Buying a property in Dubai will be one of the biggest investment decisions you will ever make in your life. In fact, most people are scrambling to own a property in the fastest growing city in the world. There are several real estate projects in Dubai that are on-going such as the Arabian Ranches by Emaar. Experts are speculating that the real estate industry will continue to get better in the coming years. However, before making the investment decision, there are few things that you should know.
The location of Dubai
Dubai is a city in the United Arabs Emirates (UAE) which is part of the larger GCC. Since inception in 1972, the leadership has turned the country as one of the world’s most prominent business centers. The city of Dubai has become the most sought after investment destination.
The Dubai Land Department (DLD)
Under the able leadership of His Highness Sheikh Mohammed bin Rashid Maktoum, the government contains thirty different departments that control integral matters of the city. The Department of Lands (DLD) is entitled to regulate and monitor the real estate industry in the country.
According to law no.7 issued by His Highness in 2013, the functions of the department include registration and promotion of the real estate investment in Dubai. Also, the department is expected to uphold international standards to create a conducive environment that attracts investors from across the world.
Freehold and Leasehold areas
Until 2000, foreigners were not allowed to own a property in Dubai. The government made it possible for foreigners to acquire property in certain areas known as freehold areas.
Apart from the freehold areas, there are other areas where ownership of property is only limited to a certain number of years varying between 10 and 99 years.
Real estate finance
The financial system is another important factor to consider before investing in the Dubai’s real estate industry. There is a wide range of financial institutions in the city. However, property transactions are restricted to institutions that are authorized by the UAE central bank.
The future of the real estate industry
Due to the rapid growth in the recent past, Dubai carries high prospects for investors. In less than five decades, the city has exponentially exceeded its old urban size. Currently, the city is witnessing large scale real estate developments such as the Dubai Creek Harbour projects and the Arabian Ranches by Emaar.
Dubai is a ripe investment destination. Since some projects are underway, you will have the opportunity to buy off plan property in Dubai . This way, you will buy at a lower cost compared to buying when they are complete. Take this chance and become part of Dubai- the city of the future.