THINGS YOU SHOULD KNOW BEFORE YOU BUY

There are different rules to purchase property in every marketplace, and this relate to Dubai as well. Foreign investors and starts can only buy property in free hold communities. Fees and rules differ for buying of off-plan properties, transfer of properties / completed property and for residential and commercial properties. For example, residential real estate is VAT-exempt while commercial real estate is subject to a 5% VAT.
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Following regular fees apply on top of the listed price, for buying of existing real estate in Dubai:

• For registration of property approx. AED 4,000 fee is charged (for real estate of value more than AED 500,000 in value)
• Broker or real estate agent charge a fee of 2% for secondary sales & 0% for Primary Sales
• For title deed approx. AED 580 fee is charged
• Dubai Land Department authority charge a transfer fee of 4%

As the market matures the procedure of purchasing real estate in Dubai has become quite smooth and regulated in recent years. A plenty of specialized management services and brokers are at your service, from chasing for the ideal property, to the registration of your property and the constant organization of the property.

How to buy property in Dubai

Foreigners are free to buy real estate that is in freehold areas or selected leasehold, and the procedure of purchasing is comparatively simple.

In 2002, Dubai real estate market was opened for foreigners and that attracted a lot of overseas investor. Foreigners are free to buy real estate that is in freehold areas, which are spread out across emirate. Over time the available number of units obtainable to foreigners has increased due to large quantity of townhouses, villas and apartments currently on sale.

For bringing foreign investment, UAE tax-free status has no doubt played a main role. In 2018 UAE introduced a Value Added Tax, after that residential real estate remained tax free. These properties are either exempted from tax or zero-rated altogether.

An additional bonus for investing in Dubai real estate is that by investing at least AED 1 million in a completed freehold real estate, foreigners and their dependents can get residential visa. The following residential visas are available:

• If you have invested AED 1 million or above in property than you are eligible for 3-year renewable visa
• If you have invested AED 5 million or above in property than you are eligible for 5-year renewable visa
• If you have invested AED 2 million or above in property and you are over 55 years in age than you are eligible for 5-year renewable visa

The procedure of purchasing a real estate is simple. It is must to have a valid passport for the foreign buyer – a resident visa is not required. The buyer can work directly with the developer or local real estate agents to locate the right land and finish the essential procedure.

According to most consultants, it takes 30 days to complete the regular property transaction in Dubai, from the day on which the contract for deal was signed.

What is the right choice?

Dubai presents a wide variety of townhouses, villas, and apartments for sale in freehold areas, with many communities and developers to select from.

Below are some things and criteria to consider before getting started:

Townhouse/Villa or Apartment?

Residential apartment buildings are mostly along the main highway, such as near the coast in communities such as Jumeirah Lake Towers, Dubai Marina, Jumeirah Beach Residence and Greens. There are quite limited numbers of villas located near the coast and are not available for sale.

Townhouses and villas are mostly along inland from the coast such as Springs, Meadows and Emirates Hills. There are also many other villa communities such as Jumeirah Village Circle, Dubai Sports City and Arabian Ranches. Multiple inner communities such as Dubai Motor City and Jumeirah Village Circle also host several apartment buildings.

Ready-to-move in or off-plan?

Usually both villas and apartments are obtainable as off-plan investment at reasonable prices. The developer will normally show a floor plan available unit and a plan for overall community. Some developers have show villas and flats available to exhibit the kind fit out and space can be expected.

Some factor of risk comes with off-plan properties. For example, delays in handover and delays in construction are quite common these days. With various schemes on offer from different developers, costs for off-plan real estate are normally attached to the development of construction. See more details about pitfalls to keep away from it.

An investment for family home or to rent out?

If an investment is planned for rent out than use tools such as (Dubai Land Department’s Rental Calculator and Property Monitor’s Rental Index) to check the latest rental yields of different communities. Also consider the built age of villa or apartment because it can impact the resale value.

If an investment is planned for a family home than location of the property is the main thing to consider. Moreover, consider things like:

• Rush hour traffic
• Closeness to place of work
• Closeness to schools of choice
• Availability of parking in the community. Parking is a precious facility in communities such as JLT and Dubai Marina. Check the availability of free and paid parking within community and check the number of parking spots in the property.
• Compulsory rules by the community. Some apartment buildings or communities can force problematic rules such as regulations regarding independent handymen or restrictions around the usage of service elevators. Some villa communities enforce restrictions on the type of renovations that can be conducted.
• Closeness to public transport service. In Dubai public transport includes the Dubai Tram, Dubai Metro, and a network of busses.
• Closeness to nearest parks, clinics, and supermarkets
• Quality of maintenance and Cleanliness of the community
• Community Service or Maintenance fees. These charges cover up the salaries of security guards and maintenance of the community, maintenance, and cleaner staff. The charges are usually calculated per square foot, bigger possessions require more fees. Some developers charge the payment directly on an annual basis, while some charge on a quarterly basis.
• Facilities presented within the community such as swimming pool, ballroom, gym, children’s play area, etc.
• Fees for use of air conditioning. Some communities charge a minimum monthly fee despite of whether air conditioning services are used or not.

Importance of the Community/Developer

Explore the community or developer online to be aware of the projects they have done, any notable delays in delivering projects, quality of maintenance in the community and reviews of people currently living in particular communities. This can be mainly helpful in determining how complete some of the newer communities are, in terms of supermarkets, electricity and basic facilities for water.

Some of the main developers in Dubai include Nshama, Damac, Nakheel, Meraas and Emaar, to name a few.