It is believed that the two major sectors that constitute the principal source of income for the UAE include real estate and tourism. Due to the encouragement of the government and the alteration of the law related to real estate, the real estate industry has greatly expanded in the recent past. It has also shifted the boom in the real estate market in Abu Dhabi and offered many people new investment opportunities. It has become a favorite option for investing in real estate because capital increases constantly and there are many different objects.
If you are planning to buy properties for sale in Abu Dhabi or invest in Abu Dhabi real estate, here are some benefits for foreigners investing in Abu Dhabi Real estate property.
Why Should Expats Buy a Property in Abu Dhabi
Acquiring a home is very essential in most people’s lives as it is one of the biggest decisions. This is the reason it is a prerequisite for foreign investors to have information on the main benefits that come with ownership of property in Abu Dhabi.
Smooth Buying Procedure
One of the most noteworthy benefits is the simplicity of the process when buying a home in Abu Dhabi as an expat.
Furthermore, an investor, scientist, or entrepreneur possessing a Golden Card also gets a permanent residency for a period of 10 years. However, the project developer that you are considering must be registered with the Department of Economic Development of Abu Dhabi.
In general, the UAE Golden Visa is used by investors who, for some reason, intend to move and make investments in the UAE. The requirements for getting a 10-year license are to invest a minimum of AED 10 million in the country.
Return On Investment
Another advantage that foreigners enjoy when relocating to Abu Dhabi is profitability or the ability to gain more profits within a short period. Meanwhile, the profit from purchasing a property in Abu Dhabi is predicted to be around 7 percent, which of course will depend on the chosen area of the city. It is, however, possible to invest in a project with the existing or potential returns since the function of investment is to yield profits.
High Rental Yields
As a property owner in Abu Dhabi, there are several benefits and one of them includes; high returns on investment. It is not unusual for tenants in Abu Dhabi to pay property rentals with one or two checks in advance at the beginning of the year. Also, you can choose to sell the property and make a lot of money out of it.
Legal Protection
The UAE is seeing tremendous growth in its real estate industry, and key stakeholders are keenly focused on the protection of homeowners. To make sure that no more discriminations occur, the government has equalized the homeownership rights of people who own their houses and those of the people who rent houses. You are however expected to give them a sixty days’ notice if you live in your home and are a tenant, and the tenancy agreement is approaching its end. The landlord also has a right to decline the renewal of the tenancy agreement as it is provided in the Abu Dhabi rental law.
Future Prospects
Presently, the authorities of Abu Dhabi are focusing on the massive development of infrastructure especially for real estate since market demands have increased. Thus, the government is planning to build more residential areas in line with the 2030 plan as a way of attracting more residents to Abu Dhabi.
Higher authorities of Abu Dhabi have desired to create better employment opportunities with the successful completion of some of the long-awaited recreational and cultural facilities. This will in the future result in an annual growth of the population and property derivatives. Some of the projects are the Sheikh Zayed National Museum, Yas Bay, Al Hudayriat Island, Guggenheim Abu Dhabi, and other marine projects such as Al Qana.
Safe and Secure Environment
It is also very important as the United Arab Emirates is considered one of the safest countries in the world. Almost all Persian Gulf states have many unique accolades to their discredit but Abu Dhabi, the nation’s capital, has something special. Among all the emirates of UAE, Abu Dhabi is one of the most popular tourist destinations, hence the government does everything to ensure the personal security of people residing and traveling in this area.
Wide Range of Properties
In Abu Dhabi, investors can rent both furnished and non-furnished properties. Apartments range from small villas to studio apartments and any choice you make is always good enough. Under the Law No 19 of 2005 Concerning the Regulation of the Real Estate platforms in Abu Dhabi, only apartments and floors can be owned by expatriates.
Conclusion We have now completed our list of advantages for foreigners who will opt to buy real estate in Abu Dhabi. To search through the various apartments for sale in Abu Dhabi is to find your next potentially lucrative opportunity, you can persevere. Also, take time to refresh on rules for foreigners who want to buy property in the United Arab Emirates if you are an expatriate who wants to buy a house/property in a different Emirate.
