Foreign investors have become more interested in real estate in various neighborhoods in Dubai. They are especially interested in Business Bay. The residential complexes provide exclusive multi-bedroom apartments as well as studio apartments for sale in Business Bay. Most home buyers make rational decisions based on facts and statistics. However, there are some newcomers to the sphere of real estate who may follow popular myths and prejudices.
The popular myths about Business Bay and Dubai in general
Speculations on the topic of the real estate
1. Real estate in Business Bay costs a fortune and is completely unaffordable.
In fact, it is no exaggeration to say that in Dubai you can find housing for any taste and even for any wallet. For affordable money, you can buy a view from the window of a skyscraper, underground parking, a swimming pool, a gym in the house, and the beach in a 15-20 minute walk or ten minutes by car.
Business Bay offers apartments starting from 179,000 dollars up to 10 million dollars depending on amenities and furnishing included. Prices for apartments right by the sea on an artificial island The Palm Jumeirah start from 3-3,500 dollars per square meter. Approximately the same prices for apartments in apartments by the sea skyscrapers Dubai Marina, the area, which has a number and variety of high-rise buildings reminiscent of American Manhattan. In most houses, along with spacious two-, three, and four-bedroom apartments, there are also studio apartments at a more modest price.
2. It is difficult for a European to live in an Arab country
Those who think that way probably know nothing about Dubai. About 90% of the emirate’s population (i.e. its permanent residents) are immigrants. Many Europeans, Americans, Asians, Indians, Pakistanis, and Africans come here. Many have families and live in the city for many years. The natives (Arabs) have long been accustomed to bearers of other cultures. In addition, Dubai is a major tourist center, and the locals are well aware that the success of the city depends on their attitude to the guests.
This, of course, does not mean that foreigners are allowed everything. Certain cultural differences will have to be tolerated, but no more than in any other country with a different culture from your own.
Only the waterfront real estate can be profitable in any neighborhood of Dubai
In reality, buying an apartment by the sea or not is a matter of taste. Many of those who buy property in Dubai to spend their vacations here go here just for the sea, so they prefer apartments in coastal areas. But there are those who, for example, do not want to live in an area where there are many tourists, afraid of getting tired of constant contemplation of the sea scenery or buy an apartment only for investment purposes – for renting.
There are a number of opportunities for them in Business Bay. There a buyer can select a beneficial option to any taste and budget that will fit the purpose of purchase.
3. Only citizens of the UAE are allowed to own property
It’s no secret that in many countries in the world foreigners are not allowed to buy real estate and make it into their own property. In these countries, buyers have to resort to the help of locals or register local companies, buying a particular property on their behalf. In Dubai, such problems do not exist. Many believe that real estate in Dubai can be purchased only on a long-term lease for 99 years. However, this is not true. Citizens of foreign countries that are not members of the Cooperation Council for the Arab States of the Gulf (GCC) have the right to buy property in Dubai in full ownership.
However, in specially designated areas, in the so-called freehold zones. The list of such zones was established by the ruler of Dubai Decree № 3 of 2006. This includes almost the entire territory of the “new Dubai”, including such popular areas as Business Bay, Dubai Marina, The Palm Jumeirah, Emirates Living, Jumeirah Lakes Towers, Downtown Dubai, and others.
4.Real estate purchase has many intricacies and hidden issues
You’ve probably heard many stories about our compatriots buying a house or an apartment abroad, but then problems arose, and they ended up losing both money and property. Of course, buying property abroad raises legitimate concerns. But there is no need to doubt Dubai’s legal system.
As already mentioned, the authorities are very interested in attracting foreign capital, and for this, the emirate had to create a legal system that guarantees the rights of the owner. The current Dubai law protects investors and buyers from unscrupulous developers and landlords. However, if you are going to rent out a property, keep in mind that tenants are also protected by the state and no one will allow you to run amok. In other words, the local laws will protect you when buying property in Dubai.
Real estate agency in Dubai
Dubai is the city of the future. High skyscrapers, a mass of offices of the world’s leading companies, and a huge flow of tourists speak of its development and prospects. To have real estate in Dubai means to be successful. Moreover, the UAE government has developed a general economic strategy for 2030-2050. So the EXPO is not the only excitement that will attract a huge number of people to the city.
Having no idea about what the procedure of buying real estate abroad is, it is easy to follow the popular myths and speculations. Most of them have nothing in common with reality. To avoid misunderstanding and the idea of complete fraud it is advisable to contact the real estate agency Ax Capital. The professional team will provide updated facts on the desired housing units and help to contemplate facts and statistics.
