What You Need to Know About Buying Property in Dubai
Dubai properties are a popular investment due to their flexible payment plans and lower prices.
Establish Your Budget
Setting a budget is essential before entering the real estate market. This entails taking into account the acquisition price, related expenses, and possible funding sources.
Down Payment: In Dubai, first-time homebuyers are required to put down a minimum of 20% of the purchase price.
Additional Costs: The 4% Dubai Land Department (DLD) fee, agency fees (usually 2%), and other administrative charges are examples of additional costs.
Choose the Proper Property
Selecting the ideal property is an important first step. Think about things like the property’s size, type, location, and potential for future growth.
Downtown Dubai, Dubai Marina, Palm Jumeirah, and Jumeirah Village Circle are all well-liked locations for investments.
Engage a Real Estate Broker
The purchasing procedure might be expedited by working with an agent certified by the Real Estate Regulatory Agency (RERA). A knowledgeable agent will assist you with handling the legalities, navigating the market, and negotiating the best price.
Sign a Memorandum of Understanding (MOU) and make an offer
Making an offer is the next step once you’ve located the property of your dreams. A Memorandum of Understanding (MOU), outlining the terms of the sale, is signed by both parties if it is accepted.
Usually, the buyer must pay a 10% deposit for this paperwork.
Obtain a certificate of no objection (NOC)
The developer must grant the seller a No Objection Certificate (NOC), attesting to the fact that all property-related fees have been paid. Transferring ownership requires this document.
Ownership Transfer at Dubai Land Department (DLD)
The ownership transfer at the Dubai Land Department (DLD) is the last phase in the procedure. A Power of Attorney (POA) or the presence of both parties is required.
After all payments have been paid, the DLD will issue a new title deed in the buyer’s name.
