Reasons Why Buying Property in Dubai for UK Citizens Is Easy
Buying a property abroad is a bold move that is often associated with several doubts, myths, and misconceptions. If you have started your search for off-plan properties for sale in Dubai, but still doubt that the purchase can go smoothly, here are 5 reasons why buying property in Dubai for a foreigner is easier than it seems at first glance.
Buying property in Dubai is remarkably accessible for UK citizens, facilitated by various factors that streamline the process compared to purchasing property in London. Dubai's property market welcomes international investors with clear regulations, straightforward legal procedures, and favourable taxation policies.
Unlike the competitive and often complex real estate landscape in London, Dubai offers a transparent purchasing process with minimal bureaucracy and no property taxes. Additionally, the city's cosmopolitan environment, modern infrastructure, and booming economy make it an attractive destination for UK citizens seeking to diversify their property investments beyond London's market constraints.
With a robust regulatory framework and a wide range of property options, Dubai provides UK buyers with a seamless and lucrative opportunity to own real estate in a dynamic global hub.
Reason #1: UAE banks give foreigners mortgage loans to buy real estate in Dubai
Citizens of foreign countries can count on obtaining mortgage loans from UAE banks on an equal basis with residents. However, it is worth remembering that the conditions for residents and non-residents are different. For those who have legal status to live in the Emirates, it is much easier to get loan approval.
Requirements for real estate in Dubai to buy it in credit:
- housing must have the status of freehold, ie be located in an area where foreigners can buy dwelling;
- it must be an object of the secondary market or an object that will be commissioned within two years from the date of obtaining a mortgage.
The requirements for the borrower of the funds are also clearly defined and adequate:
- The borrower must be at least 21 and no more than 65 years old;
- the borrower must have a positive credit history; - it is necessary to prove that the level of income is sufficient to pay off regular payments;
- it is necessary to prove that the income comes from legal sources.
Reason #2: Experts of real estate agencies in Dubai lead the deal till the final step of the process
The convenience of working with a local realtor is that you can choose a specialist who speaks your language, which is especially important for foreigners. You will be required to do the following:
- state the purpose of the purchase (for permanent residence, a house for occasional vacations, housing for rent, an investment object for subsequent resale);
- decide on the area where the property should be located; - decide on the type of real estate (apartments, townhouses, plots, penthouses, houses, or villas in Dubai);
- choose the market: secondary or primary, ready-to-move-in or under-construction object;
- set a budget framework - whether it will be own funds or borrowed.
After you discuss with the agent all your requirements and expectations and determine which of them are mandatory, and which can be considered no more than wishes, the realtor will prepare a selection of objects that are most suitable for the given framework.
At the next stage, you can move on to viewing housing, if you have decided on a ready-made object, or to study project documentation if you decided to buy off-plan projects in Dubai.
Reason #3: Language barrier should not be an obstacle when buying real estate in Dubai
Dubai is a multicultural and multinational metropolis, so most local real estate agencies have multilingual staff. Countless non-Arabic-speaking foreigners have safely purchased real estate, including off-plan properties in Dubai. Judging by the national profile, about 70% of Dubai residents are foreigners, so making a deal knowing only English is not a problem at all.
And given the fact that over the years foreigners have been such a big and important part of the UAE real estate market, professionals working in the sector, including realtors and lawyers, can boast of sufficient, if not excellent, knowledge of English.
Reason #5: The cost of buying real estate in Dubai can be covered by renting out the property
There is a very viable option for property owners in Dubai to generate income from renting out their properties. If the real estate is located in a popular business or coastal area such as Downtown, Business Bay, or Palm Jumeirah, it can be rented out to expats or tourists.
This will allow you to have a stable income, which practically doesn’t depend on the time of year, seasonality, and tourist activity. Renting real estate in Dubai on a short or long-term basis can bring in a good income that can offset current expenses.
Start searching for real estate in Dubai
If all of the above reasons convinced you of the expediency of buying real estate, then you can proceed to a more detailed study of the issue. On the pages of the website of a real estate agency in Dubai https://axcapital.ae/ there are objects in ready-made residential complexes and buildings under construction.
You can compare prices, study the characteristics of complexes and neighbourhoods, and ask questions to agents through the feedback form. You can be sure that the agents will answer all your questions, dispel all myths and doubts, and find an object that best suits your requirements.
0.0703