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Why Invest?Dubai is the world's most thrilling property investment market. Nothing in Dubai is understated. Prices are economical by comparison to other similar trading hubs around the world, and are gone up by more than 20% in the past two years. There is possibility for a significant further increase, and certain properties have doubled in value already.
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Market ReportOur forecast is that in the short and medium term Dubai property is an excellent choice for investors. With investors being able to expect 15-20% growth in the next year. This trend is expected to continue in the short term. In the medium term growth in prices will possibly fall to the 10-15% mark year on year by about 2010.
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Economic OverviewUnited Arab Emirates is now the richest country in the Muslim world. Though Current GDP per capita contracted by 42% in the eighties, successful diversification helped register positive growth of 48% in the nineties.
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Visa/Residency IssuesAnyone in possession of a valid British passport can stay in Dubai for up to 30 days without needing a visa. This can often be extended up to 90 days on request. Owning a property entitles you to become a Dubai resident, if you wish, but this is by no means compulsory.
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Getting to Dubai
Flying to Dubai is easier than ever, thanks to a wide selection of airlines such as BA, Saudia Arabian Airlines and Emirates serving the airport. Direct flights from the UK take around seven hours.
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Fees & Taxes
- For new-builds, expect land registration fees of around 2% of the purchase price and a year's up-front maintenance charges on the property.
- If u decide to apply for residency, allow around 1,500 (this will cover three years).
- If buying a resale property, all the charges of a new build apply, plus a 1% to 2% transfer rate, depending on whether the property is complete.
- Allow between 2% to 5% for agents' fees.
- While a lawyer is not legally required when buying property in Dubai, it is nevertheless always recommendable.
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 Dubai
Basic Information
| Population : |
1,450,000 |
| Languages : |
Arabic, English, Hindi |
| Area : |
83 600 sq km |
| Currency : |
Dirham (AED) |
| Exchange Rate : |
£1 = 6.45 AED |
| Dialing Code : |
+971 |
| Emergency Services : |
999 |
Dubai OverviewThe United Arab Emirates (also the UAE or the Emirates) is a Middle Eastern country situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Qaiwain.
Average Property Prices
- One-bedroom apartment.... £128,000
- Two-bedroom apartment.....£192,000
- Three-bedroom villa.............£308,000
- Four-bedroom villa...............£384,000
Buying Process
Buying in Dubai is now much more exciting than it was, thanks to a government announcement early this year that, for the first time, foreigners will be allowed to own freehold property, up to now they have only been allowed to buy on a leasehold basis, and could not buy land, so this was welcome news.However, it is not yet clear when or how this law will be put into practice.
To buy a new-build-off-plan, the process is easy. The buyer reserves a unit and pays an initial deposit - usually 10%.
The remaining balance is paid in stages until the completion date. This varies depending on the developer and shuld be agreed at the start of the deal.
For resale property, once u have found a property a holding deposit is paid until funds are in place to carry out the exchange.
Bear in mind that although Dubai is tax-free, you may find out that you are required to pay taxes in the Uk .Get a professional to guide you carefully through each step to make sure u know exactly where you stand.
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