Do I need a real estate lawyer ?
A purchasing contract is prepared by our in-house conveyancer’s. It is a legal contract governed by the Real Estate Regulatory Authority (RERA) and outlines the conditions and process of the sale. The conveyancer’s will complete all stages of your purchase up to the final completion when you receive the keys to your new property.
What documentation will I need when buying ?
If you are a non-resident you will need to show a valid passport as identification and if you are a resident of Dubai, your Emirates I.D card will be required also.
Is there any restrictions to where I can buy property in Dubai ?
Non-nationals can only buy in specific areas of Dubai, these are called Freehold communities. Most communities however are freehold and can be purchased in.
Can I obtain a mortgage to buy property in Dubai ?
Yes. For residents of Dubai, banks will lend buyers up to seventy-five percent of the purchasing price for completed properties, and fifty percent for properties still under construction. Mortgagees will need to pass the banks credit checks and you must have proof of a monthly salaried income if a resident. Non- residents can also borrow from Dubai banks up to fifty percent of the purchase price, this is called a non-resident loan. All mortgages have processing and registration fees so check first before agreeing any loan.
Will i be required to pay a deposit when signing the sales contract?
Yes. Upon selecting the property you wish to purchase a security deposit will be requested from you and held in our escrow regulated account. The amount is equivalent to ten percent of the agreed sale price and will be given to the seller only when the property is transferred into your name.
How long will a sale take to complete ?
It will all depend on the circumstances of both buyer and seller and if mortgages are involved by either side. Generally if the buyer is a cash purchaser and there is no mortgage on the property, the sale will take approximately four weeks. If one or other party has a mortgage the process will take between six to eight weeks approximately.
What fees will I have to pay ?
When purchasing any property in Dubai you will be required to pay a property transfer fee. The transfer fee is four percent of the sale price. There is an estate agent’s fee of two percent of the sale price and additionally you will need to budget approximately five to six thousand dirham’s extra to cover administration and conveyancing fees. The exact amounts to be paid are dictated by the sale price but will all be shown to you in the sales contract prior to you signing.
Will I receive a visa if i buy a property in Dubai ?
When purchasing property in Dubai an investors visa can be obtained. The property being purchased must be above one million dirhams and the visa allows the purchaser to reside in Dubai. You are not able to take employment on this type of visa and it will need to be renewed each year.
Do I have to pay a community fee when owning a property ?
All property owners must pay an annual maintenance fee to the community developer in which the property is located. The maintenance fee covers community running costs such as the landscaping, security guards and all of the communities facilities upkeep. The amount is based on the size of each property and your agent can advise exactly what this amount will be prior to entering into the sale.
What precautions should I take when buying property in Dubai ?
Firstly only work with regulated agencies. ERE HOMES is fully regulated and escrow protected. Always ask to see the agents RERA broker number, this will ensure they are a registered agent and are licensed to practice in Dubai. Always ask lots of questions and request anything you have agreed with the agent to be included in the sale contract. When handing over any payments request this to be at the agents office where possible and always request receipts and copies of all documents. If you are unsure about anything, walk away.