Investments in Dubai are different from that in other countries of the world, for when investing here, you can be sure, firstly, of the political and economic stability, secondly, of investments’ rapid growth due to the constant increase in property prices and rental rates, and of many other things:
Dubai has an open economy with a high per capita income and a significant annual trade surplus. The United Arab Emirates ranked sixth in the list of world countries in terms of the number of millionaires per capita. Successful efforts to diversify the economy have reduced the share of oil and gas production in the GDP to 25%. The government is constantly increasing costs for creating jobs, developing infrastructure and also opens up new opportunities for the private sector’s more active participation in the market growth.
Dubai main difference from many other countries of the world is that you won’t have to pay any taxes for the property ownership here. At the same time the laws relating to foreigners’ buying property in the UAE are very transparent. Foreign nationals coming from countries outside GCC have a right to buy an apartment or villa in Dubai to fully own it.
Many experts recommend paying very close attention to the UAE. There is a really bright outlook for the local real estate market: the number of population is growing rapidly mainly due to those, who does business in the UAE, and both to foreign experts and professionals coming to work here.
One of the main factors influencing the popularity of real estate in the region is stability of the national currency and the ease of doing business. Free economic zones and zero taxes simplify doing business in the emirate. As for the national currency, its rate in the UAE, as well as in other oil-producing countries, is tied to the US dollar and has remained unchanged since 1983.
All you need for buying property in Dubai is your passport and a POA mandate (if the buyer is represented by his agent). POA mandate must be notarized in the UAE, otherwise it is necessary to undergo the procedure of consular legalization.