Dubai has become one of the world's most popular destinations for investment and permanent residence. Absence of taxes, beneficial locations, developed infrastructure, and atmosphere of luxury have a significant influence on making the wise decision. Most buyers aim at choosing good housing options in the tranquil area. For this reason, investors prefer property in Dubai Creek Harbour in 2022. However, some of them have certain insecurities and doubts based on myths and rumors. In this article we will destroy the widely known myths and discuss the real state of things.

 

1. Dubai is exclusively luxury penthouses for which you can save for a lifetime.

In fact, it is no exaggeration to say that in Dubai you can find housing for every taste and even for every purse. For example, in the popular area Dubai Creek Harbour, you may find an outstanding apartment at $400,000. For this money you buy a view from the window of a skyscraper, underground parking, swimming pool, gym in the house and the beach in a 15-20 minute walk or ten minutes by car. Prices for apartments right by the sea start from 3-3,500 dollars per square meter. Besides, the property features the following benefits:

• The real estate in Dubai is delivered by developers with finishing, fully equipped with plumbing and kitchen furniture, and in most projects with built-in appliances.
• The UAE differs from most countries in that for the ownership of real estate, as well as for renting it out, you do not have to pay any taxes. Another thing is the cost of maintaining the property. If you buy rather than renting a villa or apartment in Dubai, you must remember that the property owner must pay for its maintenance, including security of the building, cleaning and landscaping the common area (parking, swimming pool), garbage collection, and so on. Typically such fees are charged annually and in Dubai can range from $20 to $80 per square meter per year, depending on the specific project. Even if you rent the property, the temporary tenants will pay for the light and water, and if we are talking about a villa or townhouse - and then for the maintenance of the land, but not for the maintenance and improvement of the territory of the residential complex, which just happens to be the bulk of the cost

 

2. A foreigner has no right to own real estate in Dubai.

Many believe that real estate in Dubai can be purchased only on a long-term lease for 99 years. However, this is not true. Citizens of foreign countries that are not members of the Cooperation Council for the Arab States of the Gulf (GCC), have the right to buy property in Dubai in full ownership.

However, in specially designated areas, in the so-called freehold zones foreigners can own a property. The list includes almost the entire territory of the "new Dubai", including such popular areas as Dubai Marina, The Palm Jumeirah, Emirates Living, Jumeirah Lakes Towers, Downtown Dubai and others.

 

3. The procedure for buying real estate in Dubai is complicated and non-transparent.

Of all the seven emirates that make up the UAE, Dubai has the most developed and transparent legal framework for real estate. Real estate transactions are registered by the Land Department of Dubai at the moment of the buyer and seller's appeal, who gets a registration certificate confirming their ownership rights for the acquired property. This procedure "instant" registration maximizes the simplicity of the procedure of buying and selling real estate and minimizes the risks posed by both the seller and the buyer.

 

Real estate agency in Dubai Creek Harbour

The facts from various sources can be confusing and false, as many of them have errors. Not to be misled by unreliable information from the Internet, it is advisable to contact specialists with profound experience. Ax Capital provides a website with adjustable filters and a wide selection of luxury property in a calm neighborhood. Address the agents to get advice and consultations for every potential deal. Do not believe the myths, build your successful investment career and enjoy living in the highly-developed country, the UAE.