When thinking about purchasing a new home, there are numerous aspects to take into account. Whether you’re intending to purchase a house in a new city that you are unfamiliar with or even if it’s your first home, you could find the process a little intimidating. You need a starting point, then you can work your way through the process step by step, and the whole thing will start to make more sense. The process becomes even more easier when you are guided by the best real estate agents in Dubai.
Making a decision on what you’re looking for is the first step. Even though it sounds straightforward, this phase involves choosing choices that could seem simple, but necessitate an understanding of a few factors. So if you’re looking for properties for sale in Dubai this comprehensive guide will tell you everything you need to know about different property kinds, off-plan developments, prime locations, costs, and more.
Establish your Goal: Family Residence or Investment Property?
The decision between a home you want to live in and a property you want to buy as an investment differs significantly. The lifestyle, location, size, type, and, most significantly, ready or off-plan properties are the primary variations.
Services and Amenities Included with Dubai Real Estate Purchase
When purchasing a family home, this will rely on your lifestyle or the kind of life you want to lead. In contrast, if it’s an investment property, it’s crucial to concentrate on the accessibility of amenities that are crucial to the majority of people in a large metropolis like Dubai.
This includes public transportation hubs, bus stops, educational institutions, medical facilities, parks, and other essential amenities in the neighbourhood where the property is located. In addition to the amenities offered by the structure or the neighbourhood, such as the gyms, playgrounds, sports courts, and so forth.
The Basics of Buying Real Estate in Dubai
Who Can Purchase Real Estate in Dubai?
In Dubai, anyone from any nation or origin may purchase freehold real estate. It is not necessary for the buyer to be a citizen or resident of the UAE. In order to purchase real estate in Dubai, no specific visa or other paperwork is needed.
Invest in Dubai Off-Plan Homes
Off-plan or properties that are still being built are typically more cheap than ones that are ready for occupancy. The amount you pay for an off-plan house is a catch, though, because there is a waiting period between purchasing and getting the property, and the value of the property will eventually rise after the construction is finished.
The steps required in purchasing properties in Dubai off-plan:
– The terms of the transaction and the property price are agreed upon by the buyer and the developer.
– The buyer signs a reservation agreement and pays a reservation fee and/or the first payment of the purchase price, the amount of which is outlined in the agreement’s terms.
– A Sales & Purchase Agreement (SPA) is signed, and it contains information on the property’s anticipated completion date.
– The Oqood document, which serves as a temporary registration until the buyer receives the title deed, is issued following the signing of the SPA. At this time, a charge for Oqood is also paid; it normally amounts to 4% of the purchase price.
– Until the entire debt is paid, the buyer continues to make prompt installment payments in accordance with the authorised payment plan.
– The Oqood becomes a title deed in the name of the new property owner once the property is finished.
– To transfer ownership of the property, both parties must submit No Objection Certificate (NOC) applications to the developer. The granting of the NOC carries a cost.
– A 4% transfer fee must be paid at this time in order for the property transfer to be properly recorded with the DLD.
On the day the property is transferred, the buyer must pay the seller using manager’s checks made payable to the seller in accordance with DLD requirements. A bank representative must be involved in the execution of the necessary documentation and procedures if the buyer is paying with the aid of a mortgage.
– Before submitting an application for the NOC, the buyer must pay off any mortgages that the seller may have had on the property at the time of the sale.
– A new title deed is issued in the name of the buyer once all of the aforementioned procedures have been finished, and the ownership of the property is then legally transferred from the seller to the buyer.
– Purchase properties in Dubai that are ready for occupancy.
– Let’s say you want the property as quickly as possible so you may live there, rent it out, and take advantage of the money. A ready-to-move-in property will be a much better choice in that situation.
Residence permit after buying a property in Dubai
Dubai grants repeated 2-year residency permits to buyers of real estate. The property must be in a freehold location and the minimum investment for a permit is AED 1 million. The licence also permits the sponsorship of dependents, such as domestic helpers and personal servants. For the permit to remain in effect, property owners must not spend more than six months outside the UAE in a row.
