Buying a property in Dubai is a goal sought by many investors and those looking for rewarding investment opportunities in the world of real estate, as dubai is considered one of the most prominent global cities that is witnessing continuous growth and development in the real estate sector. In this article, we will explore together the process of purchasing property in Dubai, and take a look at the most important points to consider before taking this important step.”
Steps to buy a property in Dubai
Buying a property in Dubai requires following a structured process consisting of four basic legal steps:
Preparing the Buyer and Seller Agreement:
When you have identified the property you want to invest in, you should contact a trusted real estate agent. The agent will help you negotiate with the owner, determine the terms of the sale, and draw up a buyer-seller agreement.
Signing the sales agreement:
Once all the details have been agreed, a sales agreement, also known as a memorandum of understanding, must be signed. In Dubai, this document is known as “Contract F” and can be found on the Dubai Land Department website, as usually 10% of the property value must be paid upon signing this contract.
Submit an application for a no objection certificate:
To enable ownership transfer, you must request a NOC from the developer of the unit you purchased and after paying the service fee, the certificate will be issued allowing the transfer of ownership.
Registration with the Land Department:
The last step is to submit all the necessary documents to register the property at the Dubai Land Department and this step will take place after receiving the NOC and paying the required registration fees.
It is important that you adhere to the regulated legal steps to ensure the safety of the property purchase process and protect your rights as a buyer.
Documents required to buy a property in Dubai
To get a real estate loan in Dubai, you must submit an application with a bank in the UAE. The real estate loan registration fee that must be paid to the Dubai Property Department includes 0.25% of the loan value in addition to 290 dirhams as a standard fee.
UAE residents are required to submit the following documents to obtain mortgage approval:
1. A copy of the buyer's passport and visa.
2. A copy of the Emirates ID.
3. Proof of current address, such as a rental contract or DEWA invoice.
4. Salary certificate or proof of periodic income.
5. Three to six months bank statement showing the salary balance.
6. Memorandum of understanding for the sale of the property.
7. Title deed of the property to be purchased.
8. A copy of the seller's passport.
9. No objection certificate from the developer.
Banks and concerned authorities are committed to providing the necessary support to residents of Dubai to achieve the dream of investing in their future properties.
Can foreigners own property in Dubai?
Yes, Dubai Properties offers freehold properties to local residents and international investors alike. These properties are distinguished by their diversity and availability in a number of popular destinations in Dubai, ensuring that the needs of different clients are met. Some of the leading residential projects in Dubai Properties that offer freehold properties include:
Real estate investment in Dubai - your complete guide
- Tower One JBR in Jumeirah Beach Residence (JBR), which is a luxury residential tower that offers apartments for sale.
- Residential towers in Business Bay, such as Belle Vue Towers.
- Residential complexes and mixed-use properties in Dubailand, such as Mudon, Villanova, Serena, and Remraam.
- Dubai Wharf projects and residential homes in Dubai Creek.
In addition, anyone of any nationality can purchase property in Dubai's freehold market regardless of where they reside, without having to obtain specific residence permits and for more information, you can contact us.
Real estate ownership fees in Dubai
The basic purchase fee is charged at all DLD registrar offices at AED 4,000 for transactions worth more than AED 500,000, and AED 2,000 for transactions below this amount. This amount is paid in cash according to the agreement between the parties.
As for purchases on the secondary market, the total fee includes a commission of 2% of the property value (paid to the sales agent or broker) and in addition to the NOC fee, which does not exceed 5,000 dirhams, and the transportation appointment fee, which amounts to 4,000 dirhams.
Is it possible to obtain a property in installments in Dubai?
Obtaining a real estate loan in Dubai requires submitting an application to one of the approved banks in the UAE. The real estate loan registration fee that must be added to the amount of the Dubai Property Department is 0.25% of the loan value, in addition to 290 dirhams as a standard fee.
The following documents must be submitted by UAE residents to obtain approval for a real estate loan:
1. A copy of the buyer's passport and visa.
2. A copy of the Emirates ID.
3. Proof of current address, such as a rental contract or invoice from Dubai Electricity and Water Authority.
4. Salary certificate or proof of periodic income.
5. A bank statement for three to six months, showing the salary balance.
6. Memorandum of understanding for the sale of the property.
7. Title deed of the property to be purchased.
8. A copy of the seller's passport.
9. No objection certificate from the developer.
These documents can be provided by the bank providing the mortgage loan, and the financial amount and terms of the loan are determined based on the bank’s estimate of the documents provided and the buyer’s financial information.
Ultimately, purchasing a property in Dubai is an important investment step and requires compliance with the required legal and financial procedures. By taking advantage of the available legal and financial support and following the necessary steps, buyers can obtain a mortgage loan easily and conveniently, and enjoy real estate ownership in one of the most wonderful and developed cities in the world.
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