Written by Dr. Hassan Elhais Dubai has long been a popular location for investors, especially expatriates. According to property lawyers in Dubai the dynamics and life style of Dubai, coupled with business opportunities stemming from its superior geographical position has now made it a global choice for investors to purchase real estate in Dubai.
However, property advocates advise that an in-depth study be conducted prior to entering into any real estate transactions in UAE. Some developers are still selling leasehold titles. Such leasehold titles will only be valid for the period which is stipulated in the title deed issued by the Dubai Land Department. This becomes even more valid because property prices in the emirate have been on the increase since the global financial crisis. Many expats consider Dubai as an international property hotspot. However some property lawyers in Dubai fear that the consequent surge in price may lead to a property bubble. While there is no signs of alarm yet, and although demand is still exceeding supply and will not slowdown in the near future there is a lot of supply coming on the market as the Expo 202 comes closer. The primary advantage of owning real estate in Dubai is that taxes in the emirate are almost non-existent. There is no capital or withholding taxes unlike many other western countries. In addition, Dubai does not charge Capital Gains Tax nor does it levy tax on income derived from letting property within the emirate.
Whether buying off-plan or resale properties, it is important for buyers to ask plenty of questions to determine the reputation of either the developer or the real estate agent. If buying from a developer, you will want to look at the developer’s reputation particularly with respect to quality as well as being able to deliver on time.
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