In order to promote the property investment in Dubai, the government of Dubai has taken several steps which are aiming at pushing the real estate opportunities for both domestic and foreign investors.
With the aim of encouraging investments and facilitating business in Dubai, several measures were taken including tax relief, tax holiday, grants and exemption on property fees.
All these measures were designed by the Dubai authorities with the aim of freeing up foreign hands from the burden of high property taxes in the country.
However, it should be noted that even though tax exemptions on some property transactions are given to foreign investors, such exemptions do not extend to the right of ownership on properties.
This is one of the major reasons why many real estate entrepreneurs in Dubai have been putting their fingers on the ground in this market, waiting for the right opportunity to present itself.
Now that the incentives provided by the government for real estate investments have started to dry up, the real estate businessmen are left with only one option – finding a buyer for their properties.
The demand is very high and is continuously growing. The main factor behind this demand is the large number of foreign workforce that is settling here for work and studies.
Some students even choose to rent an apartment for the time they spend in Dubai. This has created a good competition among real estate developers and investors who are willing to invest in properties in Dubai.
In order to gain a competitive edge over their competitors, real estate developers and builders are taking advantage of the low prices of the properties and are offering them at very attractive discounts.
This is allowing them to secure more tenants and make more profit in the process. However, finding a buyer for their properties will not be easy in this market.
The prices are still quite high and only the well-to-do and rich could have afforded them a few years ago. The competition for properties will intensify as more people start to realise the lucrative benefits that real estate investment offers them.
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With more people being able to afford to buy property, the demand is increasing. Some people are actually purchasing properties as a means of securing their future.
In this case, the properties will be used to create a retirement home for retirees. They may also be used as an investment property in order to gain money from the property while living in it.
Those people who are interested in buying a property in Dubai may be confused about the different types of real estate investment available in the city. They may also be wondering why the prices of the properties are so low.
The reason for the low prices is due to the limited amount of new constructions that are allowed in the city. New constructions are only allowed for buildings which have ten thousand square feet or more.
On the other hand, post covid-19 real estate investors can look forward to investing in properties that are currently under construction.
If you want to invest in Dubai real estate, the best time to purchase is during the post covid-19 promotion period. During this period, properties that are newly constructed within the last two years are offered at discounted prices.
Prior to the promotion period, properties that are more than two years old will not be offered at these discounted prices.
This is a good time to purchase real estate properties in Dubai. You can easily find out the types of properties that are on sale by contacting a real estate agent in Dubai.