A growing trend in the real estate market is that, people who own more than one property are looking at investments abroad. As world travel has become more affordable for white collared workers and business people, global investments are considered a viable option from a financial perspective. Offshore property investments are treated as part of an individual’s portfolio and also as a vacation home for the wanderlust professionals.
For instance, Gia and her husband Lee took off to Peru last summer. They were smitten by the lush green mountains surrounding Machu Picchu and decided to come back every other year. Since the real estate was very affordable compared to California- where they lived, they bought an expansive home in Cuzco which they could partially rent out. The reminder of the home would be the place they could stay when they came back for their holiday. Somewhere on the eastern hemisphere, Larry, a financial advisor figured he can’t go wrong investing in a penthouse in Hong Kong where the real estate is always appreciating. Indian born, British-national Samir decided that although Mumbai will always be his hometown, for all practical reasons Dubai would be his second home. Since he worked hard, barely took a vacation and wanted to meet his family half-way, buying a townhouse in Dubai was his best bet. His family in Mumbai also appreciated this arrangement due to the constraints of their fast-paced life.
Whatever the reasons may be, buying property abroad has its own set of challenges. For one, how does one go about maintaining the property? Should you rent out to individuals or convert it into a serviced property? How much of the local law and taxation do you need to be aware of? What is the optimal size of property you can manage from the city you live in? What are the risks you need to be aware of while buying overseas properties? Who can you trust to guide you in buying real estate in a foreign land? The list is inexhaustible. But, in order to move on in buying your dream house or investing in a property that fetches you high returns, one has to gather information and be knowledgeable about the housing markets around the world. For, all high risk investments are not necessarily rotten apples nor all “safe” investments are free of risks.
Thanks to technology and consequently ease of doing business, today the world is a better marketplace with virtual money transactions, traceability of dealings to the source, international cyber laws, background verification processes and timely market analysis. As e-commerce scales up its growth, plugs are placed to prevent any unwanted activity in the cyber space. Online business is not just limited to tangible things but hugely beneficial to the service sector. From financial advice to medical opinions, the internet facilitates a range of activities that is both, time-saving as well as cost-effective. In real estate, agents and agencies become your go-to people to find out all the nuances of a marketplace. Although many of them visit you at a coffee place or your home, the initial contact is usually established through your smart phone or other mobile devices. Go to any popular property-buying website or an agency website, you will find contact information of someone you can talk to, regarding the local market conditions. The agents will take you through an initial virtual tour of the property, especially if it is a location outside your city. As you zero down on a property that you and your family liked, you may prefer to take the flight and visit the site where you want to invest.
Usually, in a city such as Dubai that boasts of luxury lifestyle, beach houses, villas and bungalows, a property tour by itself is an experience. Driven in a limo, customer delight takes to the next level as agents help you beat the heat and provide you with a firsthand update about the neighborhoods, market, pricing, financing options and buying process. You can visit a specialized property website such as MyVilla.com to specifically find villas in Dubai, a strategically placed overseas real estate market and book your tour. This could be your most-wanted abroad destination that is a great place for family vacations, business meetings, real estate investment and location that is well connected to important cities of the world. As a cultural melting pot, Dubai will make you feel less like a foreigner and more like its welcome guest. So, no need to look any further!