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9 unbelievable things you never knew about buying condos in Dubai

When you think of a sophisticated lifestyle, Dubai is perhaps one of the very first places to come to your mind. If you are looking to buy a property in Dubai either as an investment plan or for moving there, one would have plenty of options in various budget ranges listed on website. Being the largest city in the UAE, Dubai is also one of the busiest business hubs in the world. So for all those who are looking to buy a condo in this popular city here are some of the things you might not often hear about –

  1. Buying a luxury condo in Dubai is easier than you think. In fact, the purchase of real estate, the background processes and paperwork are much lower in this city than most other parts in the world.
  2. Dubai is a place where you can buy your dream condo with cryptocurrencies. Dubai even has its own official cryptocurrency which can also be used to make real estate payments.
  3. Foreign nationals can make use of the Freehold Law and purchase any property in the freehold areas in Dubai. Selling, renting out or even leasing a property is very easy even if you are not a citizen of Dubai. There are plenty of licensed real estate developers who can help foreigners with the freehold condo purchases.
  4. There are some neighborhoods that are very much cheaper than the others both in terms of the price of property acquisition and the cost of living. Jumeirah Village Circle, International City, and Discovery Gardens are the cheapest and Palm Jumeirah, JBR and Downtown Dubai are some of the costliest neighborhoods.
  5. Dubai is one of those places where the real estate market sees lucrative growth year after year. So if you are looking for the best resale value then this city has plenty of condos.
  6. There are more expats in this city than the UAE nationals. When you buy a condo you are likely to find a neighbor from a different country than a local.
  7. There are plenty of unregulated brokers operating in Dubai owing to the hike in the real estate prices and the growing demand. So if you wish to secure your deposits then you should look for a legally licensed real estate broker to show your condos.
  8. For the sake of investment, Dubai is one of the most profitable cities in real estate. There is no property tax levied on the condos you buy and even if you plan to rent out your condo there is no tax on the rental income.
  9. Traffic and parking are two things that most people do not often talk about when you choose a suitable neighborhood to buy your condo. Remember that uncovered parking is going to be unfavorable in the scorching summer heat. So you would need a condo that comes with a covered parking space. And the traffic is bad almost always in Dubai. So choose a neighborhood that is situated at an optimal distance from your place of work.

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