FAQ

What type of relationship does the U.S. and UAE have?

The UAE is a modern, open, free society that welcomes foreign investment. The UAE and United States are reliable allies, with shared security and economic interests. With one of the most innovative economies in the world, the UAE is a dependable and substantial economic partner with the United States. U.S. companies have played major roles in the development of UAE energy resources, which represent about 10 percent of global oil reserves. UAE investment has been a long-term engine of growth for the U.S. economy, injecting capital, expanding market access, creating jobs and contributing to mutual prosperity.

More than 30,000 Americans live in the UAE and more than 750 U.S. firms have a presence in the UAE, from Bechtel and ExxonMobil to Starbucks and Cold Stone Creamery. There are nearly 50 weekly nonstop flights to the UAE from five different U.S. cities (New York, Washington, DC, Atlanta, Houston, Los Angeles).  San Francisco started nonstop service to the UAE beginning in December 2008. 

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If I buy a property in the UAE, can I rent it out?

Yes. Emerald View Properties offers property management services. We will be on your side if you decide to maximize ROI's through rental and will find a tenant for you. The benefit of renting is that your tenant must pay their rent at least one year in advance, so you are guaranteed your rental income. More cash flow, less headache! Rental contracts are for one year with the option to renew. The typical rent for new units purchased is about 12% of the purchase price. So for a $450,000 unit one can expect to receive about $4,500 per month. Rental caps in Dubai are currently 5%.

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What is the UAE currency?

The official currency of the UAE region is the Arab Emirates Dirham (AED or Dhs). The Arab Emirates Dirham is one of the most stable currencies holding constant against the US Dollar at an average of 3.67. This provides stability and security for U.S. investors as the values of their properties remain consistent with the dollar.

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What type of taxes and fees do I have to pay when buying property in the UAE?

There is 0% property tax, 0% capital gains tax, 0% income tax, 0% corporate tax, and zero restrictions on capital repatration when you buy property in UAE freehold or free trade zones. However, you will be responsible for paying taxes on any profits you bring back into the U.S.

Purchase fees are typically a standard 2% contract transfer fee, a low annual maintenance fee, and a 1.5% government fee to register your property and obtain a property title in your name once the unit is complete. Simple and affordable!

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Why should I buy UAE property through Emerald View Properties?

• Emerald View Properties has spent over three years identifying reputable U.A.E. developers and agents.
• Emerald View Properties answers the question, “Who can I trust?”
• Emerald View Properties saves you time and money from having to visit Dubai to meet with developers and agents. We do the hard work for you!
• Emerald View Properties is based in the U.S. and has an office in Dubai, making it easier for you to invest.
• Emerald View Properties’ principals have purchased properties in the UAE themselves since 2005 and possess expertise and a vested interest in the UAE real estate market.
• Emerald View Properties has established relationships with reputable brokers, developers and agents in Dubai & other Emirates.
• Emerald View Properties provides step-by-step client consultation on the purchase process so you feel comfortable and happy about your investment.

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What is the DUBAI STRATEGIC PLAN 2015?

The Dubai Strategic Plan 2015 (DSP), unveiled in 2007 by the ruler of Dubai, is set to maintain double-digit economic growth, achieve a GDP of US $108 billion and increase real per capita GDP to US $44,000 by 2015.

The aim of the DSP is to establish a universal understanding of Dubai's vision among the various government entities and to ensure a common framework for the operations of these entities. The plan serves as a framework under which all government-related initiatives converge to consistently meet the vision and aims set by Dubai's government.
Mission
– Achieving comprehensive development and building human resources
– Promoting economic development and government modernization
– Sustaining growth and prosperity
– Protecting public interest and well being
– Providing an environment conducive for growth and prosperity in all sectors

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Can I get a UAE residency visa when I purchase a property, even though they are no longer guaranteed?

Yes, there is still eligibility for a residency visa if you purchase a property in the UAE. Although developers can no long guarantee them, you can still apply with the appropriate government office. For both Dubai and Ajman, you must make all your payments towards the property to be eligible for a residency visa.

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Will the real estate bubble in the UAE burst?

-On September 28th, 2008, Moody’s, a reputable U.S. credit rating agency, stated that the Gulf States are best positioned in the world to withstand the effects of the U.S.’s credit crisis, due to budget surpluses, infrastructure development, and large foreign financial assets.
-80% of the world’s Fortune 500 companies now have presence in the UAE and such diversification supports the real estate sector going forward.
-Demand continues to outpace supply due to population growth.
-The real estate market in the UAE is based primarily on liquid assets, not mortgages.

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How can I trust the developer?

There are many reputable developers, but also some who have engaged in questionable practices. One of the benefits of having Emerald View Properties assist you is that we assess a developer’s track record and promote only reputable companies. Ultimately, each developer is overseen by the government. Escrow Account laws in UAE require developers to put up performance guarantees. Developers are required to deposit 5% to 10% of the total cost of the project. This is opened under the name of the property development and placed in a special government approved account. The Land Department keeps this until one year after completion or until all units are registered in the names of buyers and title deeds are issued in their names. Developers must also manage the property years after the property is completed.

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Do I get the title deed?

Yes, a deed is issued when the property has been completed. If you wish to resell the property prior to completion, the contract with the developer evidences your legal right, so you can transfer.

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How much is UAE real estate?  Can I afford it?

Emerald View Properties offers residential & commercial properties from mid-market to luxury prices. Whether your budget is under $100K or over $5M, we can make your dream of owning real estate in the UAE a reality. We offer interest free payment plans, and installment plans for your down payment on our featured properties.

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I have heard I need a local sponsor to buy property in Dubai, is this true?

No, in freehold developments, a buyer owns the property and can will it to their heirs and transfer as he/she wishes and local sponsorship is not required.

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Why is there little red tape when buying property?

UAE’s government made a strategic decision to develop the country as business and trade hub over 25 years ago. They also decided to lead the world in tourism. They have succeeded and have become a model for other countries. To increase its population, the UAE has made itself an attractive place to live and buy property. When you buy a property in the UAE, you sign a contract with the developer and this is your binding documentation. There are no solicitor's fees and no tax. You can then apply for a residency visa and if you qualify, you can open a bank account and ultimately trade there tax free!

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