Dubai has become an international property hotspot, with great architectural developments and ambitious projects rising up seemingly overnight. With the market still young and demand exceeding supply, the time is ripe for foreigners to invest in this vibrant, captivating city.
In March 2006 the Freehold Law was passed allowing foreigners either 99 year leasehold or freehold ownership of land in designated areas. Freehold or leasehold allows the foreign investor many advantages. Owners are able to sell or rent out their property in Dubai if they so desire. Investment potential is high, with a great demand for short-term rentals and yields around 10 percent. Dubai does not levy taxes on income, including that obtained from renting property. In addition there is no Capital Gains Tax. You can also look for various reputed websites online such as https://www.dubaicreekliving.ae/ etc.
With Dubai’s population expected to double within the next five years causing the rental demand to increase, a property purchased for the purpose of leasing can be seen as a long term income-generating asset. Owners are not required to live in the UAE and there are several local and international property management companies, including Colliers International, Cluttons, Asteco, and JG Property Management, who can look after the property when the owners are away. Properties can also be passed on as inheritance if specific procedures are followed.