Buying property in Dubai today can be quite easy – the procedure for registering objects is as convenient as possible. The state takes care of foreign investors and offers attractive conditions for the purchase of housing.
Buying properties in Dubai: features
There is no unified legislation on the real estate buying in the UAE – all emirates resolve this issue independently at their own discretion. In Dubai, the legal framework for the sale and purchase of real estate is recognized as the most transparent and developed.
A foreigner can buy an apartment in Dubai in special zones called “freehold”. These areas include most of the “new Dubai”.
To become the owner of real estate in Dubai, you must register with the Land Department and obtain a certificate of ownership – Title. It is convenient that you can register an object immediately – at the time of the request. There is no need to wait for several days, if everything is in order with the documents, you will immediately become the owner of the Title.
The Dubai Real Estate Regulatory Authority (RERA) oversees compliance with the laws governing the sale and purchase of residential and commercial properties. It provides buyers and sellers with the protection of rights and interests, and detects fraudsters. The official website of RERA presents conscientious organizations that are engaged in the search and sale of housing.
Real estate property in Dubai: object search
Finding a good house In Dubai takes time and patience. Monitor the market well, compare prices, and go to a few previews of objects.
Real estate agencies in Dubai will help you find housing. To be honest, you can’t do without them at all – it’s very difficult to find a worthy object at a good price on your own. In addition, the seller, like you, may be a foreigner living outside the UAE. Therefore, it will be difficult to communicate with him on your own. And the agency will become an intermediary and guarantor of the transaction.
It is important that such a company has a license and registration with RERA. In addition, the agent must have a personal brokerage card with an individual number.
How to buy real estate in Dubai: steps
1. Sign a contract of sale
It must be in printed form (not electronic) in Arabic or English. To draw up such a document, the help of a third-party lawyer is usually not required – the real estate agency will prepare the papers on its own.
The contract indicates how much an apartment in Dubai costs, as well as the following information: the area of the object, the terms of payment and transfer of housing to the property of the buyer, additional payments under the transaction, the responsibility of the parties in case of non-fulfillment of the terms of the contract.
2. Reserve the object and make a deposit
You have to reserve a property, an advance payment is required – 10% of the total cost of housing. Usually this amount is transferred not immediately to the seller, but to the real estate agency in Dubai. It retains the deposit until the final calculation and registration of the object in the Land Department.
3. Obtain permission from the developer to sell the object
The document is required to register housing with the Land Department. In fact this is a certificate that the seller does not owe the developer anything.
It takes a period of one day to several weeks to complete the document. The cost of such paper can also be different: 500-5000 UAE dirhams (€119-1190).
4. Pay the remaining amount and submit documents to the Land Department
You need the originals of the following documents to register an apartment in Dubai: passports of the buyer and seller, certificates of registration of real estate in the name of the seller, permission from the developer to sell the property. It needs a copy of the contract and a document confirming that the full payment has been made, and the parties have no claims against each other.
The final settlement between the seller and the buyer is made by bank Manager’s Cheques. Cash payments are extremely rare.
5. Pay fees
Registration fee (2% of the value of the object) and payment for the issuance of the Title (about €87).
After registration, the buyer receives the Title and can fully dispose of the object. If you buy real estate in Dubai from the developer at the construction stage, then it falls into the temporary register. In this case, the buyer does not receive a certificate of ownership, but an initial contract of sale (Initial Contract of Sale). After the object is put into operation on the basis of this document, the Title is issued.