Buying Holiday Properties in Dubai

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Buying Dubai Property

The process of buying Dubai property is a much simpler process than buying other international properties. Whether you wish to buy a Dubai holiday villa, a holiday apartment or any other Dubai property investment there is a plethora of choice. However, before you buy Dubai property, as with all property investment, it is advisable to investigate your options carefully and research the market and the in particular the specific area you intend to purchase in.

Although 100% freehold ownership is available on Dubai real estate expats can still only invest in certain developments in the city. These are obviously the areas you should obviously concentrate on if you wish to buy Dubai property. There is a tremendous amount of development occurring at this time and buying Dubai property is not without its potential pitfalls. It is advisable to add 1 year to the expected completion date in order to be on the safe side!

The Buying Process: A simple (if that’s possible!!) Guide:

Thoroughly investigate the area of Dubai real estate that you intend to purchase from remembering the restrictions placed on expats. Have a budget in mind and attempt to secure funding as soon as possible before entering any financial process.
If you are unable to facilitate the deal yourself then find an agent. Expect to be charged 2-4% of the price of the property in Dubai. Ensure you identify any and all fees payable beforehand to avoid any unexpected surprises.
There is no legal requirement for lawyers or solicitors to be involved when purchasing a property in Dubai although an independent or family solicitor will be able to advise you if you wish.
The purchase of a resale property incurs a transfer fee payable to the developer which is usually 2% of the original purchase price
Completion dates are set and formalities are completed.
After monies are received and documents are checked a Purchase Agreement will be sent in your name.
‘Buying off plan’ payment processes may differ and payments will be expected throughout the construction process.
Finance Packages can take the form of a standard home loan or developers may offers a variety of payment plans.

There is no ‘stamp duty’ type payment to be paid when buying Dubai property. An annual service charge, payable on the majority of Dubai property investments covers typical ‘council’ type services such as grounds maintenance and refuse collection.

The purchase of a Dubai property also entitles you to apply for a residency visa within the stipulations of immigration regulations. This also applies to the immediate family of the purchaser,

2006 saw the passing of ‘The Dubai Real Property Registration Law.’ This law was eagerly anticipated and helped to increase consumer confidence in Dubai real estate and Dubai property investment in general whilst confirming (in a law that was codified) that foreigners do have the legal right to purchase Dubai property, Dubai rental properties and Dubai holiday apartments.

The Dubai real estate market, whilst still in its relative infancy, is a serious market that is receiving high levels of support from Dubai’s rulers and legislators in order to protect all people involved in financial transactions concerned with buying Dubai property.