Factors that must be considered
Contrary to the popular belief that living in Dubai can only be afforded by a handful of affluent masses, relocating is a convenient option for all. In Dubai, real estate is flourishing like never before. From villas to apartments, the variety in residential areas appeals to investors and inhabitants alike. With affordable prices of houses, favorable job market and tax characterizing Dubai, immigrants are seriously considering resettling.
Besides, the boost in economy and expansion of the city are potent factors to have caused a large number of non nationals secure their stay here. Now that plenty of unlawful practices have also been curtailed, the land looks highly promising.
Best places to stay
Aside the newly employed people in Dubai, expats too intend to start their own businesses in Dubai. It is just not possible that you find the job of your dreams upon landing or a miracle happens to help afford your stay here.
You can begin by renting a property than purchasing something at one go. Not that it is easy for restrictions are severe upon foreigners who qualify as property owners. It can be slightly difficult finding the best zones for oneself as Dubai has witnessed immense growth in the last couple of years and rising land prices are a testimony to that. Places like Downtown, Marina or Jumeira Beach or Palm are quite popular and appealing to most people.
To find an apt place, try and keep a track of the capital appreciation and how the value is likely to spike up in the later years. You can browse through several websites and get an idea prior to fixing your accommodation.
Legal issues are of utmost importance
One of the best things about Dubai is the absence of income or property tax! This does not mean that revenues are absent for they are collected in the form of car parking charges or other discrete means.
Accommodation in Dubai is praiseworthy. Renting a long term apartment without a valid residence visa is next to impossible. However, you can talk to your bank or specialist mortgage broker before taking a decision. Basically, the rental contracts are for a fixed term of one year from the start date. But rules might vary depending upon the landlord. If nothing else, short term leases are flexible options too.
What is unfortunate about the real estate market in Dubai is that brokers and real estate agents have different ethics and work on the basis of that. For curbing the menace of agents who defy professional standards, the RERA certification is now mandatory to be had.
Passing the RERA is a must
With endless illegalities all around the real estate market in Dubai, brokers now have to undergo the official test called RERA (Real Estate Regulatory Agency), especially for those who need to renew their licenses or to check on some violators, freelancers to be exact. This test comes as a welcome respite for extracting freelance brokers who generally mislead clients or are involved in several rental scams.
Dubai is indeed the hot spot for most intending to relocate here. Now that the certification has become compulsory, it makes sense for several others to follow suit who acted skeptical about moving in here.