Buying property in Dubai
Dubai is not a capital of the United Arab Emirates, but it gains much more tourist traffic from all over the world. Most likely you know it’s the home to the highest building in the world – Burj Khalifa which attracts a lot of people, as well as such prominent neighborhoods like Dubai Marina or Palm Jumeirah. In Dubai, foreign ownership is permitted in areas designated as freehold. Foreigners (who don’t live in the UAE) and expatriate residents may acquire freehold ownership rights over property without restriction, usufruct rights, or leasehold rights for up to 99 years. Investing in real estate is always a certain risk, but when it comes to international property, it’s even more tough, because you’ll need to consider specific conditions of a new market. Compare to other cities, still you will find Dubai is more affordable, e.g. the average price per sq m in Dubai is $3,800 (13,957 AED), while in Paris it’s $12,600 ( 46,281AED), in London – $16,800 (61,708 AED) and in New York – $14,500 (53,259 AED).
But the United Arab Emirates (and Dubai as a part of it) is a Middle East country that seems to be very different to Europe, to Asia and to the United States.
Our goal to explain why it can be worth buying in Dubai and how you can do it.
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Emdadul Hoque, Realtor
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