The Arab real estate market does not depend on the economic situation in the world. Dubai remains one of the most popular destinations in demand by foreign citizens. The city with developed infrastructure attracts those planning to move for permanent residence or considering real estate in Dubai as an investment option. Let’s figure out what points you should pay attention to, the prices for houses in Dubai Hills for expats, and what additional costs the owner bears.
Options Available to Foreigners
The United Arab Emirates allows the ownership of real estate by right of ownership for those who do not have citizenship of the country. However, when choosing a location, you must consider that the deal can be carried out only in some areas of the city. Long-term leases are provided for up to 99 years for places not included in the limited list. The list of freehold zones is quite wide, which allows you to buy overseas property in Dubai following your taste preferences and planned budget.
Rights of a Foreign Property Owner in Dubai, UAE
There are no restrictions in comparison with the citizens of the country. You can own, inherit any housing, sell it, live permanently or dispose of it as an object for investment. There is no taxation on apartments in Dubai, both in terms of ownership and rental.
Is It Possible to Buy an Apartment in Dubai With a Mortgage?
The installment format is quite possible. The loan rate can vary from 5.5% to 6% per year; however, confirmation of the material security of the transaction is required for registration. The collateral can be the purchased property in Dubai or a down payment. You will also need a document confirming solvency. The amount of the required minimum is set by the bank depending on the object’s value. Not all developers have similar conditions for buying an apartment in Dubai.
What Does a Real Estate Transaction Look Like?
If the desired object is found, it remains:
- draw up and sign a preliminary contract; it is allowed to use Arabic and English;
- sign an agreement on the sale and purchase; it is also “Contract F.” An advance payment accompanies the process;
- apply for a Certificate of No Objection;
- make the final settlement and transfer the property to your possession.
If housing is purchased at the stage of shared development, the procedure is greatly simplified.
What Additional Costs Does the Buyer Bear
Those choosing to move to Dubai should consider that, despite the absence of taxation, no additional costs can be avoided when buying an apartment, house, or villa. Among them:
- realtor fees;
- one-time fee for the registration of the transaction;
- fee for obtaining a document confirming the right of ownership.
More information about real estate in Dubai can be found on the official website of AX Capital.
Help Those Planning to Move to Dubai With Finding Housing
A tourist visa allows you to come to the country and stay there for up to 30 days, using the time to complete a transaction or search for housing. However, for those planning to move to Dubai, it is much more convenient to get acquainted with the region’s peculiarities and study the housing options on the market with current prices even before visiting the UAE.