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FAQ's
- Who can buy property in Dubai?
- Any investor, expatriate or national can buy a freehold property in Dubai.
- What does freehold property mean?
- A freeholder is considered to be the absolute owner of the land and
building comprised in his title. He enjoys the supreme form of total property ownership.
- Can a freeholder sell his property to a foreigner?
- Yes. There is no provision in the Freehold Property Law which restricts selling of freehold property.
- What kind of visa is issued with the purchase of a freehold property?
- The developer of the property will arrange a three year renewable residence visa for the freeholder. This will not replace work permit. If you already have a work permit the residency will come from that.
- How long will it take to complete a buying process?
- If the fund is ready, it will take no longer than two weeks.
- What is the paper work required?
- The sale agreement between the buyer and developer or seller is the only paper work required to own a property in Dubai. This agreement is a valid document before any court in Dubai.
- What are the fees associated with buying?
- Buying freehold property in Dubai does not incur any survey fees or stamp duty. The only cost is a 1.5% fee for land registration
- How much will be the tax?
- There is no income or property related tax in existence in Dubai.
- Any other expenses the buyer needs to bear?
- An amount as annual service charge is an extra expense that a buyer should consider while purchasing a property in Dubai. This will vary according to the amenities provided by the developer.
- Can non-residents get finance assistance in Dubai?
- Yes, there are a number of financial institutions in Dubai offering assistance to non residents
- How much I can borrow?
- Dubai residents can generally borrow between 70-80 percent of the total cost. Non residents can borrow between 60-70 percent.
- What is the cost of Dubai properties?
- Price ranges vary from project to project. Generally, property price in Dubai are comparatively lower than that in London and New York.
- Can I make changes to my property?
- Yes, if the changes will not affect the construction of the property. However you have to get permission from the developer prior to the work.
- Can I rent my property?
- Yes, you can.
- Is it necessary to get the assistance of a lawyer to buy property in Dubai?
- No. your real estate agent can act on your behalf. But make sure the agent is from a reputed firm.
- What are off-plan properties?
- Off - plan properties are properties that are not yet completed.
- What are the advantages of investing in off-plan properties?
- Off-plan properties are suitable for investors planning on buying to let. During the booking time the investor has to pay only a small amount, generally 10 percent of the cost. The remaining balance is paid during the different stages of the project completion .Meanwhile, the price of property will increase and the investor could see a remarkable growth of his investment.
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