by admin
Non-Resident Investors Find Dubai’s Investor-Friendly Environment Appealing.
1. Query
I am a businessperson with holdings in the UAE and the US. I need to transfer money. Therefore, I may buy a $1,500,000 house in Dubai. Although I frequently travel there for work. I am not a resident of the UAE and have no plans to settle permanently here.
Response
Dubai’s favorable climate for investors attracts non-resident investors. In addition, the city is constantly willing to accept more. You can purchase and sell real estate in Dubai if you are a non-resident investor.
To transfer the cash needed for the purchase, you must create a savings account with a local bank if you intend to buy a house without relocating there. The procedure is simple. However, you must adhere to the bank’s requirements for the most recent AML and proof of funds standards.
The acquisition of your preferred home can be facilitated by opening a local bank account. Because all associated costs can be paid from that account. Buy off-plan from a reputable developer who has a project escrow account that is facilitated by the Land Department as a different alternative. While making an investment in Dubai’s thriving real estate market, you may feel easy knowing that both alternatives are safe and secure.
2. Query
I paid Dh2 million for a villa last month, but I now want to sell it. I hoped to use the property as a house, but selling it now would bring in at least Dh500000 in profit. After making a few alterations to the property, is it legal to flip it? I have lined up three potential purchasers.
Response
By buying your house at a fair price or through an auction, the owner appears to have made a wise financial decision. The property market in Dubai is famous for offering tax-free returns on investments. Which attracts many buyers, especially of higher-end houses.
Because not everyone has the time or energy to make renovations themselves, upgraded houses are very desirable. Obtaining the proper approvals from developers and the municipality to undertake alterations like additions or improvements can be a burden. As a result, improved houses frequently fetch a higher price.
Having all the necessary paperwork and paying the appropriate transfer fees to the Dubai Land Department can ensure a smooth process when selling your home.
