Types Of Investment ( Investing in Dubai ):
Investments are of two types and involve both public works and private properties. It has been estimated that 3 billions dollars have been invested for Expo 2020 so far, many to strengthen and develop Dubai’s infrastructures: the hyperloop, the new international airport Al Maktum, the climatization of roads, to name just a few, but also to develop the urban layout: the Expo masterplan or the implementation of the Deira Islands archipelago.
If you were to invest in private properties where to build? Only since 2002 it is possible for anyone, not residing in the city, to buy a house in Dubai. Also, since January 2018 a VAT of 5 % has been introduced on a list of subjects among those hotels and serviced accommodations, commercial buildings, and land (not bare land).
Though, a first sale residential building after completion of construction or conversion is still exempted from it. UAE citizens building their own home will have to pay a 5 percent tax but will be able to eventually recover the money.
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Daria Ricchi is an architectural historian and writer. She is currently visiting fellow at Oxford University, UK.
She has a Ph.D. in history and theory of architecture from Princeton University. She has taught at Princeton University, Yale University, and Parson. The New School, New York.
She published widely in scholarly and non-scholarly magazines (area, casamica- il corriere della sera, Low-Res, Pidgin, Threshold, AA Files).