Questions Related To Real Estate of Dubai
What are the Frequently Asked Questions Related To Real Estate of Dubai?
Whether you are a foreigner investing in property in the United Arab Emirates or an expatriate buying property for the first time, it is dreadful work to invest in a residential house.
The local legislation and regulations regulating the real estate sector and the broader real estate industry need to be understood so that you know what to expect from the transaction. Moreover, You can rest assured that you are an investment in the property you are looking for.
With over a decade of expertise in Cavendish Maxwell, we have assisted several clients in finding their perfect homes through the purchasing process. Moreover, our most frequently asked FAQs were drawn together to teach you the basics of buying property in the UAE.
What is the Purchase Process?
The procedure of purchasing a villa or apartment in the UAE is like in the UK. Furthermore, a simple overview is that you can find your favourite property and make a formal offer. A real estate agent is typically employed to assist find properties and making the offer. However, if you accept the offer, you will pay a security deposit of approximately 10% of the requested price.
Your legal advisor or agent will carry out the checks necessary, submit the paperwork required and organize your property deal from there. However, you will then pay for the property to transfer the property to you. You are also obliged to pay a transfer, associated fees and property officer fees.
What is the Difference Between Freehold and Leasing?
Freehold means that you own the property, including the land on which it is built. Moreover, you are responsible for the maintenance of both your land and your property. For example, you can buy a house containing a tiny section of land that only you own.
In comparison, buying a leased property implies you have the property rights for a fixed period. The period shall be established in a contract with the free owner. When the lease ends, the property is returned to the free owner.
A typical example is often encountered in apartments in a rental property. The holder owns the building and property while you have the rights to your apartment and is therefore responsible for the upkeep of areas such as stairways and gardens without a contract.
Can I have a UAE Mortgage Property?
A mortgage can be obtained for a property in the UAE. For UAE residents, it is pretty uncomplicated to receive a mortgage loan. However, there are some additional limits and requirements for non-residents. For example, a more significant deposit is generally requested for non-residents.
We always advise investors to talk to a consultant where you intend to buy property for restriction guidance and the current mortgage rates.
What is the Meaning of Off-Plan?
An off-plan property refers to a property that has to be built or in the earliest stages of building only. In most circumstances, buying off-plan implies that you buy a house from a developer.
Always undertake appropriate research when buying off schedules, take the time to check developer qualifications and examine any further payments. Charges vary between emirates, and a fee or transfer fee is expected to be paid.
Emirates like Dubai have account services via organisations like the Dubai Land Department (DLD) to help protect the buyer in transactions with developers.
What is the DLD Doing?
DLD is a government regulatory body responsible for all property and property laws, sales and purchases, and other associated services.
The DLD provides an Account Service that protects both buyers and sellers by regulating each transaction properly. It functions as a third party holding funds for both parties, which can only be released if they fulfil certain fixed obligations. They are also responsible during the entire sales process for the transfer of ownership and other key contracts.
What does RERA Mean?
Real Estate Regulatory Agency stands for RERA. As a government body, RERA is part of the DLD and provides licenses to Dubai's real estate agents, brokers and developers. However, all real estate operations in Dubai are regulated to maintain consistency and fairness across the whole market.
When you buy a house in Dubai, always ask for the RERA certificate from your agent or sales representative and ask for the company RERA registration number to be authentic and comply with the Guidelines.
The several Emirates in the UAE have similar regulators that supervise the transactions of immovable and provide uniformity in the business. For example, the RERA in Abu Dhabi is the Municipal Affairs Department (DMA).
Is it Safe to Invest in Dubai?
The main reason individuals buy property in Dubai is that Dubai is an excellent chance for investment in real estate. Thousands of local and foreign investors already had the opportunity to invest in Dubai since it features spectacular historical sites, cutting-edge infrastructure, a rapidly rising economy and cultural variety. Below are some essential facts as to why you should invest in Dubai:
- High rental returns (7-10 percent )
- 100% ownership of Freehold
- Completely tax-free properties
- The infrastructure of World Class
- Security & Sound Living (2nd Safest Country in The World)
- Next EXPO 2020 Booming tourism and entertainment
- Pleasant post-transfer payment schedules
Which Place is Best to Buy Property in Dubai?
If you want to buy houses off-plan in Dubai or buy a villa in Dubai, you may use this list as the basis for looking for luxury off-plan properties in Dubai.
- Circle of Jumeirah Village (JVC)
- Dubai South
- Business Bay
- Dubai Hills Estate
- City Palm Jumeirah
Property investment in the UAE must not be an arduous task. With the right advice and assistance, real estate purchases are an exciting undertaking with infinite potential and a handsome return on investment.
We have teams of experts situated in Dubai, Abu Dhabi, and Sharjah from all the Northern Emirates when you have inquiries about investment in property around the UAE. Contact us today to begin your investment journey!
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