Buy Real Estate in Abu Dhabi For Expats
In Abu Dhabi, there are many benefits for expats to buy property. It is a safe and secure investment. However, you should take your time and do your homework. This is especially important when it comes to purchasing and selling properties. If you plan on staying in the country for a long period of time, buying a house is a better option than renting.
If you are interested in buying a real estate in Abu Dhabi, you should first determine whether you can afford to make the purchase. A minimum down payment of 20% to 25% may be required. You can also choose to rent out the property to cover the mortgage payments. The amount you can borrow is dependent on your bank. In addition, you will have to provide an employment letter with your salary certificate.
If you have the financial ability to purchase a house, the next step is to find a real estate agent. An agent will help you through the process of determining investment zones. These zones are located in various areas of the city. Once you have made a decision, you can then purchase the property. The property can be purchased off-plan, or all at once. The price of a house in Abu Dhabi depends on its supply and demand.
Why to Buy Real Estate in Abu Dhabi For Expats
If you want to purchase a house in Abu Dhabi, you must first understand the legal framework. The UAE government has changed its laws to be more hospitable to expats. In the past, foreign nationals were only allowed to own property in designated areas. This created confusion for expats, as they did not know what the legal requirements were. In 2005, the government changed the laws to allow non-UAE nationals to buy freehold properties in Abu Dhabi.
The Abu Dhabi government has also acted to ensure that buying and selling of property is more streamlined. It has implemented title deeds to avoid fraud. Additionally, a No Objection Certificate is required to ensure that the property is free of incumbrances. Lastly, it has introduced the Golden Card. This will give you residency in Abu Dhabi for up to 10 years.
The Abu Dhabi government has also worked on increasing the supply of housing in the city. The government is constructing a major infrastructure expansion plan. These plans are designed to encourage growth and bring more people to the city. The 2020 Plan is aimed at creating jobs and bringing in new residents.
If you are interested in purchasing a house in Abu Dhabi, it is a good idea to talk to an agent. Buying a house can be a complex process. You should also consider your job security and the length of time that you will stay in the country.
Although a number of factors are involved in the process of buying a property in Abu Dhabi, it is not impossible to do. With the right guidance, you will be able to make a smart choice. You can also benefit from a rising market.