“Can I buy a house in Dubai”– people who are interested in buying properties in Dubai often tend to ask this question. If answered in a sentence, yes, with a bit of planning, you can easily buy a house in Dubai.
There can be many reasons for one to be interested in buying properties in Dubai. Or, speaking in other words, buying a property in Dubai holds a particular attraction. The city certainly offers a different level of luxury. In Dubai, you get to keep your standard of living as high as you can and as high as you want to keep. Come on, the world knows the world class facilities that this Middle East state unfolds for its residents. Breath-taking high rises and skyscrapers, a lifetime worth views, exponential rate of development and progress of the economy, affordable living, unbeatable level of modernisation while blending in various cultures, competent infrastructure and legal system etc. are some of the core attractions and ‘plus points’ of choosing to buy a house in Dubai. Moreover, Dubai is quite safe a city to live in. In addition to all these factors, due to the easy tax rules and tax free incentives or earnings in the country, Dubai is a major attraction for investors as well.
With an objective of improving the investments in UAE economy, an important step was taken by the prince to ease up regulations against buying of properties in Dubai by foreign nationals. The policies and procedures for buying a property in Dubai, whether for investment or for residential purposes has been much liberalised. So, if you are an expat and have been wondering ‘Can I Buy a house in Dubai’ time to know that you can, quite easily and with minimal formalities and troubles- well, far far easier if put in contrast to the regulations that were in place until a few years back.
Now that you know you can buy a house in Dubai, read on to get answers to some of the important subsequent questions that might pop up in your mind.
“How can I buy a house in Dubai?”
Once you know that the answer to “can I buy a house in Dubai” is ‘Yes’, the next immediate question that you might want to ask is ‘how can I buy a house in Dubai?’ Well, honestly, buying a property in Dubai is quite an easy procedure now. Especially if you are an individual buyer or an investor, no complex legal formalities are involved. Here is the basic information as to the procedure of how you can buy a house in Dubai.
- First, you need search and find the type of property you prefer. You can consider online resources for vast choice. You can even consider real estate agents, however, you might have to pay them a commission as well.
- Once you decide the property you want to buy, you can convey your consent to the real estate agent or owner, with whom you are dealing and negotiate on price and terms.
- Once both the parties agree on price and all other terms, parties need to sign MoU or Memorandum of Understanding. Along with this document, a token amount, that is usually 10 per cent of the total worth, is paid.
- Post signing MoU, the parties need to apply for an NOC or a No Objection Certificate from the developer. A nominal fee for the same is payable.
- Once NOC is received, both the parties to the agreement can visit Dubai Land Department conveniently to finalise and document the transfer of ownership.
- A brand new title deep is issued towards the new owner once all the formalities are correctly met.
- For external financing, you might want to get a mortgage loan from the bank. 25 years is the max mortgage pay off duration in Dubai. Loaning formalities can be discussed in the interaction with the bank you choose to finance your property purchase.
- For an individual buyer, passport is the most essential document required in the process. For companies etc. the procedure might be relatively a bit complex.
- Some of the fees payable in the course are NOC fees, Transfer fees, Developer’s annual service charges, Mortgage registration fees- if applicable, Real estate agent’s commission (generally at 2%) if you are buying through a real estate agent.
“Where can I buy a house in Dubai?”
Answer to the questions ‘where can I buy a house in Dubai’ depends largely on several things. There are many factors that you might have to consider before finalising as to where can you buy a house. These aspects or factors include your budget, your requirements and your preferences. Moreover you also need to take into account the purpose for which you are buying the property- whether that is for residential purposes or for investment purposes.
As mentioned before, even non-residents can quite easily buy properties in Dubai. However, you need to note that there still are few (a very few) regions, where non-residents might not get easy permit to buy property or where purchase of property by foreign nationalities might not be allowed.
Investing in prime area properties can be costly, but at the same time, it would yield high incentive. Dubai Marina, Business Bay, Meydan , the Palm, Jumeriah Village Circle etc. are some of the prime investment locations in Dubai Emirates. These regions offer some of the most luxurious and world class accommodations, facilities and infrastructure. Moreover, these regions offer a distinct feeling. Lots of people prefer living in these regions. Thus, the properties in these areas yield high rental income and gains. Due to the same, the properties here attract a lot of investors. No need to say, if you are considering purchasing a property in some good locations and you are not restricted in funds, you can surely consider buying your dream home here.
On the other hand, if you are limited in your house purchase budget, then you might not want to consider prime locations. Anyway, Dubai has several other equally good alternatives that would cost you much lesser.
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