Many people in the world aspire to move to a new city or new country for various reasons, say for instance, job, career, higher studies and many more reasons as such. The most loved city which attracts the tourists for the above listed reasons is the city of Gulf, Dubai.
So, if you are planning to move to the city of Gulf, Dubai then you are headed towards the right place. In this post we will tell you about the property, freehold property in Dubai.
4 ways To Value a Freehold Property In Dubai
Initially the foreigners are not permitted to make any kind of investment or cannot buy the freehold properties in Dubai. But after the declaration of freehold Dubai Property law in the year 2002 professional real estate investors and the foreigners change their mind set and started giving attention to making a huge investment in real estate in Dubai, UAE. The state government has made massive investment in the construction of infrastructure in this city so as to make less dependent on oil.
Advancement of Dubai Freehold Property Market:
Dubai Freehold property market has advanced to a lot of extent as of now. The trend of freehold property market has begun in the year 1998 after the project launch of Dubai Marina as such. During that year, there was not any freehold property legislation existing in Dubai, UAE. Just the marvelous villas were available as the leasehold asset for the 99 years.
When the freehold property law came into existence in the year 2006 then non-GCC nationals (Here GCC stands for Gulf Cooperation Council, which includes Kuwait, Bahrain, Saudi Arabia, UAE, Qatar, Oman) are allowed to possess freehold properties.
Know more about Freehold Property UAE:
Dubai Freehold properties are available to purchase by local and the foreign residents both. People who belong to any country around the globe are permittee to buy and hold a freehold property forever unless they determine to to resale it to anybody. People can anytime resale their lovely houses. But they must know 8 things to be considered before purchasing the dream home in the Gulf. Well, purchasing a lavish apartment is quite different purchasing the villa.
Is it possible to purchase freehold property in other parts of UAE?
Well, Dubai is the first Emirate of UAE which permits non-GCC residents to possess the freehold property in specific areas of Dubai as such. Other different Emirates of UAE also focus on developing their own property laws. There are various apartments for sale in Dubai which you must know.
Currently, Abu Dhabi (2005) and Ajman (2006) also declared freehold properties available in various areas. Various other states also offers ownership of freehold properties to the expats and the foreigners.
4 ways to value freehold property in Dubai:
Dubai real estate is prospering with each passing day. This has made it attraction for the buyers to buy their property in Dubai. But there are many people who don’t know as to how should they value freehold property in Dubai.
You must not be much excited by the Olympic-sized pool or the magnificent chandelier in the classy lobby as these add-ons does not determine the market value of of your real estate in Dubai as such. There are various properties for sales in Dubai which grabs the eyeballs of the tourists around the globe.
You must perform well-versed research and search about the categories of brokerage website which fascinates you to the core. You must get the accurate pricing of Dubai freehold property in which you are interested in before you look for ward to buy the same.
You must know that main factors which helps you to determine the market value and also establishing supply and demand of a Dubai freehold property involves location, the price involved in the construction (like costing of cement, steel, etc), connectivity to the metro and other kinds of public transport and the customer’s ability to know the community/area as such. As per the recent industry trends, the costing of property at Dubai Marina have risen by 28% since the year 2010. Even the Roads & Transport Authority (RTA) have claimed that the value of freehold property nestled within 1.5 kilometres of the metro stations have increased to 415 from 13% percent earlier.
The research have also shown that the areas with 1-2 bedroom properties are more famous than the areas having 3-4 bedrooms. You must know how to get discount on property taxes if you aspire to buy freehold property in this Gulf city.
So, before you opt for purchasing Dubai freehold property, you must know:
Why do you need to purchase and require the Dubai freehold property? Do you decide to live in the property or as an investment for resale or lease purpose? This will have certain influence on the type and location of property which you must buy. You must also make a plan for your financing options also.
As the leading classified website of UAE, we help you to purchase the freehold property in Dubai without any hassle.