There are a lot of foreign investors and expats in the city.Changes to the law have made it easier for foreigners to buy property in the country.If you have the finance, you can purchase property.You can get expert advice to negotiate the local laws and regulations.
Step 1: Determine what type of property you are interested in.
Foreign buyers prefer to purchase apartments, townhouses, or villas which are located in secure complexes with communal leisure facilities such as tennis courts, swimming pools and gyms.Since 2002, when foreign nationals first became eligible to own property, there has been a construction boom.Foreigners are allowed to buy property in the area you are looking at.Emaar Towers, International City, and Al Hamra Village are some of the most popular, luxurious and expensive developments.
Step 2: Start searching online.
A good place to start is online.There are many agencies and estate agents that list properties online.Estate agents can be used to buy properties.Resale properties that have been built and have previous owners are sold by estate agents.Developers sell off-plan properties, which are still under construction.
Step 3: Call specialist agents.
If you want help with your search, and want to talk to someone with specialist knowledge about the property market, it is best to work with an estate agent.Estate agents can help you find a home.Big real estate companies will speak English when dealing with foreign buyers.You can avoid potential pitfalls if you hire an agent.If you hire an Estate Agent, you can expect to pay a fee between 2% and 5% of the property's value.You need to check the credentials of people you hire.The Real Estate Regulatory Agency is the regulatory body for real estate.
Step 4: Property fairs are a good place to attend.
The property market is growing fast.A lot of property bought by foreigners is bought from developers who may not have built the development yet.Developers use property fairs to present their work and meet potential buyers.The property fairs are held all over the world, so look for one in a city near you.The developer you are considering should be registered and licensed with the RERA.There is a list of licensed developers on the website.
Step 5: It's a good idea to visit a city like Dubai.
It's a good idea to make a move for a property if you've spent some time in the area.If you are buying a resale property, make sure you view as many properties as you can, and ask the same questions you would ask if you were buying anywhere else in the world.If you're buying off-plan or construction isn't complete, it's a good idea to see similar properties by the same developer.You will have access to paper listings in specialist local newspapers and magazines, as well as being able to attend the property fairs that continue all year, when you are in Dubai.
Step 6: The required ID and visa documents need to be present.
A change in the law in 2002 has made it easier for foreigners to buy and rent property.You will need a valid passport to prove your identity.You don't have to have a residency permit in order to buy property, but if you want to stay there you will need to take care of this.The UEA government has a six month visa for property buyers, called the "Property Holders Visa." This allows foreign investors to stay in Dubai for six months while they investigate investments.The property you buy must have a value greater than 1 million dirham, which equates to around $272,000.You should not be buying as a company.
Step 7: The full costs can be determined.
You need to be certain that you can pay all of the costs associated with the purchase.The purchase price, deposit, transfer fees, estate agent fees and the potential for currency exchange rates to fluctuate should be included in the overall cost of the property.It is advisable to use a lawyer to negotiate all the paperwork.The costs of a lawyer should be included in your calculations.A land registration fee of 2% is likely to be required for a new-build property.
Step 8: You can get a mortgage in this city.
It can be difficult to get a mortgage in the city.Non-status/self-certification mortgages are not available and the amount of red tape and paperwork involved can be off-putting to those accustomed to a less rigorous system.It is possible for buyers to be required to put down between 20% and 50% of the mortgage value in cash.15 years mortgages are the most common in the city.The residents of India can't raise loans for their property.Indian residents can't give a guarantee to a loan from a non resident.The maximum length of a mortgage plan is 25 years.The mortgage repayments must not exceed a third of the net monthly income.It is advisable to get professional advice before taking out a mortgage in a foreign currency.Try to keep up-to-date by consulting local news and the Central Bank of the UEA.
Step 9: A reservation form is needed.
Once you have decided on the property you want and secured all the financing, the first step is to submit a completed reservation form.The basic terms and conditions of the sales agreement will be summarized in this form.You will have to submit your passport with the reservation form.Some developers are still selling leasehold titles.The title is valid if this is the case.Make sure you understand the contract and have it checked by your lawyer.If the property is delayed for any reason, make sure you know what the developer's responsibilities are.
Step 10: The deposit must be paid.
The reservation deposit will have to be paid after the document has been agreed.5% and 15% of the purchase price will be the amount stipulated in your reservation form.If the deposit is not paid before the official sales and purchase agreement is drawn up, developers will charge up to 20% or more.You should make your deposits and payments into a RERA-approved securities account when buying off-plan.As the construction work is completed, these payments are transferred to the developer.
Step 11: A formal sales and purchase agreement is needed.
The sales and purchase agreement is a formal contract.Make sure the date by which the property should be completed is documented in this document.You should have a lawyer look over the contract with you.Make sure that a date for when the property will be furnished is included in the agreement.
Step 12: The deed should be transferred.
You have to transfer the deed to complete the purchase.You will have to pay 100% of the purchase price at this point.You will not own the property until you have paid, so you must have financing in place.The transfer will happen at the Land Department Offices if the property has been completed.The developer's office is where you will transfer the deed if it is not finished yet.You will be invited to inspect the property and highlight any final issues that need to be taken care of.
Step 13: A Memorandum of Understanding is what you should make.
You have to agree with the seller on terms and record it in a Memorandum of Understanding.The document outlines the terms and conditions, including the date of the final purchase.It is a necessary first step to buying resale property.
Step 14: The first deposit should be paid.
The purchaser will have to pay a 10% deposit once the MOU is signed.Unless there is a reason why the seller can't bring the transaction forward, the deposit is usually non-refundable.The real estate commission is usually between 2% and 5%.
Step 15: Obtain the documents.
You can complete the purchase once you have an agreement and financing in place.If you are buying an off-plan development, you will have to pay 100% of the purchase price before the deed is transferred.To do this, you will need to make an appointment at the Land Department and present all the paperwork.The buyer, the real estate agent, and someone from the bank that is financing the purchase may have to attend the meeting at the Land Department.