What You Need to Know About Real Estate Dubai
Real Estate Dubai is a treasure trove of possibilities, whether you’re looking for the perfect investment property or the perfect place to call home. From posh places in Dubai-Al Furjan to the best luxury properties near worldly attractions like Burj Khalifa, there’s something for everyone in this city of excess. However, before you embark on your journey to buy a house in Dubai, it’s important to understand some of the local real estate terms that may be new to you.
The emirate of Dubai is known for its impressive architecture and cosmopolitan lifestyle. As such, it attracts a variety of foreign investors to invest in its real estate market. Despite the global economic slowdown, Dubai remains one of the world’s fastest-growing real estate markets. In the first two months of 2023, residential transactions in Dubai jumped by 43.9% compared to last year, according to a new report from CBRE.
As the most popular cryptocurrency in the UAE, Bitcoin is a great option for buyers and sellers to trade in. It’s easy to use and provides a safe and secure environment for both parties. Plus, the transaction fees are much lower than those of traditional banking methods, making it a more affordable choice for international investors. In addition to its affordability, Bitcoin offers a number of other benefits to investors and property owners.
Unlike other major cities around the world, Dubai does not impose real estate taxes. This is because the emirate has enough revenue from oil and trade to support its citizens’ lifestyles. However, there are other costs to consider when investing in real estate in Dubai, including the cost of infrastructure and utilities. Nonetheless, these expenses are minimal when compared to other major cities.
For those who want to enjoy the luxury of owning a property in Dubai, it is recommended to choose a freehold property. This type of property is more expensive than leasehold property, but it gives you the right to own the land for up to 99 years. Freehold property also allows you to benefit from the Dubai real estate market’s rapid growth.
If you’re thinking of purchasing a property in the emirate, it’s important to find a trusted real estate agent. A professional will be able to advise you on the best options for your budget and lifestyle. They will also help you to understand the Dubai real estate jargon and make the process as smooth as possible.
LUXHABITAT Sotheby’s International Realty is Dubai’s only high-end real estate company that sets extraordinary records in the marketing and selling of quality, design-led residential properties. The firm has a unique combination of regional expertise and global reach that has made it the leading luxury real estate brand in the Middle East. They have offices throughout the country, and their experienced team is available to guide you through the buying or selling process. For more information, visit their website.