Why Indo-Canadians People Buy Property in Dubai
Investing in real estate abroad can be a rewarding and exciting adventure. Many Indians in Canada are now thinking about buying property in Dubai. They like Dubai’s real estate market because it’s growing, and the economy there is good. Dubai is an ideal place to invest in property for people focusing on profit and a luxurious lifestyle. In this guide, we’ll explain why they’re doing this and give helpful information about how to do it.
Let’s start with a comparison of property prices and the reasons why Dubai is a preferred destination for property investment over Canada:
| Aspect | Canada | Dubai |
| Location | Varies by city and province | Varies by area, with prestigious district like, Dubai Marina and Palm Jumeirah |
| Property Type | Apartments, Single-family homes, Condos | Luxury Villa, high rise apartments, townhouses |
| Price range | Single-family homes: CAD 1 million to several millions dollars | Luxury villas: AED 5 million to over AED 20 Millions |
| Condos and apartments: Varies by area | Apartments: AED 1 million to several millions |
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Be aware that the money you use (Canadian Dollars or UAE Dirhams) affects how much things cost. The real estate market condition and how the economy is doing can also change the cost of properties in both countries. It’s important to conduct in-depth research and consult with local real estate experts when considering a property investment in either Canada or Dubai.
Reasons for Buying Property in Dubai:
- Economic Stability:
Dubai offers a politically stable and economically robust environment, making it a safe investment choice for Indians in Canada.
- Tax Benefits:
Dubai is known for its low tax system of government. Property owners are not subject to real estate income tax, capital gains tax, or estate tax.
- High Investment Potential:
Dubai’s property market has shown consistent growth and offers excellent value for money, with affordable properties and high rental returns.
- Easy Buying Process:
Property transactions in Dubai are relatively straightforward, and foreigners do not require a resident visa to own property.
- Visa Opportunities:
The Dubai government offers investor visas, allowing property owners to sponsor their spouse and children, providing a path to residency. Also Dubai offers a unique and most demanded visa opportunity known as the Golden Visa. This program allows property investors to secure residency in the UAE. Depending on the investment amount, investors can obtain a visa with durations ranging from 2 to 10 years.
- Vastu Principles in Dubai Villa Design:
Many Indians consider Vastu-compliant villa design in Dubai due to its beneficial principles. Vastu Shastra, the ancient science of architecture, focuses on creating harmonious living spaces. Key principles include:
- Proper orientation of the main door.
- Avoiding dark colors in living rooms.
- Room placement considerations.
- Kitchen design and location.
- Proper lighting and color choices.
By integrating Vastu principles into villa design, Indians in Canada can promote positivity and balance in their Dubai properties.
Types of Properties in Dubai:
Dubai offers a wide range of property types to suit various preferences and budgets. These include:
- Freehold Properties:
These properties provide full ownership rights and can be freely sold, rented, or inherited without state consent.
- Commonhold Properties:
Commonhold properties are units within larger buildings, offering the same rights as freehold properties but often managed by developers who charge service fees.
- Usufruct Properties:
Usufruct properties involve a long-term lease arrangement, typically lasting up to 99 years, where you can benefit from the property but do not own it.
Popular Locations for Property Investment:
Some of the mostly demanded areas for property investment in Dubai include:
- Dubai Marina
- Palm Jumeirah
- Arabian Ranches
- Downtown Dubai
- Business Bay
Cost of Buying Property in Dubai:
Property prices in Dubai can vary widely, but on average, residential prices range from AED 900 to 2000 per square foot (it may vary). The cost of purchasing a property also includes additional expenses such as government fees, mortgage registration fees, and ongoing service charges.
Buying Property in Dubai Checklist for Canadians:
Here’s a checklist for Canadians looking to buy property in Dubai:
- Conduct thorough research on the Dubai property market, including approved developers and investment trends.
- Find a professional real estate agent to assist in finding the right property based on your requirement.
- In order to meet the legal aspects during the purchase process you can hire a local lawyer for guidance.
- Ensure you have paid a deposit and signed Memorandum of Understanding or a Sales agreement as a commitment.
- Settle all outstanding fees and obtain a No Objection Certificate (NOC) from the developer.
- Visit the Dubai Land Department to transfer ownership and receive the title deed.
Wrap up
Indians living in Canada are increasingly drawn to Dubai for property investment due to its economic stability, tax benefits, high potential for growth, and straightforward buying process. With various property types, popular locations, and Vastu-compliant design principles, Dubai offers a wealth of opportunities for real estate investors. Whether for personal use or investment purposes, Dubai’s real estate market continues to attract buyers from around the world, including Indians in Canada.
