Purchasing Property in the UAE – A Complete Guide
We present the high-class and most in-demand properties on-sale in the UAE in the categories of re-sales and developments. Besides, we leave no stone unturned to ensure our customers that our services stay best in the UAE.
The overall estate market in the Middle East is attractive; however, it is not a match to the property situation in the UAE. This UAE feature rests on the increase in luxury property value there. Our residential property advice features insight taken from research. Besides, we promise up-to-date and neutral qualities of our estate advice for purchasing or putting accommodations on sale in Abu Dhabi and Dubai.
Our approach towards our customer policy includes continuous application of international norms of transparency and required hard work so that they (our clients) can sell or buy property in the UAE market to their advantage. Our residential property advice serves demands for holiday homes, apartments, and villas, and favorable moment in investment in property.
The Estate Purchasing Advice: The bit-by-bit advice to buy property in Dubai
The consultancy for deciding the property to buy is apt because the Dubai property dynamics and market differ from those in elsewhere. You must arrange a real estate agent to be on your side to streamline a property transaction.
Regarding the top of the list estate agent, it is Knight Frank who specializes in on-sale properties in the most admired areas of Dubai. We offer advice according to the individual needs of clients. In addition, our throughout expert support to client ensures smooth sailing in their property transactions.
Residing in Dubai
Your relocation to Dubai becomes smooth with our professional advice. Our advice shapes according to your work demands and lifestyle requirements. Our consultancy takes care of all relocation to Dubai aspects.
The ruler of Dubai allows people to buy property irrespective of nationality and legal status in the pre-selected areas according to the Dubai rules and regulations. The state of Dubai has quashed the condition of residency and likewise permit regarding buying properties.
Lease-able and Freehold Properties
Freehold developments are a forte of Knight Frank. In addition, Knight Frank deals in leased developments too by arranging a lease spanning 30 to 99 years.
On average, the Dubai government completes a property/ estate transaction in 30 days. This 30-day Dubai government set timeframe begins from the date Agreement for Sale is signed.
By and large, the line of action regarding buying properties in Dubai is smooth and simple.
Purchaser and Seller Agreement Terminology
Both camps sign a Memorandum of Understanding that is followed by a deposit. Normally, it is 10%. Both parties visit the developer’s office to put in an application for No Objection Certificate to start the selling process. It costs a fee. Once the developer gets convinced about service charges payment, No Objection Certificate is issued.
Next, it is Dubai Land Department that transfers ownership. Both camps must visit to transfer the ownership. Manager’s cheque is an accepted payment method and carrying the transfer date. No sooner than process completes, Dubai Land Department issues a new title deed to the buyer in one’s name.
Regarding a mortgaged property, Dubai Land Department conditions the transaction with the bank’s role. The buyer is to finalize the seller’s share in advance to obtaining the No Objection Certificate with regard to the mortgaged property. The risk factor for the property purchaser grows and complication of the transaction rises too.
Regarding an individual, Dubai Land Department requires the original passport.
Dubai Land Department has set the following fees for the transaction of sale and purchase of Dubai properties.
No Objection Certificate Dues; Dubai Land Department charge varies from AED500 to AED5,000 and its burden is on the estate seller, usually. The seller pays to the developer. Some developers demand a refundable charge and they return this collateral to the seller when a buyer submits new title papers. Dubai Land Department requires this submission to take place in the developer’s office and updating of records at the Developers’ office.
In Dubai, property dealers or estate agents charge 2% of the estate price.
Dubai Land Department charges 4% of the buying price along with administration fees. Thanks to Dubai Land Department, this fee cannot exceed the AED5,000 mark. Dubai Land Department charges this below ED5,000 fee in its favor.
Mortgage Registration Fee, If Applicable
Concerning a mortgage, Dubai Land Department calculates @0.25% of the registered lending figure and receives it.
Furthermore, the Dubai Land Department allows developers to deduct service charges in advance.