Absence of maintenance taxes, taxes on buying and selling, as well as inheritance makes Dubai a paradise for foreign investors. Real estate in Dubai for investment requires only registration fees that are often paid together with the utility charges. Entrepreneurs and people who desire to relocate to the heart of the UAE are free to choose any residential or commercial property. After purchasing they obtain the right to sell, conduct maintenance works or rent their purchase. Still, making investment when buying is not the whole thing, householders should think about the ongoing property maintenance. How much do you have to spend and will you manage to balance your expenses? It is high time to figure it out.
Taxes on property in Dubai for owners
The government excluded taxes in the process of buying, but it introduced an annual payment. This is the established sum of money for general building maintenance the property owner has to pay. It is obligatory for everyone. As a rule, the bill includes charges for the following services:
- Maintenance of the common area
- Keeping cleanliness
- Working condition of technical devices
- Future or potential massive repairs
- Outside and inside facilities
The rate for keeping an apartment in Dubai
The services and their cost vary and depend on the developer. No matter whether you cooperate with the public or private developer, there is no established universal norm. The rate for keeping an apartment in Dubai ranges from 3 to 30 dirhams ($0.82 to $8.17) per month per square meter. The rate depends on many parameters: it depends on the area, on which floor the apartment is located, whether it has a balcony or terrace, and so on. Besides, the square footage and the return rates also influence the payment for the specific project.
The utility bill depends, among other things, on the type of housing. In villas with air conditioning and a swimming pool, water consumption, especially during the dry months, will be many times higher than in an apartment.
The UAE utilizes the system in which the costs will be taken from your bank account automatically. Property owners do not need to draw up a report or visit special institutions, everything will be done for you. Pay attention that these charges are to be covered beforehand, it means the costs will be taken for a year in advance.
Housing and communal services in Dubai
The system of covering housing and communal services in the UAE is clear and understandable. The total sum depends on the square footage, meter readings, and the number of people living in the apartment. Because of extreme heat, Dubai uses central air conditioning.
Now let’s examine specific features with particular attention:
- To have access to the resources supplies, like water, gas, and electricity, the owners enter the names into the contracts.
- Bills for electricity and water are paid only by the foreigners. The citizens of the UAE are not required to pay until they do not overcome the norm of resource spending. In case of overspending, they will have to pay taxes.
- There is no central heating in the UAE. It is no surprise considering the high air temperatures even in the coldest winter month. Instead they built a centralized air conditioning. Such a sensible approach saves the budgets of citizens and foreigners.
- No obligatory property insurance is required. The average insurance cost starts from $200 per month and is applied according to the needs and desires of the owner.
The key outcomes on the maintenance costs
Obtaining a luxury and stylish apartment, you have to be ready to constantly keep the house in a perfect shape. It requires some investment. Explore Emirates.Estate, look at the offers, compare the prices, and contact a qualified team.
As you see, the total sum of housing and maintenance services differs and depends on many important factors. You will spend hours surfing the Internet and searching the most beneficial variant in terms of low maintenance fees. Why spend valuable time when professionals from Emirates.Estate are always ready to help.
Investing in real estate in Dubai is a serious decision. Make sure you do the correct step.