How easy is it to buy a property in Dubai
It is very easy and there is little bureaucracy involved in the process. In Dubai you can buy a property off plan, usually with no extra fees such as stamp duty.
What does off plan mean
Buying off plan is when a property is been purchased before it has been built.
You will usually be able to see models or architects layouts/plans. This means that the property can be purchased at the lowest price, with a build time generally from 1 year up to three years depending on development, whilst your property is growing in value.
Are there any legal costs
There are no legal costs involved as lawyers are not generally required to represent the parties and your contract of sale is directly with the developer. However if you do wish to obtain legal advise you are free to do so.
Rental Yield
Currently in Dubai there is a very buoyant rental market providing yields of 8-15%. At the moment demand out weighs supply and with the population expected to double by 2010, demand should remain high for the foreseeable future. An added advantage in Dubai is that the rent is often paid annually in advance and is tax free.
Can I rent my property out
Usually there is no problem renting out the property. Your contract will clarify this, at the moment there is a large demand for rental properties in Dubai and growing number of reputable rental agents.
About the developers.
There are a limited number of developers in Dubai. Ultimately, each developer is overseen by the government and therefore does not have any risk attached to them. You must remember that this is a country that wants to increase tourism and reputation. The government will not accept workmanship that is not to the highest standard.
Freehold
Most developers are offering free hold properties in Dubai, which the developer’s sales contract will confirm. Freehold properties are attracting huge overseas investments. Properties are offering a very high standard of living, amenities, services and good return on investment.
How can Finance be arranged
Finance can be arranged through financial institutes in Dubai offering Mortgages to foreign buyers. Finance in Dubai can be obtained for up to 70% of the developer’s original price, with terms of up to 15 years and interest rates ranging from 6-8%. You can also obtain a UK mortgage for properties in Dubai through such banks as HSBC and Barclays.
Can I visit my property during construction.
It is possible to visit the area to see the work in progress, although for safety reasons you may not be permitted to go onto the site itself. Developers will usually notify you before completion so that an appointment can be made for you to see the completed property and compile a report on any defects before handover.
Will I get the title deeds
The new law has been passed which means that foreign owners can have their title deeds available for collection in due course.
What type of residency visa is received upon the purchase of freehold in Dubai?
The residency visa is arranged by the developer and is usually a 3-year renewable visa. It does not normally include a work visa. It is purely to allow the owner and his immediate family to reside here without needing to renew transit visas.
So what is the next step…
Contact us and we will be happy to assist you with your enquiry.
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