During the last few decades, UAE has gained significant importance worldwide. The country is a popular destination among all sorts of people: investors, tourists, businessmen, job-seekers, and families hoping to settle and upgrade their lifestyles. Consequently, to cater for the influx of people coming in, UAE has developed its real estate magnificently to promise its residents a living standard that is on par with Paris, New York, etc. And UAE’s real estate has something for everyone; if you are hoping to move there, it is recommended to determine your budget and preferences before browsing through the properties for sale in UAE.
Although Zoom Property has more than 30,000 listings for properties for sale in UAE, the most popular emirates to buy a property in UAE are Dubai, Abu Dhabi, and Sharjah. Dubai is a global attraction for people and has abundant career opportunities for job-seekers and entrepreneurs while Abu Dhabi is the most financially stable and strong emirate of all. Sharjah is majorly popular among people working in Dubai who live in Sharjah to save money as apartments in Sharjah are relatively cheaper than in Dubai. All three of these emirates are constantly showing an increase in expat population so the demand for real estate properties continues to rise. So, if you are planning to purchase a property in UAE, you are on the right track as this decision is bound to give a healthy return.
The choices are plenty when it comes to the real estate sector of the UAE. The properties in Dubai are ideal for people who want to enjoy a vibrant lifestyle, and global exposure, and seek corporate opportunities. The apartments in Dubai have the highest demand however if your budget is not a problem and you are moving with your family, houses and villas in Dubai are the best choice! Even if you are purchasing a property in Dubai as an investor, it is a wise decision as the ROI in real estate in Dubai is 5-8%.
Abu Dhabi is the capital and attracts people who want the same living standard and amenities as Dubai but with quieter and more serene nights. Properties in Abu Dhabi give an ROI of 7-8% on average which can be increased to 10-11% if you invest in off-plan properties in Abu Dhabi and develop them smartly. As for properties in Sharjah, studios and apartments have the highest demand and you can rent your property out quickly! Ajman is another popular choice among people looking to settle in UAE. It is ideal for people who like waterfront properties, beaches, and who are looking for cheaper options than Dubai and Abu Dhabi.
All in all, buying a property in UAE is nothing short of an advantage. Whether you plan to settle or purchase to sell it on profit, it is a wise decision as the country’s major chunk of the population consists of expats which continues to grow. Moreover, the development of iconic landmarks and jaw-dropping real estate architectures continue to increase the real estate value of the region.
No, the government does not impose any tax on properties in UAE. However, at the time of purchasing a property in UAE, you pay a transfer fee which is, in most cases, 4% of the amount.
According to the UAE investor visa program, if you purchase a property in UAE worth more than a million AED, you become eligible to apply for a UAE visa.
To purchase a property in UAE, a valid passport and a residence visa are required. However, if you are a foreigner, a no-objection certificate from the Dubai Land Department is also needed.
Yes, foreigners are allowed to buy properties in the freehold regions of the UAE. Freehold regions are dedicated areas where the government allows expats to invest in real estate.
Yes, many banks in UAE offer mortgages to buyers. However, the requirements and interest rates may vary depending on the bank and the type of property so it is advised to conduct research and see if you meet the eligibility criteria.