Abu Dhabi is the capital of UAE city, and has been famous for attracting investors from all across the globe. This decision of investors is derived from various factors such as modern infrastructure, attractive investment policies, and much more. This attracts Russians to invest in Abu Dhabi as well. Who wouldn’t want to take advantage of these benefits? But do you know the step-by-step guide on how to invest money in the property of Abu Dhabi from Russia? If not, then take a look at this guide we have. The blog here consists of a detailed guide on property purchases from Russia in Abu Dhabi.
Why to buy a property in Dubai?
Let’s examine why purchasing real estate in Abu Dhabi is a desirable investment for Russians before getting started.
- Strategic Location: Abu Dhabi is a major business hub due to its strategic location between Europe, Asia, and Africa.
- High Return on Investment: The UAE real estate market is renowned for its consistent returns, which makes it a great option for real estate investors.
- Tax-Free Income: Since there is no income tax in the United Arab Emirates, you can take advantage of tax-free rental income.
- Cultural and Economic Relations: Abu Dhabi is a well-known travel destination for Russian consumers due to its close commercial and tourist relations with Russia.
Conducting Market Research
Before starting with the process of property purchase, you must go through the market research first. This will help you understand the market on a deeper level with its rules.
Type of Property
First, determine the type of property you’d like to purchase in Abu Dhabi, mainly there are two types of properties namely commercial and residential. However, the foreign people can buy property in two designated zones:
- Freehold Zones
- Leasehold Zones
Legal Aspects
Foreigners, including Russians, are permitted to purchase real estate in Abu Dhabi, but they must follow specific rules:
- You have to be 21 years of age or older.
- If you desire complete ownership, the property needs to be in a freehold location.
- Generally speaking, you are only allowed to buy one residential property in your name.
Recognize Your Budget
The location, size, and type of a property all affect its price in Abu Dhabi. Although mid-range options are also accessible, luxury residences are costly. Establish your spending limit and make appropriate plans.
Finding a real estate agent
It can be difficult to navigate the Abu Dhabi real estate market, particularly if you live in Russia. Working with a local developer or real estate agent who can help you navigate the market will facilitate the process.
- Go for a licensed Real Estate Agent: Make sure the developer or agency you choose has a license from the Abu Dhabi Department of Municipalities and Transport (DMT). This guarantees that they are authentic and current with the most recent rules.
- Knowledgeable about International Purchasers: Seek out an agent with prior international client experience. They will understand the procedure and any unique needs of overseas purchasers.
- Examine reviews: To make sure you select a reliable agent, do your homework online and get referrals from other international purchasers.
Find Property to buy
After choosing a trustworthy real estate agent, it’s time to begin your property search. Usually, your agent will show you options according to your preferences, including size, price range, and location.
Location Is Important
Abu Dhabi has several different neighborhoods, each with distinctive features. Among the well-liked locations are:
- Al Reem Island: renowned for its views of the waterfront and opulent constructions.
- Saadiyat Island: A center of culture with upscale real estate and cultural establishments including museums.
- Yas Island: It is a great place for families because it offers leisure activities, shopping, and entertainment.
- Downtown Abu Dhabi: The busy metropolitan center of the city.
Finalizing the Payment options
The most important step in the property purchase is finalizing the payment. Given below are the payment modes you can use to pay money for property purchases in Abu Dhabi:
- Mortgage Options for Russians: Although foreigners can get financing, banks could demand a higher down payment (often between 20 and 50 percent) than UAE citizens. Russian citizens may also think about collaborating with foreign banks that provide financing for real estate in the United Arab Emirates.
- Cash Payment: Since it can streamline the procedure and speed up the transaction, many international buyers opt to pay for their property in cash.
- Currency: The currency rates and costs involved in converting rubles to dirhams should be taken into account if you are sending money from Russia. To cut expenses, use a trustworthy currency conversion service.
The Bottom Line!
If the correct procedures are followed, purchasing real estate in Abu Dhabi from Russia is a simple process. You can effectively navigate the market and locate the ideal property to meet your needs with the assistance of a certified real estate agent. Abu Dhabi has many options for Russian buyers, whether they are searching for a vacation home, a luxury residence, or a rental investment.