The cost of buying property in Dubai is considerably lower than purchasing real estate in other big cities in the world. This is according to a recent report by Knight Frank, which revealed the United Arab Emirates (UAE) is a far more cost-effective country to invest in than metropolises like Hong Kong, Singapore and London. According to the Cost of Buying report, revealed in Emirates 24|7, new-build residential real estate in Dubai is nearly six times cheaper than the equivalent property in Hong Kong, while also as much as five times less expensive than those in Singapore. The property specialist states the lower cost could be down to cheaper registration and legal fees. Knight Frank reported that Hong Kong is the most expensive place to buy a property, the news provider revealed, as a result of non-residents having to pay 25% of the property’s value for a $3 million (£1.97 million) home, which is made up of stamp duty and a tax for non-permanent residents buying property in the city. Following behind Hong Kong in the report is Singapore, with costs of 19.3% levied on a $3 million home, while London is the third most expensive with purchasing costs of 7.9%. Dubai came in tenth place in the listings, with buying expenses of 4% on a property valued at $3 million. Investors are increasingly learning about the great deals that can be found in Dubai, with properties in the UAE region continuing to prove extremely popular. Indeed, last month Select Property revealed it has sold 90% of its West Avenue development in Dubai Marina just five months after it was launched.
Posted on: Thu, 04 Jul 2013 14:18:00 +0000
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