai a first-rate work market for professionals and skilled workers around the globe. More professionals are fascinated towards Dubai for the reason that the city provides attractive high salary. This phenomenon has created enormous demand for accommodation and office spaces. Especially Dubai apartments are very famous among the young and lively professionals and villas in Dubai are the hot choice of relatively affluent class.  Laws in Dubai related to property are very understandable and formalities are minimum as compared to other countries.

With the continuous and rapid surge in Dubai’s population, a substantial proportion of which consists of expats and temporary residents living in Dubai for employment reasons, the question of buying or renting a residential property in Dubai is the talk of the day. Both the potential tenants and home buyers may be troubled by the question. But still reports on Dubai real estate say that the changing picture of global financial markets shouldn’t deter the locals from buying Dubai property if their plan is to stay there over the couple of years. As for those who plan to stay in Dubai for more than five years, buying a property can prove to be the wisest decision they ever made given the prices of Dubai property climbing higher and higher with each passing year.
Dubai has also emerged as shopper’s ecstasy due to its open port policy with little import duties and superb logistic facilities. Dubai has a world class facility for conferences and exhibitions; it hosts many international conferences and exhibitions. The Real estate sector in Dubai is experiencing immense activity in the form of investments from public and private organizations which include worlds, largest amusement park, tallest building and largest man made islands etc. Dubai real estate sector is expanding day-by-day to the ground breaking levels by introducing more modern and ground breaking projects.

Property investment in UAE, especially Dubai, is sure to yield heavy returns for the investors. Seeing the current property trend, in which limited supplies fail to fully meet the burgeoning demand, it’s easy to deduce that the time is ripe for the foreigners to invest in the UAE. If you choose to buy a freehold property in Dubai, you’ll enjoy many advantages as a foreign investor. You’ll have the power to sell or rent your property as per your desire. Due to a huge influx of expatriate and temporary residents in Dubai, the demand for short-term rentals is continually shooting higher offering yields around ten percent. The good news for the lenders is that no taxes on income, including that acquired from renting property, are levied in Dubai.

Dubai property is the hottest thing on the international property market at the moment. In just over 30 years, Dubai has transformed itself from a small fishing village and port into a sprawling and bustling cosmopolitan city. This transformation can be attributed to the mega ready now and off-plan real estate property developments and projects in the Dubai property market. According to recent estimates, billions of dollars have been pumped into projects currently under construction in Dubai property, with even more investment used for projects in the development stages.

The Dubai property market attracted worldwide attention in May 2002, when the Government of Dubai issued a law legalizing foreign ownership of Dubai properties in select areas in the city. The Burj Dubai expected to be the tallest building in the world, The Palm, and The World islands are only some of the iconic developments in Dubai Property. This site will help you learn more about the Emirate of Dubai and its stunning property developments.

Dubai property is deemed as an excellent investment opportunity given the current strength of its property market. Whether buying property as an investment, a holiday home, or a second home, Dubai property is the right choice to make. With an ever increasing population and a growing GDP, thousands of residents fly in each month to make Dubai their home.

Whether you want to buy, sell, or lease a Dubai property, you are almost guaranteed a return on your investment. When in the market for Dubai property, buyers are spoilt for choice. There is a wide variety of property types available, from city apartments in soaring skyscrapers, luxurious Dubai villas in the suburbs, or even beach side homes. This way, Dubai property truly caters to every individual’s lifestyle preferences.

Acumen finally seems to have entered the minds of UAE’s Federal Government officials who recently have started to consider the issuance of freehold property visas. This news was revealed of late by a top Dubai government official who said that introduction of residence visas on foreign property ownership in various emirates of the UAE was under serious consideration. The DG of Dubai Government’s Finance Department added that the proposal regarding issue of property-linked visas, which was put forward by the Advisory Council of Dubai Government, was under a review.

It should be kept in mind that some emirates, acting of their own accord, had already amended their foreign property ownership laws and developed their own freehold visa arrangements. The purpose of the proposed freehold property visas at the federal level is to streamline the process and set a unified guideline for the entire UAE. The Federal Government officials hope that the new law will be introduced soon but no time line for the regulation’s introduction has yet been announced.

Issuance of residence visas on the purchase of freehold property was earlier in place when big developers like Nakheel and Emaar helped foreign property buyers to get three-year renewable residence visas. But all of a sudden, the developers stopped facilitating the buyers in this regard which brought the issue of freehold visa into focus.

UAE property experts see the proposal as a wise step that could restore buyers’ confidence in this time of crisis and add lure to foreign property investment in the region that presently shows an investment meltdown. Since 2002, major developers in Dubai have successfully used the issuance of residence visas on the purchase of freehold property to attract foreign investment in the emirate’s real estate sector.

Dubai’s residential property has always appealed the investor and the common buyer alike. In all the emirates of UAE, especially Dubai, several new residential developents are underway or nearing their completion. Homes in Dubai have never lost their demand and the number of those looking to buy a house in Dubai is continuously on a sharp rise.

Hundreds of real estate agents have mushroomed throughout the emirate that offer a wide variety of Dubai homes for sale and urge the buyer to buy property in Dubai with confidence. Villas retain their unique appeal and investors love to buy villas in Dubai. Property owners can also get the best use of their property if they choose to sell property in Dubai or rent it out. If you own a property such as Dubai beach property or Dubai condos, you can get high returns through short term rental. For all other types of residential property, you can get handsome returns through long term rental in Dubai.

If enforced, the new law pertaining to the issuance of freehold property visas will surely add to the attraction of property investment in Dubai and other emirates of the UAE which under present circumstances appears to be lackluster.

About The Author:

Daniel Marshall is a senior real estate consultant associated with Better Homes, a leading real estate firm in Dubai, UAE. His firm Better Homes offers online Dubai property listings, Apartments in Dubai and in general every aspect of Dubai accommodation.

Many recent surveys by local and international bodies ascertain that despite the recent global financial crisis, tourism in Dubai has not been affected and the emirate continues to attract tourists and holidaymakers of the world in its traditional fashion. Their fervour can only be seen intensifying with Dubai flaunting more and more tourist attractions. The results of these surveys show staggering growth in Dubai’s tourism – the year 2007 saw 13 per cent more visitors to Dubai than 2006, while for this year the experts predict a 10 per cent increase in the number of foreign nationals visiting the Middle East.

As Dubai remains a major tourist hotspot, short-term property rental here is one of the most thriving businesses. There has long been no slowdown in Dubai’s holiday and short-term rental property and prices and demand have only climbed with each passing year. Be it holiday apartments, villas, beach and holiday resorts, rental rates of all have increased manifold over the past few years. Even the rates of other short term rental property such as, self catering apartments and serviced hotel apartments, have not escaped the uncontrollable price hike.

This continuous upward trend in Dubai’s tourism industry and in turn in its short term property rental sector may have boggled the visitors and cost heavily on their funds, but has definitely been lucrative for the investors. High rental yields, excellent capital appreciation, and the ability to use the property as second home are some of the factors that make investors put their money fearlessly into short-term rental properties.

Besides tourists and holidaymakers, many other people visit the city for reasons ranging from business to employment and others. This segment of Dubai’s transient population is also a major contributor to the growth of the city’s real estate sector that deals with short stays. The way Dubai has laid its doors open wide to the job searchers and travellers from across the globe, investment in its short-term rental property can prove to be the most lucrative of all known property investments.

About The Author:
Daniel Marshall is a senior real estate consultant associated with Better Homes, a leading real estate firm in Dubai, UAE. He has more than 25 years of hands on experience of working in Dubai property market and is well aware of the latest trends in real estate for sale in Dubai, UAE. His firm Better Homes offers online Dubai property listings, Dubai furnished apartments and Dubai serviced apartments.

As economic conditions tighten, people get desperate. Unfortunately, desperation can keep good people from exercising caution and, even worse, can turn already bad people into criminal fraudsters. While Dubai is generally a safe and secure city, people should always practice due diligence when it comes to serious transactions, such as buying or leasing real estate.

Better Homes has been made aware of a number of scams specifically involved fake leasing agreements. Fortunately, there is an easy way to protect yourself from falling victim. Below is a recent story reported by Better Homes Property Management division:

“A member of our Leasing Team was negotiating with a lady interested in multiple units at a building we were managing in Barsha. This building is exclusively leased by us at Better Homes- nobody else can lease out the units. The lady claimed that another leasing company was offering multiple units in this building at a much lower rate than Better Homes was charging. She showed us the ad online.

We called this other company, posing as an interested client, to see what was going on. The man who picked up the phone stated that he was able to offer the units at such a low rate because his client had reserved two floors a while ago but, due to economic conditions, no longer had employees to set up in the units.

After hearing the man’s story, our Leasing Consultant identified herself as a Better Homes agent and the man started to panic. We knew that the story was fraudulent because we’re the exclusive agency for the entire building and two floors had never been rented to anyone. After warning the man that he better stop such fraud he made up excuses such as we dialed the wrong number, he was talking about a different building, etc.

A couple days later, we followed up and called him again posing as a different interested client. Again, the man made up the same story. When we asked to see the original Tenancy Contract, the man said he would obtain it and then never called back. Basically, the man was scamming people into giving him security deposits and agency fees. A victim may unknowingly pay this money only to be told upon moving into the building that nobody has any idea why they’ve arrived.”

Janine Crisp, Head of Property Management, explains, “All it takes to avoid these scams is to ask for a copy of the original sales agreement and title deed. Most clients don’t know this and they are vulnerable to fraud.”

There are three morals to the story:

* Always make sure to check the original title deed and tenancy contract. Feel free to contact RERA to double check anything.

* Always work with a reputable sales or leasing agency, and make sure agents are who they say they are. In some cases fraudsters pretend to work for reputable agencies, so if you’re concerned just call the company and confirm the employment… get the agent’s mobile number from the company and then call that number.

* If a deal sounds too good to be true, it probably is. If you’ve really found a bargain out there, a double check on the credentials won’t derail it, and may save you from significant financial trouble.

News Source: Better Homes News

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