I have a few questions about purchasing a flat/apartment in dubai.. Do i have to get a residential visa to be able to purchase one?
Also how's rental in dubai ? A brief answer would be very much appreciated.
Thankyou!
You will permanent visa (99 years) once you purchase a flat/apartment. You can go there on visit visa and purchase the flat. In some cases you dont have to even go.
Rentals are good. But keep in mind starting price of appx 50,000 UAE dirhams for a studio apartment.
Thankyou Ikram, so I'll be given a permanent visa on purchase of an apartment? I'm not sure how it works. 50k AED is not a bad price, its about the same in Islamabad isn't it?
If an apartment is rented out, can it be managed from here?
It’s 500k not 50k
The rent is continuously going down.
Visa is not at all linked to property purchase.
You can purchase a flat, when on a visit. But buying a property will definitely not entitle you to a residential visa.
The minimum price for a Studio flat is 300,000 dirham.
Yeah 500,000 UAE Dirhams.
Naeem bhai, there are 1000s of people who have bought property in UAE just for the visa. You just have to make sure you buy plot in categorised as one for expats. I personally know few people who have done this.
No visa at all, even buy 10 flats, go and come on visit visa or work there on Iqama like our PM did.
Please do not spread false news. If you are not aware of rules, explore on following links
https://www.thenational.ae/business/uae-property-visas-all-you-need-to-know-1.154431
http://gulfnews.com/property-weekly/visas-for-property-investors-1.1960725
The visa policy was there before so you buy property and you get residency but as far as i know, its not there any more.
Ikram Ul haq, I am living in DXB, that’s how I Know that there is no visa for a property.
Yes agreed with Asif above, I think there is no generally available Permanent Visa. Dubai used to offer temporary visa on property purchase which was not worthy as it had to be renewed every year on paying fee, but even that has been discontinued.
Dubai is relatively safe place to keep money in real estate, and it offers a decent appreciation. Rental market is not very optimistic, but you would still be able to make above average returns. Most important, UAE Dirharm is pegged to US dollar, so your capital is preserve.
Good News regarding the subject:
There are established real-estate developers are now offering villas and apartments with free maintenance and property management.
This makes real lucrative rental income, which is around~ 8% or so.
One of them is beterhomes.