What You Need to Know About the Dubai Real Estate Market
— All payments go directly to the developer’s escrow account.
— By law, each project has a separate escrow account.
— Escrow accounts are managed by the Dubai Land Department. They ensure secure handling of funds.
— Payments are milestone-based and Developers face fines from the government if a project is delayed.
— Apartment prices per square meter in city centers:
• New York and London: $17,000
— Dubai ranks 140th globally in terms of price per square meter.
— The UBS Global Real Estate Bubble Index gives Dubai a score of 0.64. This puts it in the moderate risk bracket (0.5-1.0).
— The local currency is the Dirham (AED), which is pegged to the US Dollar at a fixed exchange rate of 3.67 AED to 1 USD. The UAE’s financial systems are linked to the US Dollar. So, a stable exchange rate is maintained.
— Payments to the developer and the Dubai Land Department are accepted in USD. This ensures flexibility for international buyers.
— The only additional costs for international payments are standard wiring fees.