Japanese-speaking? 20 Dubai real estate agents - Review ranking

I'll be honest about the negative aspects of Dubai real estate, but to conclude, it's true that Dubai real estate is profitable. However, this is no longer the era in which foreigners who don't know the rules can easily make money; rather, it means that the market has normalized and we've entered a stage where only those who truly understand the market can make a profit. The term "off-plan" always comes up when discussing Dubai real estate, but the reality is that many people enter the market without understanding whether it's a purchasing method or an investment product. Off-plan means purchasing an unfinished new property, with completion expected in three to four years, in installments based on a predetermined payment schedule. This is a highly speculative system. The most important thing to note is that, in principle, if you fail to complete your payments, you will not get any of your investment back. Salesmen will tell you that your funds are safe because they're managed in a government escrow account, but in reality, you'll only get a refund if the developer goes bankrupt or flees mid-construction, and even then, not all of it. For example, if construction is 50% complete and the buyer has also paid 50%, you won't get a refund. There are no refunds for mid-term terminations or cancellations, and since many developers are state-owned or government-affiliated, the explanation that the money is held in an escrow account is practically meaningless. While it is common to purchase real estate using a mortgage in Japan, bank loans are generally unavailable for unfinished properties in Dubai, even for new buildings being built by state-owned enterprises. This is due to the large number of projects that stalled mid-construction during the past Dubai shock, and the fact that 90% of the population is foreign, and there is a constant risk that they will flee to their home countries if they become unable to pay. Many people have seen photos of Ferraris and luxury cars abandoned at Dubai Airport, but those are the remains of people who have defaulted on their debts and fled the country. This is the reality of Dubai, which can only be understood by living there for a few years. Given this background, it is clear how risky investing in unfinished properties is. For these reasons, off-plan purchases, which involve paying off the property in around 10 installments until completion, are the norm in Dubai, instead of bank loans. While some lump-sum purchases offer discounts, this approach is rarely adopted due to the lack of trust in unfinished properties, and even banks are reluctant to lend money. Furthermore, because it's possible to resell properties before completion for profit, many gambling-minded resale investors entered the market, heating up the real estate market. However, during the COVID-19 pandemic, real estate prices effectively halved in many cases, revealing the speculative and fragile nature of Dubai real estate. Meanwhile, real estate prices in Tokyo continued to rise, driven by the influx of foreign capital. In Japan, tax evasion is less likely to be pursued abroad, creating completely different conditions than for Japanese investors. The biggest advantage for Japanese investors investing in Dubai real estate is actually the tax system. Returning to the topic at hand, many off-plan buyers enter into contracts without the full amount in hand. While this money-game-like investment of reselling before the funds run out was previously viable, the current environment no longer allows for selling properties for more than the purchase price. The days when Dubai real estate was a profitable venture are over. Prices, which fell by half during the COVID-19 pandemic, have now soared to levels far above pre-pandemic levels, necessitating careful purchases. This is because if you are unable to resell your property before the funds run out and your payments fall behind, all payments made up to that point will be confiscated and you won't get a single yen back. While some grace periods are offered, this remains a highly risky arrangement. While off-plan payment plans vary slightly from property to property, they generally require around 10 installments until completion. Once 30% of the property price is paid, the property becomes eligible for resale to a third party. While at first glance this may seem like a buyer-friendly installment plan, in reality, making 10 installments over three to four years for a property worth over 100 million yen is no small burden. This is due to the unique circumstances of Dubai, where banks do not provide loans for new construction. Let's take a step-by-step look at why these payment plans exist.