If you’ve no intention of ever leaving Dubai or you’ve some spare cash which needs investing, local property is a good deal at the present moment.
Much has been written about an expat exodus from the glittering city of Dubai, but it seems some expats don’t ever want to leave. Admittedly, it’s a captivating city in all its glory and, for many of those approaching retirement, finding its equal seems almost impossible. Committing to staying for an extended time depends on finance, with those in it for the long haul advised to invest wisely to ensure a comfortable retirement.
Whether a property purchase is for immediate accommodation or a long-term investment, careful research into districts, property styles and, of course, capital gains potential is necessary. Residential property is a favourite for expat investors looking to increase their income via rentals, with the same requirements as in the home country. Location, location and location is the refrain for house purchases all over the world, including Dubai. Even if the intent is to rent your property out for the pre-retirement years, choosing a convenient location in an attractive setting ensures higher rents, easy lettings and more capital appreciation. Dubai is famous for its luxury homes, but location and amenities are as important as design.
Expats in Dubai are elegible for mortgage loans, with generous offers and low interest rates the norm and Islamic as well as normal mortgages available. It’s advisable to engage a real estate agent, with local knowledge essential to the success of the investment on call as well as guidance as to Dubai’s bureaucratic necessities. However, buyers should take care to get to grips with their Memorandum of Understanding, as it represents thier personal terms and conditions in the correct manner. Expat property investors should also be aware of add-on costs such as land registration fees, agents’ commissions and setting up utilities.