Why is the UAE Real Estate Market Becoming a Hotspot for Foreign Investors?

If you sit down to make a list of the growing industries in the UAE, you will have to include the list's real estate industry. And the reason is not difficult to understand.

Due to the luxurious lifestyle and tax-free earnings, the country has attracted numerous expatriates from worldwide. And the result is that demand for real estate properties has gone up substantially.

During the last few years, the popularity of the country's real estate market has grown manifold due to more and more foreigners flocking into the country. And locating a property is also not difficult with many online platforms, which lists properties for sale in UAE.

Why UAE's Real Estate Market is Attractive to Foreigners?

The movement of foreigners into the UAE has increased during the last few years due to the following reasons:

Economic Growth

When a foreigner invests in a property in a country, he considers not only the property but also the country's economy. When it comes to the UAE, the country's economy has exhibited remarkable growth during the last few years. And all the economic forecasts and statistics in place indicate that the economy's growth will continue for the next few years.

Excellent Infrastructure

Any decision on property investment involves looking at the infrastructure standard. Whether it is residential or commercial property, people will find it easier to use if the surrounding infrastructure is good. The UAE has it all. Its infrastructure is of world-class standards with all the requirements in place. You will see the best buildings, hospitals, schools, and very convenient transportation systems in the UAE, including a metro system, tram, outstanding roads, and 12 lane highways.

Options for all Budgets

One of the striking aspects of purchasing a property in the UAE is a broad range of properties. You can choose, depending on your budget. From luxury mansions to single room studio apartments, you will find everything in the country.

High Security

The standard of security is one of the foremost concern when it comes to relocating to a different country. You can put all your worries regarding safety in the UAE as its security is very tight. Generally, the UAE is a safe country with a very low crime rate. So, a foreign investor can assure that his property remains safe due to the high security in the country.

No Property Tax

It is perhaps the most attractive bonus for a foreign real estate investor, although it might sound unrealistic in the first place. But it is true. The UAE Federal Government does not impose any tax on individuals owning properties in the country. It means that once an investor purchases a property in the UAE, the deal is closed forever, and no tax needs to be paid subsequently.

What Factors Should You Consider Beforehand?

It is also not a good idea to jump into buying a property straight away as there are some things to consider before you shell out your money. Consideration of a few factors will help you in making a good decision. Read on:

Objective

When you ponder buying a property in the UAE, first make yourself clear about the underlying purpose. Will you use the property for your living or renting out? Clarity on the reason behind your purchase will help you to segregate properties under your need. If you intend to rent out the property, then look for one that will fetch high returns. And if you want to buy a property for living, choose a property in a good locality.

Your Budget

Although it is needless to say, yet a mention seems necessary. You should figure out your spending capacity before you start your property searching venture. Check out your finances and determine how much you can spend on the property. In the UAE, financial institutions can finance up to 75 percent of the property value, and the rest is your responsibility for the down payment. Therefore, figure out how much money you can spend on the down payment and the monthly mortgage repayments before finalizing a property to buy.

The Community

The property's neighborhood is a crucial point to consider, as it influences your children's mental development and makes it a pleasant place for your children. Choose an area with open space with parks, football grounds, swimming pools, etc., to give your family an excellent place to live.