Investing in Dubai property is a very attractive opportunity because of its tax-free benefits, good infrastructure, modern laws, and global trade. So, whether you are a resident of Dubai or a foreign investor, then this guide will be explaining you the complete procedure to buy a property in Dubai. It will be streamlined and smooth to get easy access to any type of property in different sectors of Dubai.
Procedure to Buy A Property in Dubai:
Following is the complete step-by-step procedure to buy a property in Dubai. By following these steps, you can easily get the property of your choice and budget.
1) Research Dubai Market:
The first step includes diving into the real state market of Dubai. You should understand the complete dynamics of Dubai’s property. There are two zones including freehold zones and leasehold zones. The freehold zones are the zones where foreign investors can easily buy their property. These places include Downtown Dubai, Dubai Marina, and Jumeirah Lake Towers. Whereas leasehold zones are the areas that allow ownership for a fixed period.
2) Set your Budget:
It is highly important to set your budget and be clear regarding it before any purchase. You should consider the following payments when you are deciding to buy a property in Dubai.
- Downpayment cost
- DLD registration fee
- Commission of real estate state agent
- Processing charges for mortgage property
- Service fees
- Property maintenance fees
3) Choose the Type of Property:
The next step is to choose the type of property in which you are going to invest. These can be residential properties, including apartments, townhouses, or villas. It can be commercial including shops or offices. Lastly, they can be off-plan projects as well, which are the properties that are under development and will provide you with flexible payment plans.
4) Choose a Professional Real Estate Agent:
This step is highly essential in the procedure to buy a property in Dubai. In this regard, you have to choose a professional agent who is certified by the Dubai real estate regulatory agency. This is because the right and trusted agent can recommend you the best properties. Moreover, he will also be able to handle all the negotiations. Along with this, the professional and registered real estate agent in Dubai will tell you about the UAE laws regarding property purchases.
5) Sign Complete Agreement:
Once you are done with finding the most suitable property according to your choice, then sign the MOU. It is the Memorandum Of Understanding, which should be signed between the seller and the buyer of the property.
6) Payment of Fees:
You should do a transaction of all the required fees when you are purchasing the property in Dubai. This includes NOC fees, which are paid to the developer. Along with this, it also includes Dubai land department fees.
7) Ownership of Transfer:
The last step includes the transfer of ownership. It is done at the Dubai Land Department. Here, both the buyer and seller should be present with the power of attorney. Along with this, the buyer pays him the remaining amount, and the seller transfers the ownership to the buyer.
Law for Buying Property in Dubai:
There is Law number 7, which was introduced in 2006. It is the main law and regulation regarding property ownership in Dubai. This law states that the residents of UAE and GCC can easily buy the property in Dubai. Whereas foreigners can only buy property in the freehold or leasehold areas.
Requirements to Buy Property in Dubai:
Following are some of the things that are required while purchasing the property in Dubai. You should have all these documents:
- A passport
- Visa
- Income proof
- Bank statement
- NOC
- Purchase agreement
- Property details
- Payment details
- Seller identity details
Conclusion:
The procedure to buy a property in Dubai is a very straightforward task. Just follow the above-mentioned steps to understand the Dubai real estate market and buy the property. In this way, you can make an amazing opportunity turn into an excellent investment. As a result, it will be beneficial for both the foreign investors and the UAE residents.