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Buy Dubai Property

Guide On Buying Dubai Property

Who Can Buy?

Any investor of any nationality, whether based overseas or a resident of U.A.E. can buy Dubai property there are no restrictions.

Freehold or Leasehold?

Freehold is available on the majority of developments. However, there is a mixture of freehold, 99-year leasehold and 60-year leasehold property depending upon the area regulations. This applies to apartments, villas, land and commercial property.

Mortgages

Mortgages are available on a 10 to 25-year basis through Smith & Kens preferred Mortgage partner. The advantage of using an Independent Broker rather than one mainstream bank is that you will receive an overview of all the products available not just a biased view towards one's product. Interest rates are linked to those in the United States and the UAE market. Contact us for further details if you are looking at buying properties and we`ll guide you further.

Payment Terms Primary Market:

In general, a deposit representing 10% of the buying price is required at the contract-signing stage for all new development properties. This is followed by what are known as stage payments that are made at regular intervals through to completion of the apartment or villa. Contact us for project-specific details.

Secondary Market:

This is when the property has already been purchased by an individual or company directly from the developer when the project was previously launched. The owner has the right to decide upon the premium from which you will have to pay at the transfer of ownership to buy the property, plus the amount already paid by the owner to the developer and transfer fee to the Developer. Smith & Ken Real Estate charges 2% of the net selling price to the Buyer as the Agency fee. Some Real Estate companies now try to charge 4% to 5%.

Residency Visas

In general, the Dubai Government issues residency visas to new property owners and their immediate family once the Title Deed is in the name of the new owner. The timescale in receiving your U.A.E. Residency Visa depends on the Immigration department and may take up to 21 days. These will need to be renewed every three years as per the latest immigration regulations.

Government Taxation

There are currently no government taxes of any kind when purchasing a property in Dubai. Neither is there a Capital Gains Tax. When the Dubai Lands Department registers title, buyers will pay a 2% tax based on the purchase price of the property. If they have a mortgage, they will pay 0.25% of the value of the loan.

UAE Bank Accounts

Buyers do not need a local bank account to arrange purchases, though these can easily be arranged through Smith & Ken Real Estate, we can help if you need to set up an account in order to buy a villa, office or apartment.

Purchase Time scales

Purchases normally take no longer than two weeks to complete through our friendly, experienced and helpful consultants.

Service Charges

Minimal service charges are payable to developers for maintenance, landscaping and refuse collection. This charge varies per property development.

Re-sale

You can sell your property or assign your agreement to anybody. This means that they will take over the payments to be made to the developer.

Capital Appreciation

Property prices in Dubai have experienced considerable growth, and are forecast to remain this way for the foreseeable future. This can be clearly seen if comparing current prices with those of 12 months ago. Like all investments, however, property prices can go down as well as up. Talk to your Smith & Ken Real Estate Property Sales Consultant for up-to-date market analysis.

Popular Areas

There are many popular areas within Dubai to choose from but it depends on the factors motivating your decision such as location, accessibility and transportation links and of course your budget! Talk to your Smith & Ken Real Estate Property Sales Consultant to discuss your factors.

You can also contact us here and one of our consultants will be happy to offer you more advice or answer any questions you may have on buying Dubai property.