Dubai, the city of skyscrapers, which is the second-largest emirate of the UAE, is an incredible place to live. It has been a dream for many Indians to buy a flat in Dubai. It offers a great number of advantages, like first-class healthcare facilities, incredible education, and a luxurious and exceptional lifestyle, to property buyers across the world. The perfect combination of technological innovation, tradition, flourishing economy, and strategic location makes Dubai a perfect place to buy a property in the UAE.
The process of buying and registering a property in Dubai is easier as compared to India. However, it can be a difficult task if you’re not familiar with the real estate market and legal procedure to buy a flat in Dubai. Therefore, we’ll provide you insights about how to purchase a flat in Dubai in this post. Thus, we’ll give answers to questions like how to look for a property for sale in Dubai, are foreigners provided with 100% ownership rights, etc.
Can An Indian Buy A Property in Dubai?
In Dubai, 100% ownership of specific areas is provided to foreigners. These specific zones are called freehold zones. The Dubai Land Department (DLD) annually updates the freehold properties for foreign investors. They acquire all the rights related to investing, selling, renting, and residing on this property up to a long period of 99 years. Therefore, it is possible for Indian citizens to legally buy a flat in Dubai.
Reasons Why Indians Must Buy A Property in Dubai?
- Located in close proximity of India:
Dubai, which is part of the United Arab Emirates, is located in the west of India. It is located at an approximate distance of 2200 km from India. The flight from Indira Gandhi International Airport, which is the largest and most advanced airport in the country, approximately takes four hours to reach Dubai.
- Tax Benefits:
Dubai’s tax-free environment is a major benefit provided to foreign investors who wish to buy property here. The UAE’s government doesn’t impose taxes like income or capital gains tax and property tax on property owners. These benefits help them seek maximum profit from their investment.
- Economic Stability:
The economic fluctuations and lack of incentive benefits, particularly in real estate in India, have resulted in economic instability. Due to this reason, real estate investors are looking for better options from which they can receive high returns on their investment. The shift in reliance of Dubai’s economy from oil-dependent systems to international businesses and tourism has resulted in economic stability of the city. The policies related to property purchases are another reason for consistent economic growth.
How Can You Buy A Flat in Dubai From India?
- Figure out your reasons for property purchase:
Before making an investment, one must figure out the reason behind the property purchase. If you’re looking for a flat to buy for yourself or for commercial use, according to your choice, you can make an investment on a residential or commercial property, respectively. If you’re looking for a property for renting, then you must buy a 1BHK or a 2BHK flat/apartment instead of a villa in the area with the highest rental yield. If you’re looking for a property for sale in Dubai for residential preference, then you must do your search in areas with good locality.
- Understand the type of property you want to buy:
Foreign investors mainly buy apartments, villas, and townhouses located in secure localities with modern amenities like gyms, swimming pools, etc. Also, before investing, you must ensure that the locality you’re looking for a property in is a freehold zone. The government of the UAE has listed some areas, namely International City, Emaar Towers, Al Hamra Village, and Jumeirah Gardens, where Indians can purchase a flat easily and legally.
- Hire a competent lawyer or accomplished legal agency:
Connecting with a competent lawyer and accomplished legal agency is most significant while looking for a property for sale in Dubai. You must get consultation from multiple real estate agencies, as the real estate market of the city is highly competitive. Before choosing them, you must verify their credentials and know about the experience they had in the real estate market.
- Understand the benefits due to diligence:
Whether you’re looking for a property for sale in Off Plan in Dubai or not, you must never hesitate to ask any kind of query to your real estate lawyer or agent. You must ask questions related to the facilities available and the investment plan and do research on your own to escape from any kind of fraud. You must check if your broker or agent is registered with DLD or not.
- Understanding the procedure of property purchase:
Now you know that you can buy a flat in Dubai from a broker, a real estate agent, or a developer. You can ask them to look for a property for sale in Off Plan. For buying an off-plan property, you need to submit your passport and pay the reservation fee, which is drafted for sales and purchase agreements. The reservation fee ranging between 5 and 15% must be paid. Also, make sure the completion date is mentioned in the agreement if you’re buying a property that is under construction.
- Documents required to buy a flat in Dubai:
Presently, buying a flat in Dubai has become a lot easier compared to earlier. A property visa called the “Property Holders Visa” is provided to the foreign buyers. It allows them to stay in the country for six months and fulfill all the required documentation for property purchases in Dubai. And you already know that you need to submit your passport as an identity proof for this process.
Conclusion:
Dubai is a great place to live as well as for real estate investments for Indian buyers. You must visit the city and do a physical survey on the property before purchasing it. The consistent economic growth, huge tax benefits, and high returns on rented properties are the major advantages this city can offer you. I hope this article helped you with your research for a property for sale in Dubai.