Real estate in Dubai is an implementation of the most ambitious ideas of famous developers. Apartments, townhouses, villa sea view in Dubai attract foreign investors with their outstanding quality and stylish design. However, some potential buyers have doubts about the profitability and necessity of property purchases in Dubai. It is quite obvious that their confusion is based on prejudices and false opinions. For this reason, we are going to discuss the most popular myths about real estate in Dubai and provided grounds for their mistrust.
There is no affordable real estate in Dubai
The notion of affordability is purely subjective. It depends on many factors, like the annual income of a buyer, their expenses, existing debts, and many others. For this reason, it is impossible to say that real estate in Dubai is affordable or extremely expensive. Still, many are convinced that the rates in such an ultramodern metropolis are comparable to the most expensive cities on the planet.
Compared to famous capitals of the world, properties in Dubai are cheaper and more profitable. Besides, the variety and abundance of variants allow buyers to choose a housing unit from any segment. Whether you need a reserved home with a minimalistic design or a spacious villa with unique architectural decisions, your desire will be satisfied. Of course, a luxury villa will cost a pretty penny (as well as anywhere else in the world), but purchasing a studio apartment in the budget district will be relatively inexpensive. However, let’s turn to the numbers.
While in Dubai a square meter of housing in the city center costs about $3,748, in London the price is $14,482 – more than three times as expensive. In New York, you would have to pay $14,784 per square meter. To select a suitable property in Dubai, visit the website Emirates.Estate.
European people will never be able to live in the Arabian country
You may think so if you have never visited any of the Arabian countries. Dubai is a welcoming metropolis which is proved by the statistics. About 90% of the population of the emirate (i.e. its permanent residents) are immigrants. Many Europeans, Americans, Asians, Indians, Pakistanis, and Africans come here. Many have families and live in the city for many years. The natives (Arabs) have long been accustomed to bearers of other cultures. In addition, Dubai is a major tourist center, and the locals are well aware that the city’s success depends on its attitude to the guests.
This, of course, does not mean that foreigners are allowed everything. You will have to put up with certain cultural differences – but no more than in any other country with a different culture from your own.
The legislation does not allow foreigners to buy real estate
Under the new legislation, freehold and leasehold zones were established within the territory of the UAE. It means that certain areas in Dubai allow foreigners to buy real estate in full ownership. Besides, the procedure of purchase was simplified as the government is interested in attracting more foreign capital to the economy of the country.
Transactions lack transparency and reliability
The Internet abounds with information about untrustworthy real estate agencies and cases of losing money. Most of the news is connected with buying properties abroad. Of course, buying property abroad raises legitimate concerns. But there is no need to doubt Dubai’s legal system. As already mentioned, the authorities are very interested in attracting foreign capital, and for this, the emirate had to create a legal system that guarantees the rights of the owner. The current Dubai law protects investors and buyers from unscrupulous developers and landlords. However, if you are going to rent out a property, keep in mind that tenants are also protected by the state, and no one will allow you to run amok. In other words, the local laws will protect you when you buy a property in Dubai.
There is nothing to do in Dubai
Many Europeans and CIS citizens have the impression that people in the Arab culture lead an ascetic life. In fact, the Arabs love to relax and have fun as much as any other nation. Only they know how to do it without drinking alcoholic beverages. Also, don’t forget that Dubai is a major tourist center with a huge selection of restaurants, sports facilities, amusement parks, beaches, recreational areas, and entertainment facilities. Here you can do business, sport, art, build a career, raise children, study or just enjoy life.
Purchasing a real estate in Dubai is a responsible step towards a new life. To avoid future regrets and obtain only positive impressions, it is crucial to be rational in this decision. Analyze the pros and cons, read the reviews, evaluate your abilities and desires and only then start your unbelievable journey.