Buying Dubai Property
Dubai is considered to be the second largest land territory in UAE; it is rapidly gaining popularity among foreigners in the terms of real estate investment. The living standard, cosmopolitan culture and sub tropical climate are the add on features that attract the foreigners to Dubai land. Dubai has recently become an hot spot in the international real estate market basically because of the mega developments and construction of new projects and the phenomenal architectures of the city.
Initially the foreign investment was not allowed but later in 2002 the law passed by the Government of UAE facilitated the foreigners to purchase freehold and leasehold Dubai Properties. Expats or Non UAE nationals have taken a major part of UAE real estate industry. As we also know that Dubai is growing as one of the major and most popular destination for tourist, job seekers and business personals. Due to this there has been a great increase in the demand of residential and commercial properties in order to fulfil the needs of the expats that land in Dubai. Real Estate analysts have predicted that this high surge in the supply may create a surplus of estate in Dubai Real Estate market.
Local as well as expats have invested huge money in the real estate market of Dubai. The city provides an ideal environment to buy property. Buying property in Dubai has become a new destination in the international market that has even attracted huge celebrities from around the world.
Buying Dubai Property is quiet easy and has become simpler due to the new legislation by Government that allowed the foreign investment. Buyers simply need to pay initial deposit around 10% of the total cost. Rest of the amount is to be paid in several instalments until the completion of the project. An agreement is signed about payment schedule of these instalments at initial stage before finalizing the deal. In case of buying the resale property the buyer needs to pay a holding deposit before making final payment to complete the buying deal. As everyone is well aware that Dubai is a tax free city but the expat investors need to pay tax in their home country.
Some fees and taxes levied down for Buying Property in Dubai are:
- For off plan or new construction projects, buyers will need to pay land registration fees around 2% and annual charges for maintenance that depends on the development project.
- For resale properties, buyers will be paying all charges like off plan asset buyers. Additionally they will have to pay 1% to 2% transfer fee. This fee depends whether the asset is complete or under construction.
- All buyers of off plan and resale property, needs to pay 2% to 5% amount to real estate agent as agent fees. Lawyers are not involved.
- Whether you are a local resident or migrant in UAE going to buy Dubai property, you don’t need to consult with lawyer as they are not required for real estate deals in UAE.
Another factor that makes Buying Dubai Property feasible is its accessibility. Buying Dubai Property is not restricted for only the upper or the elite class rather new and existing residents of the city have found it as a lucrative and profitable to purchase properties in residential sectors.
While the market of the mortgaged is still developing some developers are offering exclusive payment plans while Buying Dubai Property. The city Dubai is thriving with real estate market and it ensures good returns on investment for your wish either to rent out or sell your property.