Dubai is one of the top international destination for buying homes, after London, Los Angeles and the Bahamas. Whether it is the luxurious lifestyle, tax free gold or unlimited entertainment facilities, people are often tempted to move to Dubai. The best part of Dubai is that it employs the best skills of the world. This has led to the growth of the city in an exponential manner. You will find everything here; best education, hospital facilities, and shopping malls featuring international brands, local culture and cuisine. International restaurants, cafes, sports facilities, world famous beauty treatments and spas, entertainment centers and theme parks. The desert city has even made possible for skiing activities by building indoor cooling features. It gets impressive by the day!
Foreigners have become a part of buying and selling real estate since the year 2000, when the Freehold Law was passed. It allows foreigners to buy, rent or sell certain freehold areas of the city. This was a big step taken by the government since 65% of its population were expats. Expats who come to Dubai would naturally look for a place to live and run their lives. Those coming with families might require extra facilities for children.
Renting or Buying
Almost 70% of the expat population usually lives in Dubai on a rental basis. This is mainly because those who come for work are not sure how long they will be living. Hence making a big investment of buying a house is not a secure idea. Even if a property for sale in Dubai is on the market, it is usually rented at the end of the day. Another roadblock that many face is the 25% down payment when buying a property in Dubai. But if you are comfortable with the payment factor you can go ahead with buying. A recognizable figure David Beckham and his wife Victoria has a family home in Dubai, which they use for vacations. Giorgio Armani too uses his Dubai home for business and pleasure.
The Property Market
The property market in Dubai has seen a series of ups and downs in the recent years. But over the last few years we see the market being steady. Upsizing is a growing trend and fall of property prices have led people to buy more and more luxurious properties. Experts have fore cased a steady rise of buying properties in the coming years. Moreover the land department is also considering to freeze the property prize for at least 3 years. Hence there can be no unfair hikes in the property for sale in Dubai. This is a strong season for renting and buying with multiple payment options. Even various currencies are accepted as payments.
You can research on the type of property you want and consult with your real estate agent for a more detailed view. Whether you are a villa type of person or a high rise, you will get best deals along with cool facilities. Also research the neighborhoods for the best amenities.