Should You Consider Buying A Second Home In Dubai?
Should You Consider Buying A Second Home In Dubai?
Introduction:
For Indians hoping to put resources into land in Dubai, the attractions incorporate high rental yields of up to 7 percent, possible capital appreciation, and the chance to claim a property in a worldwide city.
Wealth-off Indians have had an interest in purchasing second homes in Dubai generally by virtue of its expense accommodating regulations and the accessibility of prompt residency status through land speculations, as likewise a worldwide way of life and the way that it is a short flight away from Indian shores.
Indians find Dubai’s housing market alluring because of elements like rental yields, expected capital appreciation, and the potential chance to claim properties in a worldwide city. The city offers a typical rental yield of 7%. Bollywood entertainer Sanjay Dutt is among the people who got the Golden Visa a couple of years back.
Why is Dubai a favorite among high-net-worth Indians?
Dubai has no personal income tax, capital gains tax, or wealth tax, making it an appealing option for individuals seeking to maximise their financial gains and optimise their tax liability.
The city offers a wide range of residential and commercial properties, from luxury apartments to high-end villas and office spaces. Indians find Dubai’s real estate market attractive due to factors such as rental yields, potential capital appreciation, and the opportunity to own properties in a global city
How much does an investor need to invest in real estate?
Property investment:
To acquire a permanent residency visa in Dubai through real estate investment, the minimum property value required is AED 2 million (approximately $472,000). This investment should be in a ready property and not off-plan.
Long-term visa:
The property investment allows investors to apply for a long-term residence visa, which is valid for five or 10 years, depending on the property value and other criteria.
Real estate options available for investment in Dubai:
In the real estate space, there are several investment options available in Dubai. These include apartments/flats, villas, townhouses, off-plan properties, hotel apartments, commercial properties, serviced apartments, and mixed-use developments.
Locations and their average prices in Dubai:
Real estate consultants active in Dubai say that the popular real estate destinations include Jumeriah, where the average rate of the projects is around DH 2,367 per sq ft; Downtown Dubai (DH 2,344 per sq ft); Palm Jumeriah (DH Rs 2,281 per sq ft); Dubai Hills Estate (DH 1,847 per sq ft); The Old Town (DH 1,836 per sq ft); Mohammed Bin Rashid City (DH 1,785 per sq ft); DIFC (DH 1,776 per sq ft); Business Bay (DH 1,672 per sq ft), and Dubai Marina (DH 1,547 per sq ft).
Downtown Dubai:
Known for iconic landmarks such as the Burj Khalifa and Dubai Mall, Downtown Dubai is a highly sought-after area. It offers a mix of residential and commercial properties, luxury apartments, and proximity to key attractions.
Dubai Marina:
This waterfront community is known for its stunning high-rise buildings and marina views. It offers a vibrant lifestyle with an array of dining, entertainment, and recreational options.
Palm Jumeirah:
An iconic man-made island shaped like a palm tree, Palm Jumeirah features luxury villas, townhouses, and apartments. It offers exclusive beachfront living and a range of high-end amenities.
Jumeirah Beach Residence (JBR):
Located along the beachfront, JBR is a popular destination with a vibrant atmosphere, a waterfront promenade, and a mix of residential and commercial properties, including apartments and penthouses.
Business Bay:
Positioned as Dubai’s business hub, Business Bay offers a mix of commercial and residential properties, including office spaces, luxury apartments, and waterfront living. It benefits from its central location and proximity to major business and leisure destinations.
Arabian Ranches:
This villa community offers a serene and family-friendly environment with spacious properties, landscaped parks, and recreational facilities. It is known for its green spaces and golf courses.
Jumeirah Lakes Towers (JLT):
This villa community offers a serene and family-friendly environment with spacious properties, landscaped parks, and recreational facilities. It is known for its green spaces and golf courses.
Dubai Sports City:
As the name suggests, this development caters to sports enthusiasts with its sports academies, stadiums, and golf courses. It offers a mix of apartments, townhouses, and villas.
Dubai Silicon Oasis:
Designed as a technology park, Dubai Silicon Oasis features residential and commercial properties, attracting investors interested in the technology and innovation sectors.
Dubai Hills Estate:
This master-planned community offers luxury villas, townhouses, and apartments surrounding an 18-hole golf course. It provides a green and family-friendly environment with numerous amenities.
Things to keep in mind while buying property in Dubai
The first step to consider when wanting to purchase a property in Dubai is to understand and identify the end objective as purely investment or self-use. This helps maintain focus when selecting the most suitable option. Before concluding the purchase, it is essential to conduct thorough market research and use an established and competent agency to assist with the purchase, said Akash Puri, Director, International Business, India Sotheby’s International Realty.
The next step, after finalising the property, is to negotiate a comfortable payment plan and ensure the property purchase is within the liberalised remittance scheme limits of $250,000 per person per financial year. This way, a family of four can transfer up to $1 million per financial year. In addition, it is important to keep a margin to pay the 4 percent Dubai Land Department transfer fees. Also, following the latest Budget recommendations, investors should keep aside the 20 percent tax collected at source on funds sent overseas under the Liberalised Remittance Scheme from July onwards, he added.
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