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Many doctors asked why to invest in Dubai property for long-term stable investment . Relocating to work in Dubai. The UAE offers many benefits for doctors and other healthcare professionals. A tax-free salary allows you to save more for the future.
Dubai is a very international and safe city, offering a good quality of life.The booming real estate market in Dubai also offers opportunities to invest in property.
Can expats buy property in the UAE?
Yes.Foreigners can buy property in the UAE. Dubai has about 50 Freehold Zones where expats can buy properties with land rights. In other areas, only locals can own land, but expats can purchase properties with leaseholds for 50-99 years.
How is the Dubai Real Estate Market in 2023?
The population and economy in Dubai are steadily growing, and people are attracted to come to live and work here. The introduction of the golden visa has also attracted a lot of wealthy investors. Based on data from the Dubai Center for Statistics, Dubai’s population, currently around 3.55 million, is expected to reach 6.2 million by 2040.
Dubai, post-COVID recovery, solidifies its safe haven status for investors amid global economic uncertainty. UAE Dirham, pegged to the US dollar, remains a globally stable currency.
Dubai’s strategic location, excellent infrastructure, low crime rate, and perpetual sunshine make it a top destination for tourism, hospitality, and real estate investment.The real estate market in dubai is well-regulated and it has been acknowledged as the most transparent among countries in the Middle East and North Africa region.
These factors have led to exponential growth in the real estate sector. Between Q3 2021 and Q3 2022, residential property prices increased by 12% and rents by 19% on average.
Leading experts’ real estate market forecasts agree that property prices in Dubai will continue to rise. According to Knight Frank Consultancy, Dubai’s Prime residential market will lead the world in growth in 2023.
What are the benefits of buying property in Dubai?
The real estate market in Dubai offers a lot of benefits, with competitive property prices and massive potential for return of investment.
In the UAE, there are no annual property taxes and no taxes on rental income. Property owners do have to pay a monthly “housing fee” or municipality tax, and a 4% fee on property sales (usually divided equally between the buyer and seller).
Many expats buy a property to live in, not only saving on rental costs but providing an investment for the future.
Buying a property to rent out can offer superior returns on investment compared to popular cities such as London or New York. Gross rental yields are currently between 6-10% with an average return of 7.5%.
By investing in an off-plan property, buyers may be able to gain from lower prices and flexible payment plans.
Property ownership can assist expats in qualifying for the UAE retirement visa, introduced in 2018, facilitating their stay in the country beyond retirement age.
Investing in property can yield higher returns than conventional pension plans, serving as a valuable savings option for the future.
