Today, we are featuring a guest post from Christel Silver, Broker/Owner of Silver International Realty!
A delegation 346 Florida Realtors—the largest trade mission to explore Dubai—was invited by the Land Development in Dubai and Century 21 of Dubai to visit and explore Dubai, United Arab Emirates this September.
Preparing & Exploring Dubai
Florida Realtor’s Leadership prepared the Realtors through mandatory cultural workshops and Century 21 offered an online class with an examination to receive the authorization to refer business to Dubai and receive a commission. The education was combined with information about the history of the United Arab Emirates, a 40-year-old country, as well as rules and regulations for sales and rentals in real estate
In my opinion, seeing the architecture in this City was the most amazing experience. Everything is built on sand or water and has a different architectural look.
Dubai is currently boasting the highest building in the world: Burj Khalifa which is 2723 feet high, has 163 floors and 58 elevators with a speed of 10 feet per second.
An even higher building is being built in Dubai. We also visited the Sheik Zayed Grand Mosque in Abu Dhabi, the capital of United Arab Emirates. This City is located on an island in the Persian Gulf.
Dubai’s economy has grown exponentially and so did the value of real estate. The interesting thing about Dubai is that all the numbers and statistics indicate that Dubai will have a continuous economic boost for the next few years.
Infrastructure plays an important role when it comes to property investments, outstanding roads, a 12-lane highway and a speed train being built between Dubai to Abu Dhabi. The City is safe due to rigorous law enforcement.
There is no property tax and no capital gains tax in Dubai (but please understand that you have to pay taxes in the US for worldwide income). There are no restrictions for foreigners owning real estate.
Next year they are having a World Fair, which will be the Middle East's first World's Fair. Dubai was selected as the host of Expo 2020 in November 2013, beating out cities in Brazil, Russia, and Turkey. Under the theme "Connecting Minds, Creating the Future," Expo 2020 will sprawl over 1000 acres in what is now empty desert land near the new Al Maktoum International Airport.
The world's fair will run from October 20, 2020 to April 10, 2021 (to avoid the hot unbearable summer months with 120-degree temperatures and 200% humidity) and will attract 25 million visitors. This fair will open new doors for international relations.
There are many investment opportunities starting at $120,000 to Millions of Dollars. A 1-bedroom condo costing $120,000 could be purchased with 25% down and the developer will finance the rest interest-free over 5 years. They guarantee a 7-8% return and claim to have 100% occupancy. The management for the rentals is paid by the tenant in Dubai, so there is no additional fee. The rental income will help pay off the loan.
Safety in Dubai
In the United Arab Emirates, alcohol and drugs are illegal in public. You can only buy a drink in the hotel bar, and I paid $20 for one beer!
Dubai is considered the safest City in the world. We had 9 agents lose their telephones at different locations, including myself. All were recovered! We were told, not to worry, nothing gets stolen in this country. You can leave your telephone on the dashboard in an open car for days, and when you come back, your phone is still there!
I want to learn more, explore this country and its investment possibilities as well as other global destinations. More global collaboration will grow business, especially in Florida, where 20-24% of all international transactions in the USA take place.
But for all Realtors, broadening your International knowledge will help secure your future income!
Christel Silver is a full-time Broker/Owner of Silver International Realty servicing the East Coast of South Florida. The National Association of Realtor’s (NAR) President appointed her (2010-2014) as the President’s Liaison to Germany, where she grew up and worked at the Justice Department for 17 years prior to coming to this country. Fifty percent of her business is in the International arena. For more information visit http://www.silverhouses.com/.
This post originally shared on PrinterBees' Real Estate Marketing Magazine.