Buying Dubai properties - the process of purchasing your home in Dubai
Buying property in Dubai is, in many ways, simpler than in the UK or elsewhere. You are not required to have a solicitor act for you when buying Dubai properties but it is always recommended when dealing with foreign laws. Experts in the field will be able to help you find a home in Dubai and guide you through each step, avoiding potential pitfalls along the way.
Finding a home in Dubai
The first thing you must do is find out where you can buy a home in Dubai. Only property in Dubai within zones assigned by the government can be bought. After this you should, if necessary, arrange a mortgage before looking at Dubai properties. Deals tend to be completed quickly and having the finance in place gives you an advantage when buying property in Dubai.
An agent will help you carry out the deal although this will cost you 2%-4% of the value of your home in Dubai. Purchasing Dubai properties entitles the buyer and their family to residency visas.
Buying Dubai properties off-plan
The vast majority of property in Dubai for sale has not yet been completed. Most are not due for completion until 18 months after building begins, but due to the high demand for Dubai properties, this may be the only way of securing a home in Dubai. Typically, it would take a deposit of between 10 and 15% to reserve a property in Dubai and take it off the market.
To protect investors, developers must now lodge a bond for 50% of the sale price of Dubai properties before units can put up for sale.
Paying for your home in Dubai
A series of payments are spread over the construction period. The schedule depends upon the developer but in the vast majority of cases payment must be finalised before completion. You will normally be required to pay installments of between 15% and 20% every few months.
When someone buys Dubai properties from another individual it is referred to as a secondary sale. In these instances you will be required to obtain an independent valuation before being granted a mortgage for your home in Dubai.
If you sell your property in Dubai during the construction period then the developer will be due a re-sale fee. This varies from developer to developer.
Finalising a deal to buy Dubai properties
A completion date will be set and, once the money has exchanged hands, you will be required to sign a purchase agreement.
The final contract/title deed for Dubai properties will be signed in front of a notary and lodged with the lands department. A 1.5% charge will be incurred for this process but there are no other taxes or charges due for the purchase of property in Dubai. You now own a wonderful new home in Dubai - congratulations!
