This article is devoted to the purchase of properties in Dubai. It is based on the interview with a specialist in property transactions in Dubai which is an emirate is called the pearl of the United Arab Emirates He is Marcello Arcangeli, the Sales Manager of Emirates Real Estate which is an Italian company having a team of professionals with experience in real estate investments in Dubai. So you are about to receive the advice of one of the most influential and prestigious professionals in the field of real estate investments in the UAE.
Director, Is there any opportunity in Dubai market?
Dubai property market today has got the business opportunities for those who know how to setup their infrastructure quickly in Dubai. Many owners, due to the global crisis, are in crisis and have liquidated and sold their properties. The opportunists captured the moment and made a good investment, which can also be done today but it needs to be fast. Of course, it remains a market that is welcoming a serious partner, professional, capable of managing a profitable investment. We, at Emirates Real Estate, use our structure here to offer a high level of customer service and the best protection, however, for those who decide to invest in Dubai should find a professional and serious partner and the fulfillment of the applicable law.
What makes the great interest in residential property investment in the Arab Estate?
The UAE is one of the richest kingdoms in the world and Dubai is its metropolis that has a secure future as Singapore, Hong Kong or New York. But today, the real estate prices are not the same as Singapore, Hong Kong or New York. To this we add that UAE has no recurrent taxes on property, but a modest 2% of transaction value at the time of purchase. The rental income is not taxable, and same applies to the capital gains from the sale of the property. So in summary, we could say that Dubai property is attractive to current prices, growth potential and a very favorable tax treatment.
The prices of the buildings are on the rise or fall?
Dubai apartments are still in the availability of the developer, a few units per tower, are sold at a price of 2008 before the financial crisis erupted worldwide. It's a different story for the secondary market. You can get a good deal since, precisely because of the global crisis, many homeowners sold their villa in Dubai to pay off their debt. This has resulted in falling prices which reached its minimum in May 2009 and since then we have grown an average price in the order of 30%.
Who are the real estate investors in Dubai?
People with a strong tendency in business to understand what the world and where is the future. People who understand that United Arab Emirates is one of the richest kingdoms in the world with huge potential for growth and development. People have to be fast to recognize opportunities, and know how to seize them. These people have hard-earned money and know how to improve and how to make your money work for them.