Guide for buying property in Dubai

GUIDE FOR BUYING PROPERTY IN DUBAI

Buying property in Dubai involves a structured process, and individuals should be well-prepared to navigate the market effectively. Here's a comprehensive guide on what a person needs when they want to invest in property in Dubai:

Research and planning

Budget: Clearly define a budget range based on personal finances and mortgage eligibility.
Location preferences: Research different neighbourhoods in Dubai to identify areas that align with personal preferences and lifestyle.
Property type: Determine the type of property (apartment, villa, commercial space) that suits your needs.

Legal considerations

Understand Dubai’s real estate law: Familiarize yourself with the legal framework governing real estate transactions in Dubai.
Freehold Areas: Identify freehold areas where non-UAE nationals can own property.

Financing

Mortgage Pre-approval: If financing is required, obtain pre-approval from banks to understand the loan amount and interest rates.
Down payment: Be prepared to make a down payment, typically ranging from 20% to 25% of the property value.

Documentation

Valid identification: Have a valid passport and visa, as they are essential for property transactions.
Proof of income: Provide proof of income, such as salary certificates or business financial statements.
Bank statements: Furnish recent bank statements as part of the financial documentation.

Engage Real estate consultant

Real Estate consultant: Work with a reputable real estate consultant who is well-versed in the Dubai property market.
Market Knowledge: Choose a consultant with extensive knowledge of the areas you are interested in.

Viewing properties:

Schedule Viewings: Visit potential properties to get a firsthand look and feel for the space.
As questions: Inquire about property features, amenities, maintenance fees, and any potential upcoming developments in the area.

Due Diligence:

Title Deed Check: Verify the property's title deed to ensure clear ownership.
Developer Reputation: If buying off-plan, research the reputation and track record of the developer.

Offer and Negotiation:

Make an Offer: Once satisfied, make a formal offer through your consultant.
Negotiate Terms: Negotiate the price, payment terms, and any additional inclusions.

Reservation Agreement:

Sign Agreement: Upon agreement, sign a reservation agreement and pay a reservation fee.

Formalizing the Transaction:

Sales and Purchase Agreement: Sign the Sales and Purchase Agreement (SPA) outlining all terms and conditions.
Transfer of Ownership: Complete necessary paperwork for the transfer of ownership with the Dubai Land Department.

Payment:

Payment Schedule: Adhere to the agreed payment schedule, ensuring timely payments.

Finalizing the Transaction:

Final Inspection: Conduct a final inspection before the completion of the transaction.
Handover Process: Complete the handover process and receive the keys.

Post-Purchase Responsibilities:

Service Charges: Understand and budget for ongoing service charges and maintenance fees.
Registration and Utilities: Transfer utilities and register the property in your name.

|| Contacts

E-mail:
info@first-gulf.ae

Dubai Silicon Oasis
DDP, IFZA Business Park
Dubai, UAE