The urge among people worldwide to relocate to the UAE has increased the foreign population in the country.
Several factors, such as impressive economic growth, lucrative career opportunities, and growing business opportunities, have lured people to relocate to that country to reap the corresponding benefits.
Perhaps the most significant attractions are–no property and income taxes in the UAE. Yes, you heard it right.
There is no rule on paying income or property taxes in the UAE. And that means you can save substantial portions of your income.
Lured by the notable advantages, many people worldwide have moved to the UAE. As such, the country’s overall population has been increasing daily.
But, the increasing population has not created a shortage of properties for buying and renting in the UAE.
The property market is matured, and supplies properties conform to the demand. So, you will encounter no hassles in finding a property for sale in UAE.
In addition to a growing mode, the property market in the country is also buyer-friendly. Moreover, due to the rapid maturity of the market during the last few years, property prices have come down, making owning a residential property an affordable option.
Again, the availability of online platforms has rendered property searching a convenient task. The property websites allow people to gain access to a large number of property listings. And the inbuilt search tools enable people to filter results by price, the number of bedrooms and bathrooms, location, etc.
Despite the enjoyable lifestyle in the UAE that prompted people to relocate to the country, it is not a wise decision to purchase a property in haste.
You need to do an assessment before putting money into a property in the country. It will help if you consider the following factors before investing in a property in the country:
Your Goals
Firstly, clarify why you wish to invest in a property in the UAE. You should make yourself aware of the reason for investing in a property–whether for your living or renting out.
It will help to develop a mental foundation to make a proper analysis. For example, if you want to purchase a property for renting out, you should choose a property near workplaces as that will help you attract tenants.
On the other hand, if you want to invest in a property for your living, you should have a property near your office and your kid’s school. In addition, you should select a good locality.
Your Budget
You should know how much you can spend on a property. Therefore, you should assess your budget.
Again, you should also clarify the financing options in the UAE.
In the UAE, financial institutions can finance up to 75 per cent of the property value. So, you should pay the rest as the down payment.
Therefore, figure out whether you can pay the down payment and monthly mortgage repayments before finalizing a property to purchase.
The Neighborhood
Choosing the right community or neighborhood is critical before investing in a property in the UAE.
You should choose a community that has an environment to stimulate mental growth. And at the same time, it should be an enjoyable place to live in.
Therefore, you should consider whether the area has ample open space with parks, football grounds, swimming pools, etc., to enable your family members to undergo physical activities. Moreover, you can choose a neighborhood with ample greenery space.
Public Transportation
You should look at the public transportation facilities in the locality. You will find almost all localities with adequate public transportation facilities. Taxis, buses, and metro rail are parts of the public transportation circuit, and most communities have public transportation links.
Again, you can look at one of the properties for rent in UAE if you do not want to invest in one.
Conclusion
Before you proceed to invest in a property in the UAE, you should not fail to do a proper assessment. It will help you to execute your property investment smoothly.