Property in Dubai
The construction industry in Dubai is young and at the same time fully formed due to rapid development over a couple of decades.
Demand for real estate here remains very high, which is explained by the country’s favorable investment climate and still high development potential. A property in Dubai is an investment that can bring you a really high profit, so don’t hesitate and purchase now.
A bit of History
The construction sector is one of the key sectors in the Dubai economy. The city, where people from all over the world live and work, is constantly growing and surprising with the scale of projects.
Here you can find everything from small apartments to luxury villas. The choice of housing is huge. The construction boom here began in the 2000s, when a law appeared that allowed foreigners to purchase property in the UAE.
At the same time, the construction industry of the metropolis experienced different times: the crisis of 2009, when the real estate market sank heavily and many projects were not implemented, and unprecedented sales of real estate in 2017.
The pandemic has boosted demand for housing again. For a while, sales of villas were leading the market: a detached residential building with a plot became very popular during times of restrictions on movement.
Now the construction market of this amazing city with the tallest skyscraper in the world continues to develop actively: the population in Dubai is constantly growing, so the demand for real estate remains high.
So, in the first quarter of 2022, the demand for housing increased by 79% compared to the same period last year. New buildings were bought even more often.
Especially intensive is the construction of residential and commercial quarters on the outskirts of the city, although the center has far from exhausted its potential for construction.
Dubai is built by districts: skyscrapers or townhouses with villas. The necessary infrastructure is being designed and built immediately. Almost all housing is rented with a fine finish. At the beginning of this year, construction companies involved in the construction of residential real estate announced a planned 36 thousand properties.
Investors in Real Estate in Dubai Are Protected
Investors in Dubai acquire both secondary housing and off-plan, that is, housing from the developer at the construction stage. The latter is very profitable to acquire, as all developers offer attractive payment plans with interest-free installments.
At the same time, the buyer is protected from possible risks, such as non-completion of construction on time, and delays in the completion of the facility. Developers are controlled by the Dubai Land Department and the Real Estate Regulatory Agency.
The emirate is generally distinguished by a clear legislative framework concerning the construction market. The Land Department registers all property purchase and sale transactions.
Investor funds are stored in escrow accounts, the developer will be able to use them only after the completion of a certain stage of construction. At the same time, the rights of developers are also protected.
How to Find “Your” Developer
- First of all, seek advice from a company that specializes in the sale of new real estate.
- Further, your consultant will offer you a choice of properties from trusted developers in Dubai.
- If you wish, you can additionally study the website and social networks of the developer company, its history, and its reputation in the property market.
- View and evaluate the already completed projects of the company.
- Read customer reviews about the developer.
- View information about the developer in the mobile application of the Dubai Land Department.
Secondary housing is preferred by those clients who move to the UAE or plan to immediately rent it out or are ready to pay 100% of the price of the property. To obtain a UAE residence permit, it is also necessary to purchase a ready-made property in which you can immediately live.
Environmental Friendliness and Energy Efficiency
Another feature of the construction industry of the emirate is compliance with the principles of environmental friendliness and the maximum possible reduction of the negative impact on the environment. Construction meets the requirements of energy efficiency here:
- the initially practical design of housing from the point of view of ecology.
- efficient consumption of electricity.
- reduction of water consumption.
- reduction of generated waste, as well as other requirements.
Real Estate Agency in Dubai
Looking for real estate in the UAE? Visit Ax Capital agency website, where you will be able to get qualified assistance from the specialists. Choosing real estate is a vital task, so make the right choice and enjoy your life in the sunny emirate.