Дубай глазами инвестора из Узбекистана: что изменилось за последние годы

**Dubai Through the Eyes of an Investor from Uzbekistan: What Has Changed in Recent Years**

Direct flights from Tashkent to Dubai take three and a half hours, and passenger numbers on this route have been rising year after year. Along with tourists and entrepreneurs, capital has also followed to the Emirates: buyers from Uzbekistan are becoming increasingly visible in Dubai’s real estate market, where investors from India, the United Kingdom and Gulf countries had dominated not long ago. Let’s look at what is behind this interest and what an Uzbek buyer faces when deciding to purchase an apartment in the Emirates.

For a resident of Tashkent, Dubai is the nearest major international market with full ownership available to foreigners. A foreigner receives a title deed from the Land Department (DLD), can freely sell the property, rent it out or pass it on by inheritance. Rental income and capital gains are not taxed, and the only major mandatory payment is the 4% registration fee upon purchase. In addition, there is the possibility of obtaining a residency visa: for two years when buying from 750,000 dirhams, and for ten years from two million.

In practice, buyers from Uzbekistan fall into two groups. The first consists of families planning to spend part of the year in Dubai or relocate there: they choose ready apartments in areas with a Russian-speaking environment, schools and convenient transport links — Dubai Marina, JVC, Dubai Hills. The second group is investors who buy off-plan properties with developer installment plans for two to four years and expect price growth by completion or rental income. For both groups, it matters that the initial payment at the construction stage is usually 10–20%, and the money is held in an escrow account under the regulator’s supervision.

Payments in Dubai are made in dirhams through UAE banks. A transfer from Uzbekistan is a workable but preparation-heavy issue: the recipient bank will request proof of the source of funds, and large transfer amounts must match declared income. Opening an account in a UAE bank for a non-resident is difficult, so most buyers make the payment by international transfer directly to the developer’s account or through a trustee office. Mortgages for non-residents are available, but with a down payment of 40–50% and documented income.

The main mistake first-time buyers make is deciding based on a developer’s presentation without checking actual transaction prices. DLD data is public, and a licensed broker can show within minutes how much neighboring apartments sold for. The second mistake is working with an intermediary without a RERA license: such a person is accountable neither to the regulator nor to the client. Large agencies with Russian-speaking and Uzbek-speaking brokers, for example fäm Properties, support the deal from selection to visa processing and explain every document — for a buyer dealing with the UAE market for the first time, this significantly reduces risk.

Dubai continues to expand, and the volume of new supply is large — this is an argument for carefully choosing the area and developer, not for rushing. Those considering a purchase should start by calculating the full cost of ownership: the price, the 4% fee, building service charges and the cost of transferring money. With these figures in hand, the decision becomes calm and well-founded.