| Dubai property has been a favourite with investors for some time and continues to offer an exclusive location for overseas investment with many benefits. Property in Dubai is always a consideration for any property investment. The future of Dubai is focused upon creating a business and tourism environment, centred on incoming foreign investments. As an attractive investment, there is a tremendous amount of properties to choose from and more than enough reasons why you should invest in Dubai property.
Reasons why property in Dubai is a good investment
- High capital appreciation.
- High rental yields in completed properties.
- Capital Gains Tax = 0%, Rental Income Tax = 0%.
- Business hub of the Middle East ; an increasingly important player in the world stage.
- Future Demand: The Dubai population is set to increase from 1m to 3m, with tourism tripling from 6m to 15m, by 2010.
- Future Supply: Demand-supply ratio is managed to maintain strong growth and returns.
- Very affordable by international standards.
- Excellent quality of property.
- One of the most significant leisure destinations in the world.
- Cosmopolitan global business centre with luxurious facilities and incredible beaches.
Step 1: Obtain a map of the land being transferred from the Municipality
This is only required for the first transfer of the property. Even if the property has been modified since then, a new map is issued to the owner automatically at that time. Otherwise, the parties can conduct this procedure without a lawyer, but will need written permission of the owner to obtain the map at any stage. Two documents are required: (1) Certificate of Land Deed and (2) the trade license.
Step 2: Parties execute and submit an application at the Customer Service Department
The seller and the buyer must approach the Disposal Section at the Customer Service Department together and execute and submit an application. The sale agreement is also issued at this point. All involved parties must be present at this procedure, though a lawyer is not required to be present. The transfer fee is paid directly at the Lands Department (not at a bank) and proof of payment is required to be submitted along with the other documentation mentioned.
The documentation shall include:
Map of the land (obtained in Step 1)
Original Ownership Certificate (to be provided by the seller)
Passports of concerned parties
The trade license of both companies (to be provided by the each party)
Notarized memorandum of association of both the seller and the buyer (to be provided by each of them)
Step 3: Issuance of the Ownership Certificate by the Land Department
This time period is included in procedure 2. One picks up the certificate in person and checks for errors—if there are any, one must return to have them corrected.
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