Apartments for sale in Dubai Harbour, Emaar Beachfront, and Arabian Ranches look to be attractive investment assets, offering its user a decent return on investment throughout the years. Before considering a purchase in the Dubai housing market, consider the following points.
Documents needed to buy real estate
The following bundle of paperwork must be ready by the buyer in order to purchase real estate in Dubai:
- Passport;
- Sales agreement or primary contract;
- Memorandum of understanding;
- Power of attorney, if the transaction is carried out by the representative of the buyer;
- Proof of residential address in Dubai;
- Visa on the basis of which the buyer stays in the UAE;
- NOC certificate.
What makes up the price of real estate in Dubai
The cost of real estate in Dubai is affected by:
- area;
- internal infrastructure;
- construction stage;
- class: elite, economy, comfort;
- area and layout;
- furnishings.
Proximity to the center does not determine the value of the property. Each district is autonomous and has everything you need for life – from shops to places of recreation. And thanks to the developed transport system from any area you can reach the center in 15 minutes.
Instead, prices are influenced by popularity among tourists or limited space for the construction. For example, Palm Jumeirah is almost completely filled, new projects are rare, and their value is growing rapidly.
Now the average price per square meter in new buildings is $7,884. But in fact, the price range is huge. The cost of real estate at the start of sales can start from $154,000 and reach several million dollars.
Buying an apartment remotely
You can buy real estate in the United Arab Emirates without being present. However, this requires the creation of a power of attorney for a representative of your choice.
For a power of attorney to be valid, it must be notarized in the country where it was signed and then legalized at the UAE embassy. Then it must be approved by the Ministry of Foreign Affairs and, if necessary, translated into Arabic. If you reside in the UAE and the Power of Attorney was signed here, then you must notarize it in accordance with the rules set by the Dubai Land Department.
Buying an apartment with a mortgage
An interesting fact: about half of all purchase and sale transactions in Dubai are carried out using a mortgage. Supported by the government, the mortgage lending industry is constantly evolving. Although non-residents can purchase mortgages, certain requirements for borrowers are mandatory:
- Age – from 21 to 65 years;
- Availability of the amount for the down payment – at least 25%;
- Availability of a resident visa;
- Have a stable income;
- It is desirable to have already paid property in the UAE.
Getting a mortgage loan is an excellent choice for obtaining property ownership and at the same time expanding your investment portfolio. If you are able to pay only part of the down payment, then the remaining money can be invested in other financial instruments.
Additional costs for purchase and sale transactions
When planning the purchase of a real estate in Dubai, you need to take into account the additional costs that are associated with the transaction:
- If you take out a mortgage, you must pay the DLD Mortgage Registration Fee, which is 0.25% of the total loan amount plus $79;
- After the transaction is completed, you will need to visit the local court to obtain a certificate of ownership. The fee is estimated at $70, and the paperwork will take up to three days;
- The DLD charges a registration fee of 4%. Typically, the costs are shared by both the buyer and the seller. If you are buying from a developer, this tax may already be included in the price.
When buying real estate on the secondary market, you will also have to pay a state duty for registration of the transaction by the Land Department in the amount of $85 and a fee for NOC – from $140 to $1360, depending on the property being purchased.
Real estate in Dubai
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