Luxebook November 2022

Los Angeles Dubai capital gains tax, making it the best city to invest in real estate. The only payment owners will carry out will be the one-off property transactions and registration fees. Buying and selling property in Dubai is a much easier process compared to any other city in the world thanks to the government of UAE government rolling out measures to make the process simple and convenient especially for emigrants. And although buying property in Dubai is seen as a better option, the rental-market continues to boom because of the rampant tourism. Like LA, Dubai is one of the top tourist destinations in the UAE. Annually, the city attracts as many as 17 million people, with a stable market despite the pandemic. According to Dubai Economy and Tourism (DET), there were as many as there were as many as US $5.5 million tourist visits despite the pandemic; during the first seven month of 2022, the DET reported 8.1 million international visitors. In such, renting out homes or providing Airbnb services is just as much a viable option in Dubai, helping homeowners earn great profits on their investments. With the advent of the short-term rentals market, property owners are now presented with the option to gain a good return on their property that exceeds a 6% net rental return. The quality of life in Dubai is another promising trait of the city. Dubai excellent quality of life, worldclass infrastructure, top-quality dining venues, beautiful natural locations, connectivity, and state-of-the-art entertainment and recreational facilities, are what make the city such an attractive spot for international buyers. Factors to keep in mind while investing aboard While investing overseas does seem attractive to many, it doesn’t come without a word of caution. If you do decide to invest overseas, it is imperative to follow the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India guidelines which state that $250,000 per person is the upper limit that you can invest in a year and your property price can’t exceed that. Another thing to keep in mind is the income tax implication on the returns and investments you make in the global market — it is a mandate to by the tax laws of both India and the country you are buying the property in. “Large township offerings, luxury condominiums, villas, second homes or holiday homes, and luxurious plotted developments are ranked as some of the most wanted luxury properties,” quoted Mr. Sudeep Chandran, Co-Founder and COO, YOURS Second Homes. 22|L U X E B O O K|N O V E MB E R 2 0 2 2 N O V E MB E R 2 0 2 2 |L U X E B O O K| 23

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