The United Arab Emirates is one of the fastest-growing countries, using modern advanced technologies in urban infrastructure and the construction of facilities. Thanks to this, the capital of Dubai is a multinational metropolis, where not only business investments flock but also people from all over the world go on vacation. You may consider different areas of the city for investment, all of them have their pros and cons. One of the best places to check apartments prices in Business Bay, Downtown, or Palm Jumeirah is Emirates.Estate website.
Benefits of owning a property in the UAE
By purchasing an apartment, townhouse, or villa in the United Arab Emirates, owners/tenants receive the following benefits:
- close proximity to the sea;
- high quality of life and safety;
- the real estate market in this country is quite attractive, due to which the cost per square meter is constantly growing.
The acquisition of apartments and their further renting out will bring considerable profit to the owners. After all, it is in Dubai that the yield from renting square meters is one of the highest in the world. At the same time there is no taxation concerning income.
But, before you buy property in the UAE, you should understand the peculiarities of this market, as well as learn about the intricacies of paperwork.
Features of the acquisition of a real estate
It is important to consider that Dubai is the capital of a Muslim country, where its own cultural laws and traditions apply. It is almost impossible to obtain citizenship here, regardless of the amount of investment. Although, when buying a residential or non-residential property, its owner will be issued a resident visa for up to 10 years with the possibility of further extension, which we have discussed above.
It should also be taken into account that a fairly expensive housing market in Dubai will require a certain amount to maintain the proper level of real estate, which may include not only utilities but also repairs.
Features of real estate management in the UAE
Today, when the legislation of Dubai has simplified the procedure for registering transactions for the purchase and sale of housing and other objects to the maximum, more and more foreign investors are acquiring real estate, and not only for the living. Buying real estate is one of the promising investment options for generating income. The value of the latter directly depends on the quality of maintenance of the facility and its proper operation. Property management in Dubai is a service that will be of interest to those who already own foreign real estate or are just planning to successfully invest their capital.
What is the service of maintenance and management of the overseas real estate
The high profitability of investments in residential and commercial properties in the UAE contributes to the growth in popularity of this type of investment. However, after acquiring a house or apartment as a property, a foreign owner of housing, being at a considerable distance from it, faces certain difficulties. Many issues require quick and correct solutions. For example, finding a tenant, renewing a contract with him, tracking the dynamics of the rental market and changes in legislation, paying bills, etc.
To solve complex issues related to the rental and management of the real estate in the UAE, there are specialized agencies. According to the current legislation, only companies that have the appropriate license can carry out such activities.
After the conclusion of an agreement on its provision, the company is empowered to solve a wide range of tasks: from household ones related to the current maintenance of the property to court proceedings in case of non-payment of rent.
What can be included in a real estate management agreement:
- property inventory;
- finding a tenant and signing an agreement with him;
- acceptance and transfer of lease payments to the owner;
- solution of organizational issues at the entrance and exit of the tenant;
- the required maintenance of the housing and its repair;
- launching the facility into operation, switching off / on utilities, and their timely payment;
- legal advice on a wide range of issues.
According to his requirements, the property owner can include all or only part of the services in the contract.
Real estate in Dubai
To understand the intricacies of the transaction and buying property in Dubai, it is recommended to contact professionals. So, Emirates.Estate specialists will help you choose the right apartment, villa, or another property. They will also assist in conducting a transaction and selecting a management company that will take care not only of housing maintenance but also, if necessary, select a tenant.
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