Buying Property
International property investors have been buying Dubai property for the past few years in ever increasing numbers. The Emirate of Dubai has been the primary focus of property buyers’ attention, but there are certainly other destinations in the region that are also raising the profile of the Gulf countries. The United Arab Emirates is a federation of seven states, Dubai being perhaps the best known, though Abu Dhabi, Ras al-Khaimah and Ajman have started to follow their neighbours lead in providing property that appeals to the overseas buyers.
Expatriates property owners are allowed to obtain multi entry visa's that are valid for a period of 6 months. The property owner would need to meet a set of criteria to be eligible. This ruling applies to all of the Emirates. Currently the criteria states that the property should be worth Dhs1 million ($275,000) and the investor should have a monthly income no less than Dhs10,000 ( $3,500).
We advise that you check with our select partners on any updates on Property visa's. Countries such as Kuwait, Bahrain, Oman and Qatar have been known in the past as rather obscure commercial and industrial postings for the expat population. However, by freeing up some of the restrictions on foreign ownership of land and property, encouraging property development and promoting tourism, these nations have become much more interesting for anyone looking to buy a Dubai property as a holiday home or an investment. Increasing demand and a short of supply of new properties has increased rental yields, which has gained recognition for Dubai as an investor’s hotspot.
There are some restrictions to buying Dubai property, though many of these have been relaxed in more recent times.
For information on financing your property investments, My Move recommends our select partner HSBC. www.hsbc.ae/1/2/home
