Dubai’s thriving economy, world-class lifestyle, and state-of-the-art amenities are the main reasons for international moving Dubai. The city is a financial hub that features a booming real estate market with record sales and exponential growth, making it a promising investment for locals as well as overseas investors.
However, if you are planning to relocate from Dubai, it is essential to safeguard your valuable investments. While you can manage your relocation with the help of international movers UAE, the management of your property investments may not be that easy.
Tips to Managing Dubai Property Investments While Living Abroad
According to the World Investment Report 2023 (WIR), the UAE topped with the highest foreign direct investment (FDI) inflow, outshining other nations in the Gulf Cooperation Council (GCC). To harness the potential of Dubai’s real estate market, knowing the ins and outs of markets is crucial for expert planning, safely navigating through the risks and challenges, and earning well.
The following will give you insights into how to manage your property investments while residing abroad:
Hire a Property Management Company
As a foreign investor, the first thing to consider is to hire a reputable property management company. A trusted expert will efficiently handle your day-to-day operations such as dealing with tenants, collecting rent, overseeing maintenance, and ensuring compliance with legal laws. However, finding a reputable property management company in Dubai is crucial for a seamless experience. Here is what you should consider:
- Look for recommendations
- Analyze company expertise and portfolio
- Consider client reviews
- Check out the company’s track record
- Know the company’s industry experience
- Consider its legal licensing and insurance
- Ask for their property management charges
- Review the tenant selection and rent collection processes
Find a Trusted Real Estate Agent
Finding a trusted real estate agent is another prerequisite for savvy foreign property investment in Dubai. A knowledgeable and competent real estate agent will offer you deep industry insights, develop perspectives, and give valuable advice. The agent will also identify potential investments, oversee your property purchasing and management tasks, and handle legal requirements. The best way to find a trusted real estate agent is to research the agent’s history or consider recommendations from other people.
Know the Investment Laws and Regulations
There are certain real estate laws in Dubai that non-native investors must be knowledgeable about.
One of the most important is the Ejari process, and being unfamiliar with it can lead to many complications for foreign property investors. Ejari is a government-operated program that helps in regulating tenancy contracts and managing rental dispute procedures in Dubai. Investors must register the tenancy contract via the online Ejari portal.
Moreover, you must connect with a Dubai-based representative to manage any legal issues. They can deal with the matter on your behalf, and keep you abreast anywhere in the world.
Optimize Financial Management
No matter which part of the world you belong to, if you are interested in purchasing a property in Dubai, you must set up a local bank account in the UAE. It will facilitate automated financial management: rent collection and property expense payments. Having a bank account may also reduce property transfer fees. But opt for a bank that has a global network, and offers currency conversion and remittance options.
Insure Your Property
Insuring your property in Dubai is critical to protecting your investment and financial future. It may also safeguard you against unforeseen risks and natural calamities. When renting a property, you may consider a landlord insurance policy to manage tenant risks.
Consult a Tax Advisor
Although Dubai has no property taxes for the local residents, you might have income tax obligations in your native country. It is best to consult a tax advisor who can guide you about taxation policies in place.
Use Online Platforms/Apps for Property Supervision
In this age, keeping pace with technology is important. Digital tools can help you efficiently manage your property’s performance, income, and expenditures. Ask your property manager about any online platform that may provide real-time updates, and inspection reports. This will secure your investment while you are away, and enable you to make informed decisions. You can also use property management software like Livo, or apps like Happy Tenant to help manage your properties if you have rented them out.
Take Away
Dubai property investment can be a life-changing decision characterized by attractive rental yields, low expenses, no taxes, a Golden visa (depending on the property’s value), and friendly government policies. While living abroad, adopting these strategies will equip you to efficiently manage your investments and properties, and benefit from uninterrupted returns.
In some cases, there may be people who invest in Dubai with the hope of relocating to the city. If you are among those, plan for the move in advance. Visit the ServiceMarket website, to compare costs from licensed international movers in Dubai and make your relocation hassle-free.
