Is Investing in Dubai Lands Safe?
Dubai enjoys the highest return on real estate investment. That’s why many business people and investors resort to real estate investment in the United Arab Emirates, especially in Dubai. That is what the article will answer in the following paragraphs.
Dubai is a beautiful example that reflects the luxury economic lifestyle. It offers a fantastic opportunity to invest in lands, houses, hotels, offices, etc., specifically after the new law approved by the UAE government. That provides for facilitating investment procedures and allows people in various countries of the world to own real estate in the country. That made it easy for Dubai’s expatriates and residents to invest in its land, as it is one of Dubai’s most promising and safest investment methods.
Investing in Dubai Lands is one of the successful investments.
Undoubtedly, investing in Dubai land is one of the successful investment projects. Hence, the investor reaps huge profits, whether by selling or buying property in Dubai. According to many statistics, land investment achieves profits by over 85%, which must be recovered.
How to invest in land in the Emirate of Dubai?
An investor can initiate real estate investment in one of the Dubai lands by following the methods designated for that, which are as follows:
- Land appraisal: Land appraisal is one of the most important things to consider before investing in Dubai real estate. It helps reduce the expected and potential risks of purchasing real estate land. That ensures the investor pays the appropriate price and achieves complete transparency between the buyer and seller.
- Studying the location of the land: Studying the property’s location facilitates the procedures for determining the profitability of real estate investment in Dubai. That includes analyzing the area of the land in terms of its proximity to various means and service centres. Such as the market, schools, clinics, or metro stations and its ability to provide communication, thus obtaining the most significant profit return in the future.
- Determine the purpose of investing in the land: All investors need to define the purpose of their investment. For this, the investor must define his purpose for buying land in Dubai. It may be for personal use or to reap continuous gains through renting or selling in the short or long term.
What are the procedures for buying land in Dubai?
After we get acquainted with the most important criteria that must be considered before buying land in Dubai, let us learn about the most critical procedures for implementing a land purchase in Dubai.
Usually, the Dubai Land Department organizes the process of owning real estate in the emirate by identifying the persons. Those are qualified to buy real estate and set the appropriate time to complete the procedures for transferring ownership to the buyer.
It acts as an intermediary between the buyer and the seller or their legal representatives.
In addition to its role in helping those wishing to invest in understanding the procedures for buying land in Dubai and providing many services. Such as submitting a request to evaluate real estate, regardless of its type, such as whether it is residential land or land for trade. Buying real estate land in Dubai also requires applying to register the sale, accompanied by a set of required legal documents and papers.
Documents required to buy land in Dubai:
The process of buying land in Dubai requires submitting a set of essential papers and documents, which are:
- A personal identification card to prove the identity of both the seller and the buyer or a valid passport
- A no-objection certificate from the developer in the freehold areas is usually issued using Dubai REST application services.
- A legal agency to complete the procedures for purchasing land in Dubai when someone is acting on behalf of the seller or buyer
- Payment of all fees required for the purchase of land, and these fees are:
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- Percentage of fees required from the seller: 2% of the sales value
- The percentage of fees required from the buyer: 2% of the sale value
- Fees for issuing a land ownership certificate: 250 AED
- Land map issuance fees: 100 AED
- Innovation fee for each drawing: 10 AED
- Knowledge fee for each drawing: 10 AED
- Land Registry Trustee Fees: These fees vary according to the value of the sale of the land. If the value is greater than or equal to 500,000 AED, then a fee of 4,000 AED will be paid, but if the value is less than 500,000 AED, then a fee of 2,000 AED will be paid.
Note: The value-added tax is added to the registration trustee’s fees upon completion of the real estate purchase procedures.
That is the complete information for investing in Dubai land and achieving the highest profit return. It is one of the most profitable real estate investment fields in the Emirate of Dubai.