There are a number of factors that need to be considered when looking for real estate in UAE. Some of these are the areas of Dubai, the taxation issues, and Escrow accounts for off-plan units.
Al Qasimia
Al Qasimia is an enclave in Sharjah that has a lot to offer. The city is known for its great properties for family living. There are also several modern shopping malls and parks in the area.
Besides being a renowned area, it is also home to many top-class schools and nurseries. Residents can choose from more than 18 ready-to-move-in projects in this neighborhood.
ASAS Real Estate, the real estate arm of Sharjah Islamic Bank, has launched some distinguished projects in this region. They include spacious apartments and luxury villas. In addition to these, they have recently launched commercial lands.
These areas are well-connected to the main areas of the city. They have good road links to the Dubai-Sharjah highway and also to the Al Ittihad Road.
Business Bay
Business Bay is one of the most sought-after areas for investment in the United Arab Emirates (UAE). This vibrant neighborhood, situated in the central part of Dubai, is a cosmopolitan community with a mix of residential, business, and hospitality facilities. The area is located next to the Dubai Canal, which provides picturesque views of the city. It is a popular destination for a number of international companies.
In addition to being a hub for businesses, this area also serves as a real estate market. The market is characterized by a wide variety of property offerings. You can find residential units, villas, condominiums, and official industrial spaces.
Yas Island
Whether you are looking for a vacation home or an investment property, you will find a wide range of options for your needs in Yas Island, Abu Dhabi. The island is a unique location that attracts both tourists and residents.
Residents can enjoy a variety of activities on the island, including sports, shopping, and upscale restaurants. The island is also a great destination for families. Its proximity to Abu Dhabi International Airport and the UAE's capital city makes it a convenient location.
Yas Island offers a plethora of properties, from villas to apartments. The island also boasts many amenities to rival the most world-class locations.
The island also features a bike-sharing system for an eco-friendly and affordable way to get around. It also has an abundance of parking spaces for both citizens and visitors.
Dubai's Designated Areas
Dubai offers a wide range of investment properties. It has a variety of freehold zones that are popular among investors. However, investors must be aware of the legal risks and understand the local market conditions before they make any purchase.
In 2002, the UAE government issued the Freehold Decree, allowing foreign citizens to purchase property in certain areas of Dubai. This allowed foreign nationals who were over 21 years old to purchase freehold real estate. Previously, real estate could only be purchased by UAE nationals.
Foreign investors must own at least a portion of the property's investment amount to qualify for freehold ownership. The total amount must be at least AED 1 million.
Escrow Accounts For Off-Plan Units
An escrow account is a bank account that holds payments from financiers of a project and from buyers of off-plan units. It is used by developers to ensure that the money is used for the purposes of the project and not wasted.
Escrow accounts are a legal requirement in Dubai. This law is designed to protect off-plan unit purchasers and investors. They are also meant to provide better construction control and more transparency. The law has helped to boost the real estate market in the UAE in the last decade.
The escrow account was introduced in 2007 to address the concerns of off-plan property buyers. To set up an escrow account, a developer must register the project with the Dubai Land Department. Afterward, the developer must open an account with a designated bank.
Taxation Issues
For the discerning investor, the UAE offers a favorable business environment. It is also a world leader in financial services. The country has over 40 free trade zones, each with its own unique customs and tax regimes.
There are also a number of interesting real estate projects being developed in the Emirates. In particular, Dubai attracts more attention than its neighbors.
For those with an eye for real estate, the UAE is a hotbed of global business activity. It is home to major corporations, schools, and international universities.
When it comes to taxes, the United Arab Emirates has taken a very lenient approach toward businesses. Unlike other countries, the government has not imposed a corporate income tax. However, it has made some changes to help businesses avoid paying extra.
