Whether you are a new settler or a permanent resident of Dubai. You must be looking forward to buy property in Dubai. Dubai is regarded as world one of the most iconic places to invest. And gain incredible returns. Dubai’s economic development and infrastructure is widely known. This is why investors from all over prefer to purchase property in Dubai, make sure you go through our complete guide to buy real estate in Dubai.
Despite changing laws and making the property purchase process easier for foreigners. Still, it can be a real challenge for new residents to buy a home in Dubai. The major reason that the UAE government has made the ease is that they want to attract a large number of people from around the globe. On the other side, more than 70% of Dubai’s population resides in Dubai rental home. Although, buying home in Dubai is a much cheaper option than renting.
Whatever your decision is, you must know everything about the real estate market of Dubai. From an investment perspective, you can’t find a much better opportunity to invest other than the Dubai property market if done right. So if you are looking for assistance before investing in real estate.
Search for the ideal property
Dubai is the largest city in the United Arab Emirates (UAE). It means you have limitless options to choose your real estate property. But before you start looking for the ideal property. You must undertake certain critical aspects. Keeping personal interest aside, a few more in-depth considerations come first.
Complete Guide To Buy Real Estate In Dubai
Types of properties for sale in Dubai
If you are interested in buying Dubai property as a foreigner. You have three property options to choose from. As a new settler, you must understand the difference between the three properties types. Following are the three Dubai properties for sale.
Commonhold properties are the most common option for new settlers who are seeking to buy property in Dubai. Under this property ownership, you are required for maintenance and repair. The major benefit you receive under the ownership of commonhold is that you are entitled to buy, sell, or rent the property. In addition, you can pass it to your inheritance.
If you are an investor who is interested to invest in real estate market of Dubai. Freehold properties are the best choice. Similar to common hold properties, freehold properties are allowed to be sold, purchased, and bequeathed to inheritance. Make sure to purchase Freehold Properties from authorized real estate companies in Dubai, such as Time homes real estate.
The third and last property that you can buy in Dubai is Usufruct properties. Generally, these properties are leased for a long-term period between 10 and 100 years. Under this period, you are not allowed to sell, purchase, and bequeathed to inheritance.
Consider your budget
One of the most important factors that you must take into account is to set a budget. Most of the new settlers who are oblivious of the Dubai property market spend the money they shouldn’t. As a foreigner consulting real estate agents can give you better advice. Bear in mind that while looking for property in Dubai, the amount you have to pay is not just the house price or flat. But there are several other fees such as sales progression fees, agency fees, mortgage insurance fees, transfer fees, etc.
Find top real estate companies in Dubai
As a new settler in Dubai, hunting for houses for in Dubai can be fiendishly difficult. A better suggestion is to look for real estate agents in Dubai who understand the laws and regulations of the property market. Dubai is a house of real estate companies. You will discover several companies with experienced real estate agents who can provide you with helpful advice to buy a house in Dubai also with complete guide to buy real estate in Dubai.
While looking for experienced top real estate brokers in Dubai. Make sure they have been associated with the industry for the last several years. Also, they have a proven record of successful buying and selling property. And they are also authorized by the UAE government. Make sure your initial communication with the real estate agent should be positive. And you convey all the necessary information to find the right property.
Watch for properties
Once you have chosen the real estate agent, this is the time to search for properties for sale in Dubai. Get in direct contact with the real estate agent and visit different properties that match your budget and requirement. Dubai is known for its cultural diversity. You will find people from all over the world. And that’s the reason some people are not comfortable with it. The better option is to speak with the real estate agent and inform that about your personal preferences and requirements.
Make an offer
Once you have comprehensively researched the Dubai real estate market and explored different properties. This is the time to make a final decision. First, examine your most liked property from every aspect. Once you have come to the point, decide what you would like to offer. The best advice is to directly involve the real estate agent and quote your price to him. To negotiate the prices involve the broker directly in the matter. Make sure you have a 10% deposit cheque, mortgage pre-approval, and copies of the passport ready if the deal is finalized.
Formulating a contract between the buyer and the seller
Once the deal is finalized, the next step is to formulate the terms and conditions with the seller. Whether you are going to pay with cash or mortgage. You must be ready with it. The major advantage you get while paying with cash is that prices can be negotiated. During the formation of the agreement, you must get assistance from top real estate brokers in Dubai. Also, both parties must be present while formulating the contract. So there is no misconception over the selling price, mode of payment, or any other important factors.
Signing Memorandum of Understanding (MOU)
This is one of the final steps before the property is transferred to you. MOU stands for Memorandum of Understanding, also referred to as Form F. Generally, the real estate agent in Dubai will get the form prepared for you. Also, this process must be processed under a real estate agent for secured property transfer. Under this contract, you will be liable to pay a cheque of 10% deposit in the seller’s name. Also, a 10% fee as a security deposit will be returned once the property transfer is finalized.
Receive the NOC
Once the contract the signed between both the parties (buyer and seller). Now is the time to meet the developer’s office. The developer will only issue the NOC if the property is free from outstanding service charges. As a buyer of a new property, you have to pay a fee of (AED500-5,000 depending on the developer).
Transfer the ownership
After successfully receiving a No Objection Certificate (NOC). You are just one step left from becoming an owner of a property. After that, you will meet at the Dubai Land Department office for the final process. Make sure you have a complete cash or manager’s cheque for property purchase.
Along with other documents, you carry a cheque of 4% of the value of the property as an administration fee.
You are the owner
Congratulations on becoming an owner of Property in Dubai. As an owner of the property, you can now enjoy the incredible lifestyle of Dubai. Our complete guide to buy real estate in Dubai will surely help new settlers in Dubai to explore new locations.