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How To Buy Property In Dubai From Russia?

Posted by cafedetech on June 29, 2024
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Dubai has witnessed unparalleled growth in the real estate sector. Its iconic skyline, waterfront living places, marvelous designs, lavish communities, and luxury living ambiance make it a hub of luxury real estate. Dubai also welcomes investors from around the globe and offers them their desired residential and commercial real estate investment options.

We all understand that the primary purpose of a real estate investment is to earn high returns and build wealth. Given this, one tries to find the best place to invest where he can invest without any hassle and generate good returns. Dubai’s tax-free environment, luxurious lifestyle, investment potential, and residency visa options motivate investors to consider Dubai for their real estate investments. 

This guide will help you learn everything you need to know as a Russian investor intending to invest in the property sector. Further, if you are thinking of investing in Dubai from Russia, then give it a read to learn about opportunities and the property buying process in Dubai.

The Remarkable Distinctness Of Dubai’s Real Estate:

Government Initiatives

Dubai’s government prioritizes the progress and development of its real estate sector. It strives to untap its real estate potential by creating investment opportunities for local and foreign investors. It has removed a number of taxes, such as income or capital gain taxes, to enhance the allure of Dubai’s property sector. 

It also creates a feasible investment environment and issues long-term residency visas to people who invest in the property sector. These initiates play a crucial role in the progress of the property market.

Luxury Real Estate

Dubai has earned a commendable reputation because of its luxury real estate. Its waterfront living places, modern developments such as Palm Jumeirah, high-end offerings, sustainable projects, and prevailing deluxe and serenity magnify its glamor, enhancing its appeal to foreign investors.

A Plethora Of Investment Options

Every facet of the real estate sector is growing, offering a range of investment options. Whether you are interested in commercial or residential real estate or considering ready-to-move-in or off-plan properties for sale in Dubai, this metropolitan city offers everything. You can purchase villas, townhouses, apartments, or commercial units based on your specific preferences.

High Return On Investment

The ultimate objective of an investment is to earn maximum returns, and this city offers that. The growing population, increasing number of visitors, and investors lead to price increases, causing capital appreciation. So, if you invest in Dubai’s real estate sector, you can obtain a high ROI.

Property Prices Are Comparatively Low

First of all, you have a number of investment options and payment plans to choose the most viable one. This means you can choose to buy property in cash or installments. If you buy an off-plan property, you will have to make a small down payment as an initial deposit. Furthermore, property prices are also comparatively lower than other luxury real estate markets.

Who Can Invest In Dubai?

Both local and foreign nationals can invest, purchase and own real estate in Dubai. The government of Dubai also allows expats and foreign nationals to purchase property and enjoy exclusive ownership rights. So if you are worried about whether you can buy real estate in Dubai as a Russian investor, then your answer is “Yes.” You can explore Dubai’s property sector and take advantage of it by investing there.

The Concept Of Freehold Area:

As a foreign investor, you can purchase property in every part of Dubai. The government has allowed foreign investors to invest in some specific areas called freehold zones. Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Emirates Hills, and Arabian Ranches are some examples of Dubai’s freehold areas.

Can Russians Buy Property In Dubai?

Yes. Russians can buy real estate in Dubai. They can purchase off-plan and ready-to-move-in properties, such as villas for sale in Dubai, to live a luxurious lifestyle or start a rental or commercial real estate business.

What Are The Main Reasons Russians Buy Property In Dubai?

Dubai acts as a magnet for real estate investors because of its advanced offerings and lifestyle. The following are the main reasons Russians buy Property In Dubai.

Global Connectivity

Dubai is located at a strategic location, positioned between East and West, attracting visionary investors from other countries. Furthermore, unlike Russia, Dubai does not observe international sanctions. So, its global appeal and unparalleled growth and development attract Russian investors.

High Rental Yields

The number of visitors increases in Dubai over time, increasing the demand for rental properties and increasing the potential for returns. It offers significant returns. The possibility of high ROI attracts Russian investors to consider Dubai for their investment. 

Luxurious Living

Understandably, Russia also extends a lavish lifestyle for its residents. However, Dubai has become a hub for luxury real estate. In recent years, it has developed countless luxurious real estate projects that increase its captivation, attracting Russian luxury real estate investors as well.

Diversification Of Properties

If an individual owns properties in different regions or countries, he will experience a sense of satisfaction because he understands that economic or political turmoil in one country will not impact the real estate sector of another state. Russian investors invest in Dubai to explore more options for wealth accumulation and reduce associated risks.

Capitalize On A Growing Market

The real estate market of Dubai is growing rapidly. The current pace of development will continue because of its increasing population and a persistent growing number of visitors and investors. Foreign investors consider investing in Dubai to capitalize on its property market, diversify their properties and generate high ROI.

What Are The Requirements To Buy Property In Dubai?

A foreign national can only buy real estate in freehold zones of Dubai. There is no restriction on buying real estate in these designated areas. As a foreign national, you are allowed to buy off-plan property in Dubai and ready-to-move-in properties based on your preferences. You must have a valid passport to buy a property or a villa for sale in Dubai. Furthermore, one will have to prove one’s financial capacity or obtain a mortgage to buy real estate in Dubai, UAE. 

As a foreign investor, you must ensure compliance with local rules and regulations to avoid any legal issues and make a profitable deal. 

Investing In Dubai From Russia:

Identify Your Investment Objective

No matter where you are going to make a real estate purchase, you must identify your objectives or preferences before making any firm step. You must be clear on whether you need to buy a residential or commercial property. Take time to determine your investment goals.

Define Your Budget

Look at your financial means. Analyze your financial capacity and, based on it, find out how much you can safely invest in real estate transactions. If you know your financial limits, you will not cross them and will find properties within a specific range.

Choose Your Property

Choose a property based on your preferences. Notably, you can only make a purchase in the freehold zones of Dubai. While choosing a property, do not ignore the significance of location. Always find a property that is easily accessible and located at a prime location because it will extend high returns.

You can also choose between ready-to-move-in or off plan properties in Dubai based on your financial conditions and other requirements.

If you buy off plan property In Dubai

  • Choose a property that is registered with the RERA
  • Inspect it thoroughly to find out if it needs repairs
  • Upon your satisfaction, discuss the terms and conditions
  • Pay your down payment or initial deposit 
  • After the completion of the project, pay the full amount
  • Get this newly built property registered with the DLD

If you buy a completed property

Find out your property and conduct a thorough inspection

You need to choose a property very carefully. Also, conduct a thorough inspection in the presence of the other party and your estate agent. Discuss if you find any repairs on the property.

Sign the sale/purchase agreement and pay the initial deposit

Negotiate terms and conditions, and when both parties agree, sign the Memorandum of Understanding (MOU) at the registration Trustee’s Office. Before signing, ensure that you have read everything in the contract.

Obtain a No Objection Certificate and transfer the ownership with the DLD

Apply for a NO Objection Certificate to ensure that the property is available for purchase. Then, after paying the required charges, transfer ownership of the property to the DLD. 

Get The Services Of A Real Estate Agent

You should contact a real estate agent and discuss your objectives to make him find the most viable option based on your preferences and demands. A real estate agent can streamline the property buying process in Dubai because he has the right knowledge and skills to make a profitable deal. 

Summing Up:

Dubai’s property sector is known for its beautiful skyline, modern offerings, and a range of residential and commercial investment opportunities. Both natives and foreign nationals can buy and own real estate. However, expats are allowed to buy and own real estate in some designated areas called freehold areas. Russian investors can diversify their investments by investing in Dubai. 

The real estate buying process in Dubai is quite smooth. An investor needs to determine his interests and financial limits. Then, choose a property and analyze its locational benefits. Sign the sale/purchase contract, Pay the initial deposit, Obtain a No-Objection certificate, and transfer the ownership of your purchased property.

Building Wealth By Investing In Dubai: Your Real Estate Partner Is Here

Kelt & Co Realty is a real estate agency that offers the most viable investment options based on investors’ specific needs and preferences. If you are a foreign investor struggling to invest in Dubai, do not worry—we are available 24/7 to assist you and make the best deal. 

FAQS:

Why Dubai Beckons Russian Investors?

Dubai offers tax advantages, high ROI, multiple investment options, and a favorable investment environment. It attracts Russian investors because it allows them to diversify their real estate investments, take advantage of its property sector, and build wealth.

What locations are popular in Dubai with Russian real estate investors?

Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay, and Jumeirah Beach Residence are some of the communities where Russian buyers prefer to invest, mainly because of the availability of modern facilities and their advanced lifestyle.

Should I buy off-plan or ready-to-move-in property in Dubai?

Generally, it depends on an individual’s preferences. If you have a limited deposit and cannot make hefty upfront payments, buying off-plan real estate is the best option. If you intend to move on to your purchased property immediately, consider buying a completed property.

Can Russian investors own 100% of property in Dubai?

Yes. Russian investors can purchase and enjoy exclusive ownership rights in Dubai. They can buy properties in freehold zones of Dubai to acquire complete ownership rights.

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