Who and Why shall buy real estate in Dubai in 2019? Dubai Property Expert
Who and Why shall buy real estate in Dubai in 2019?
When we talk about Real Estate in Dubai in 2019 we cannot neglect the Dubai House Price Index and the most reputable and influential analysts’ forecasts stating that the property prices have fallen by 25-33% from 2014 and that Developer’s Margins have decreased from 47% to 25%
However this price drop is encouraging a large amount of Buyers to look into the property market in Dubai now, for the following reasons:
1. If you are an end user, you are certainly looking for the best property price and you can get one now, with sellers being more flexible and Developers being very generous in their offers.
As end user, you are entering a long term commitment: one being eligible for a mortgage tenure of maximum 25 years, or up to 65 years old by Central Bank, thus, it’s not mandatory for you to do bottom fishing.
The market is cyclic and if you buy a house to live in, you are not going to sell it neither when market goes up, nor when it goes down.
What your gain is, on the other hand, is that you stop renting and start using that home allowance towards your own property.
So if you make your math, it’s a great time to start saving on rentals now and to get a great deal whether in secondary market or in primary market with projects close to handover.
2. If you are an investor, it’s no longer the time of short gains with a fast capital appreciation
You got to be patient and look into the future.
However you can pick well priced deal from those willing to sell fast and you can certainly get bargains from Developers in form of Dubai Land Department Fee Waivers(full or partial), expended post handover payment plans ( that gives you a high ROI in the first few years after handover, due to lower cash input), service charges waivers 3-5 years, which is also a great push on the ROI and even free property management post handover.
Besides, the Developers are now focusing on promoting mainly smaller apartments and townhouses, which is the right investment choice. Small is easy to rent and sell.
3. If you are a non resident in Dubai and you want to start your business here, you are now eligible to 100% discount on company formation and 3 years free of cost visa and subsequent 42% discount on trade license renewal, on selected projects from leading Developers, by only paying 20% of the property cost and the rest being paid in installments, with a post handover payment plan.
Previously, if you considered to link your residence visa to property, being called Investor Visa, you had to own a ready property value above 1 million AED, either fully paid or if mortgaged, to be 50% of the property value only.
In order to Obtain the residence visa via this method the Investor had to apply the documents at Dubai Land Department and pay the relevant fees and after getting the approvals apply the documents at Immigration and pay the remaining fees again
The visa would be issued for 2 years.
The owners of off-plan properties were not at all eligible to residence visa linked to their properties.
And as Dubai is still being the Tax heaven, apart from the VAT introduced in 2018, the company formation and residence visa issuance related to property purchase is a very convenient measure for many nationalities willing to operate their businesses in UAE
As you can see, there is an array of positive changes is the terms and conditions related to Dubai Real Estate Market that is beneficial for many segments of Buyers.
And what is your take on Dubai Real Estate market in 2019?
Are you looking to Buy or Sell a Property in Dubai?
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