Are you exploring real estate options in Dubai? Discover answers to frequently asked questions to navigate the Dubai real estate market with confidence.
average AED/sqft
July, 2024
FAQs about property
ownership regulations,
investment opportunities
and legal considerations.
Off-Plan
and Secondary
properties.
Understand rental yields and current Dubai real estate market trends, we’re here to empower you with the knowledge you need.
/001 — Legal and Ownership
Can foreigners buy property in Dubai?
Yes, Dubai allows foreigners to purchase property in designated freehold areas, offering full ownership rights even if you don’t live in Dubai through it’s very streamlined process.
What does 'freehold property' mean in Dubai?
Freehold ownership grants buyers indefinite ownership of both the property and the land it occupies, unlike leasehold properties.
Are there any restrictions on reselling property in Dubai?
Generally, there are no restrictions, but buyers should review sales contracts and comply with Dubai’s real estate laws.
/002 — Costs and Financing
What are the costs associated with buying property in Dubai?
Other than the property payments, additional costs include:
– 4% Dubai Land Department (DLD) registration fees
– 2% agent commissions plus VAT (applicable in the secondary market)
– Various administrative charges, which can vary based on the property’s value and specific transaction details.
Can I obtain a mortgage to purchase property in Dubai?
Yes, banks in Dubai offer mortgages to eligible residents and non-residents, subject to specific terms and conditions. The average rate of interest is between 4.25% – 6.5% however it can vary depending upon your financial profile.
/003 — Taxation and Financial Considerations
Are there any taxes on property in Dubai?
Dubai does not impose taxes on property ownership, rental income, or capital gains, making it a zero tax efficient investment market.
/004 — Buying and Due Diligence
What factors are crucial when buying off-plan property in Dubai?
Research the developer’s reputation, review payment schedules, understand completion timelines, and evaluate associated risks carefully.
How can I verify the credibility of a property developer in Dubai?
Check the developer’s track record, customer reviews, registration with the Dubai Land Department, and ensure all necessary project approvals are in place.
/005 — Common Pitfalls and Advice
What are common pitfalls to avoid when buying property in Dubai?
Avoid unclear contract terms, insufficient due diligence, hidden costs, and seek professional guidance throughout the buying process.
How can I verify the credibility of a property developer in Dubai?
Check the developer’s track record, customer reviews, registration with the Dubai Land Department, and ensure all necessary project approvals are in place which we can assist you with as your trusted real estate consultant. We have complete market knowledge and we advise to grow.
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