Dubai is often a place of riches and extravagant display of wealth. This city is becoming a fast center of the economy. But, Dubai has some interesting facts about its real estate sector. This city is known for its tall and interesting high rises, beautiful places and shopping malls. But there are a lot more than these. Read this article the know about interesting facts about Dubai real estate.
There is no property tax in Dubai
It may seem like a dream. Because property tax is a normal thing in major countries in the world. But the legal authorities of Dubai still has not imposed any taxes on the properties. Hence, if you buy villas for sale in Dubai you will not be levied taxes on the property. This has made Dubai a place for real estate development and now Dubai is a booming industry.
Real estate is a profitable business
Dubai is a place where you have chances of vetting high return in case of investments. If you invest in real estate in Dubai then be sure of getting a lot of return against this property. Dubai is becoming a hub of real estate developments and a lot of real estates companies are now open to invest in Dubai. Since Dubai is growing as a place of employment the real estate sector is always booming. Hence, if you live in Dubai, it is a wise choice if you buy a place for living.
Dubai has freehold and leasehold areas
The authorities of Dubai has divided all the properties into two sections- freehold and leasehold. The freehold areas are open to all. Anyone from any corner of the world can come to Dubai and buy a villa or apartment in this freehold areas. But leasehold areas are especially different and unique. Any foreigner can take a lease of leasehold properties for 99 years.
The main thing is legal brokerage. Dubai has legalized the brokers and any person who wants to buy or take rent must give two percent brokerage charge to the broker if you buy or rent a place in Dubai. In many cases, the buyer has to pay 4% brokerage charge. Usually, the registration and hand over of the property takes place in the local registrar’s office. Hence, in Dubai be prepared for giving brokerage when in Dubai.
Varied prices in different areas
Yes, Dubai has differently priced regions in real estate. There are three cheapest areas – the I International city, Deira and Karama. The most expensive areas are downtown, old palm, and palm Jumeira. These last three places are for the wealthiest people in the world.
Nearly half of the population is international
Yes, this is another interesting fact. Dubai is a city where nearly half of the people are from different countries. These people come here for their work commitments. According to sources, nearly 39% of total people is a foreign national. These people live here till their work or some even stay for their lifetime.
Dubai is a place for wealthy people
A lot of wealthy people now invest in Dubai. These people buy extravagant villas in Dubai and often make these bills resort or stay houses.
There are also many other interesting facts about Dubai real estate sector. Dubai has now become a hot property in case of real estate development and it will continue to grow.