Buy Property in Dubai Because:
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- Long-term residents should be considering buying to replace rental payments. Even if your home is worth a fraction of what you paid for it after 10 years, this would still be a huge improvement on the negative return of renting.
There is a big change in the city's geography underway. What is the fringe of Dubai today, the Dubai Marina, will be uptown Dubai of tomorrow. Thus property values will follow this curve upwards, as people relocate to the new uptown.
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Demand for freehold property in Dubai is much higher than most people can comprehend. Certainly an economy growing at 10% plus a year has a dynamic of its own that reflects a huge demand for accommodation.
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- Comparatively property is cheap. Dubai villas cost around $1,000 per square metre. London , at the other end of sells apartments in London Docklands at $5,000 per square metre
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- Any property market is going to have its ups and downs, and Dubai will be no different. All the same, Dubai has a habit of frustrating those who wait for bargains.
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- Dubai is in the process of creating an international property market from scratch. As a result buyers are being be given an exceptionally good deal to encourage them to be pioneers
Dubai is a city where a lot of people earn high tax-free salaries and are in a position to support higher house prices. This is a city with a 20-year track record of strong economic growth and will continue to attract foreign and regional inward investment.
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Overseas Investors -
Overseas investors can buy property freehold on specific developments as well as on a 99 year leasehold basis.
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Mortgage Facilities available -
There are literally thousands of mortgage options. In the United Arab Emirates , however, the choice of lenders is not as widespread and the options not as attractive as those found internationally. At present, typically you can borrow at 6.5% in Dirhams for the various property developments that are regularly advertised in the local press. Finance can be arranged through overseas lenders if you have assets overseas too. A number of property investors with assets overseas have taken advantage of favourable international interest rates.Need to get Insurance? - Most lenders will require some form of protection for the loan. Banks on the whole do not like repossessing property and would prefer the loan to be repaid from an insurance policy should a serious event occur. Seeking the right insurance is key since it comes in many forms. Get the right advice to determine which one is right for you.
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