Dubai saw a bumper year for property sales in 2022 with over 97,000 properties changing hands. In 2023, the Dubai real estate industry looks set to only grow further as overseas investors are increasingly attracted to the lucrative opportunities.
Despite the economic outlook globally, individuals have continued to invest in Dubai in the past 18 months, which boosted the market. Let's take a look at key reasons why investing in property in Dubai is so appealing to foreign investment.
The UAE offers various incentives, including the Golden Visa program, to entice investors from around the world to relocate and establish their businesses in the country. The golden visa is a longer-term residency visa available to those in key industries, and to those who own property valued at over AED 1 million.
If you want to apply for a mortgage as a resident in Dubai you can borrow up to 80% of the property value if the property is under AED 5 million.
If you are buying as a non-resident buyer, you can mortgage 60% of the property value.
Dubai offers the advantage of a non-taxable income, making it an attractive destination for individuals. This applies to property investments as well, where you won't have to worry about investment taxes. The zero investment tax policy ensures that you only need to pay for your property without any additional tax burdens.
If you are not fully resident in the UAE, you may be liable for taxes in your home country if you buy a property as a non-resident buyer. Speaking to a financial advisor can help you establish any tax implications.
Dubai boasts a world-class business infrastructure, aligning with its status as a prominent global business hub. The government has taken significant steps to establish free zones located across the city. These free zones act as hubs, specifically designed to attract foreign entrepreneurs and businesses to grow their operations.
There are differing requirements to arrange a mortgage if you are self-employed and want to buy a property.
If you want to start the process to arrange a mortgage, use our digital mortgage platform. Holo's mortgage advisors are on hand to answer all your questions and will give you an overview of the documentation you will need to provide. Don't worry you can share all your documents via our online portal when you apply for a mortgage, and we'll do all the hard work for you.
12 months of sunshine appeals to most of us, even if the temperatures can soar in Summer. Dubai's convenient location makes international travel escape the heat another perk of living in the city for long-term and full-time residents. Dubai's cooler months see increases in global tourists so investing in property as a holiday let can prove lucrative.
If you are thinking about buying a home as an opportunity to make rental income, you can also mortgage a property. Holo has access to over 500 mortgage products in the market so whatever reason you're looking to invest in property, we'll find the best rate and the right product for you.
To get started it's a great idea to use a mortgage calculator. It will help you understand how much you could borrow towards a home or investment property.
Got a question we haven't covered here? Check out our mortgage frequently asked questions.