A Simple Guide To Buying Property In Dubai, UAE
A Comprehensive Guide To Buying Property In Dubai — Syed Faraz Ahmed Rizwan
For first timers, the process of buying property in Dubai can be daunting. The whole world follows some rules and regulations when making real estate investments. The same applies in Dubai real estate too.
Land Registration Procedure Dubai, UAE
According to the Land registration law in the Emirate, you can purchase real estate anywhere in Dubai if you are a UAE or GCC citizen. Under the same law, foreigners can also capitalize in Dubai real estate sector but only in zones designated for foreign property ownership.
So what legal steps to follow when making real estate investment in Dubai? Let’s take a look.
BASIC LEGAL STEPS OF BUYING PROPERTIES IN DUBAI
Whether you are buying a luxury apartment or an off-plan property, the procedure of purchasing a property in Dubai is reasonably straightforward and simplified. There are 4 legal steps that you need to follow when making real estate investment in Dubai.
1. Establish a seller and buyer agreement
Once you have found the right property to invest in, the head step is to negotiate. Outline the sale terms with seller. Negotiation is the biggest advantage you get when buying property on cash. Avail it. You can do it yourself as well but for the best possible outcome, hire a real estate agency. Professional real estate agents make sure that there are no uncertainties between you and the seller over the selling price, mode of payment and other considerations that might affect you.
2. Sign the agreement of sale
The second legal step of property buying process in Dubai is signing the Memorandum of understanding (MOU). MOU is normally called Form/Contract F and is available at Dubai Land Department website. When you hire us, we take care of getting the contract ready for you. When the contract is ready, both the seller and purchaser will sign it in Registration Trustee office, in front of a witness. Once the property transfer is finalized, the document is returned.
3. Apply for NOC
NOC stands for no objection certificate. A meeting will be arranged between you, real estate agent and the seller in the developer’s office. The purpose of this meeting is to apply and pay for NOC to transfer the ownership. The developer will grant the NOC after determining that there are no outstanding service charges on the property.
4. Transferring of ownership with Dubai Land Department
After obtaining the NOC, you will meet the seller in Dubai Land department office to get the ownership. This will be the last legal step that you will follow in this whole Dubai real estate investment process. For the transfer to take place, make sure that you have the following documents with you when you go to the DLD office;
➦ Price cheque
➦ Original NOC
➦ Signed contract F
➦ Emirates ID, passport and visa.
After this, a new title deed will be issued in your name. And from then you will officially become a property holder in Dubai.
All this can be very confusing and time consuming if you opt to buy on your own. Appointing a professional real estate agent is considered as best in these matters.
Buying a property on mortgage?
The legal steps will slightly vary if you are buying a property on mortgage. Before you sign the sale agreement, a pre-approval on mortgage will be needed. Approval on mortgage is also required from DLD before the application for NOC. This process usually takes time.
CAN I BUY PROPERTY IN DUBAI AND GET RESIDENCY?
The answer is a big YES. You heard it right! Foreigners can get Dubai residency by making an investment of worth AED 1m in Dubai real estate. But there are few terms and conditions to be met through, as far as obtaining the residencies are concerned.
Terms and conditions
➥Property value should be more than AED 1m.
➥Property should be a freehold or residential property.
➥It should be ready-made. So whether you go for luxury apartment, villa, townhouses, etc., as far as it’s ready to use, you are good to go.
➥ In order to get residency, investments in off-plan properties, disputed and leaded properties are not entertained.
➥ Investment in property on mortgage is also allowed.
➥ You are also eligible for residency visa if you have multiple properties of worth AED 1m.
➥ Getting a Dubai residency does not necessarily mean that you got the right to work anywhere in UAE.
➥ Joint ownership is also allowed to get residency.
5 THINGS TO KNOW BEFORE BUYING PROPERTY IN DUBAI
All set to make a real estate investment? Stop! Before you make any further move, just read this article. Below are the 5 most important things that will help you in real estate investment matters.
Number 1: Dubai real estate sector is full of scams
When a lot of money is involved, you cannot just trust any real estate agent that you come across.
Pro tip: To keep your investment safe from all sorts of scams, search now for the leading real estates of Dubai. Hire us because we are the best when it comes to Dubai properties.
Number 2: Why only Dubai real estate?
You should know why you are investing in Dubai.
Pro tip: The primary purpose of any investor when investing in Dubai is to get the maximum possible outcome. This is only possible when you buy through the leading real estate agents of Dubai. So grab your phones and dial our numbers now!
Number 3: Dubai offers many different types of properties
From apartments for sale to villas, from luxury apartments to off-plans, Dubai has all. So before you invest in Dubai, make sure that you have done proper analysis that which property is going to give you the highest ROI, etc.
Pro tip: If you want to spend less and gain more, then browse our off-plan properties portion.
Number 4: Not all areas generate high ROI or are family-friendly
If you are looking for a home for your family or want to buy and then put the property on rent, then decide wisely which area to invest in. This is because all the areas of Dubai do not have all round performance.
Pro tip: Properties at our website are located in the most demanded areas of Dubai. This means that they not just generate high ROI but also are family-friendly.
Number 5: Who to rely on?
The last and the most important thing is to know who is going to escort you through this whole buying process.
Pro tip: Always remember, that an experience Dubai real estate broker is the key to a successful transaction. So for maximum possible outcome, contact us.
IS IT A GOOD IDEA TO BUY PROPERTY IN DUBAI?
10 reasons that make Dubai worthy of your investment!
1. Because of the oversupply right now, Dubai real estate is quite affordable as compared to the other elite cities of world.
2. Offers safe and sound environment for families and individuals
3. Expat friendly polices
4. Tax free income
5. This city generates high ROIs
6. Buy now because property prices are sure to rise in future
7. Offers immense opportunities to entrepreneurs
8. World’s largest business hub
9. Welcomes innovative and new ideas
10. Comprises tons of adventurous places
So are you ready to make your life changing investment through Aeon & Trisl the leading real estate agency in Dubai, UAE.? For the most reliable and trustable local real estate agents in Dubai, Contact Aeon And Trisl only. Come to us for the best Dxb deals.
