Dubai is not a trending place for most foreign investors and expats. They choose the emirate as a place of permanent stay mostly because of a robust economy, political stability and comfortable atmosphere. However, purchasing housing in Dubai is not only a good opportunity to find a comfortable place for living or vacationing, but to generate a stable income from leasing as well. The residential complex under construction Bluewaters Bay in Dubai is suitable for both options. Apartments in the upscale project will be developed with involvement of famous designers and talented architects to deliver premium quality.
Renting out apartments in Bluewaters Bay is the most profitable way of earning money. Still, does such an approach have some downsides? Let’s find it out.
Profits of buying rental property in Bluewaters Bay
Buyers should keep in mind that the residential complex is scheduled to be delivered for 2027. It means that by purchasing apartments now, a foreigner makes a long-term investment.
Off-plan properties in Dubai purchased for future leasing have a number of excellent prospects and beneficial features. Among the most significant we can highlight the following characteristics:
- The apartments are located in a convenient location.
Bluewaters Bay is located in the most luxurious neighborhood Jumeirah Beach Residence. Property in JBR is the most expensive in the emirate of Dubai. Most residential complexes are built on the shore of the Persian Gulf and offer breathtaking views from the panoramic windows. Bluewaters Bay stands close to the city center, near the subway, has well-developed transport infrastructure as well as many restaurants and stores. Therefore, apartments are in demand among tourists and expats.
- In the low season, the load is provided by business travelers and local residents.
Dubai and the UAE in general are characterized by constant flow of tourists due to the warm climate. High and low seasons in terms of rent are vague concepts. However, foreign businessmen and expats travel to Dubai irrespective of the season and all of them have some place to stay. Exclusive spacious apartments in the new delivered complex could not be better suited for such occasions.
- No need to make repairs, you can receive income immediately.
Apartments in the residential complex are delivered with full-furnishing and stylish décor. It makes it possible for tenants to move into an apartment upon finishing the project and accepting property by the owner.
- Comfortable tax policy.
The UAE provides no income tax and property tax. So, ownership of property and renting it out do not entail any tax consequences for the landlord within the jurisdiction of the UAE. The payments from tenants may be used for paying mortgage, covering maintenance fees or personal needs of the homeowner. However, it should be understood that the property owner is responsible for its proper maintenance and must pay the maintenance fees set by the property management company.
Downsides of buying rental property in Bluewaters Bay
Purchase of rental real estate is subjected to low risks. Your ownership of property in the residential complex will provide an opportunity to live there in case of necessity.
Investing in off-plan property requires some time to pay off. An owner or tenants cannot move in an apartment right now. For those investors who are looking to get income as soon as possible, such an option would be inappropriate.
According to the legislation of the UAE, a homeowner cannot simply evict a tenant. There are several cases in which this is possible. A landlord can make the tenants move out in the case of major repairs or renovations, for personal residence, or when the landlord wants to sell the premises. In either case, you must give the tenant a notarial notice.
The outcomes
Foreign real estate magnetically attracts wealthy investors. Some want to get a stable income from the rental of the object, others plan to use the housing for living, others are looking to create an alternate airfield outside the native borders. Bluewaters Bay in Dubai provides housing to meet all of the above-mentioned needs. Looking for a profitable apartment in the complex, it is recommended to contact the real estate agency Dubai-Property.Investments. The specialists will offer immediate help in selecting a perfect property and performing the deal.