Buying Properties in Dubai

buying properties in dubai

Dubai has become a hot spot in international real estate market due to mega developments and construction projects that have claimed to recognize all over the world. This city has achieved top position among the few cities with phenomenal architectural structures. Initially foreigners were not allowed to buy assets in UAE. Later in May 2002 Government passed a new law that facilitate foreigners to purchase freehold properties at Dubai. Non-UAE nationals have become a major part of UAE real estate industry. This city has become a new real estate business destination in international market that has even attracted celebrities like David and Victoria, Beckham, Michael Jackson, Shahrukh Khan, and Rod Stewart.

Process of Buying Properties in Dubai

Buying property in Dubai has become very simple and easier due to the new legislation by Government that allowed non-UAE residents to own a freehold asset. Off-plan properties are usually available for sale across the city.

  • Buying process of such assets is very simple; buyers need to pay initial deposit around 15% of the total cost. Rest of the amount will be paid in several stages until the completion date of project. An agreement is signed about payment schedule of these installments at initial stage before finalizing the deal. SIG will help you at every step starting from locating the property, to negotiating the price and payment terms.
  • If you decide to purchase a ready property from the resale market, you have to pay a holding deposit of 20% before making final payment to complete buying deal as agreed on the memorandum of understanding. SIG will assist you with the process of locating the property, drafting the MOU, Land department transfers, Title Deeds and renting your newly purchased assets

Fees and Government charges for Buying Property in Dubai
  • For off plan or new construction projects, buyers will need to pay land registration fees of 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 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.

At every step Synergy International Group will be glad to assist you with our specialized services from locating a property, negotiating prices, negotiating payment plans, drafting memorandum of understanding, handling payments, property transfer at Dubai Land Department, organizing title deeds, property inspections, renting the newly purchased assets with complete property management making it your one stop shop for all your Dubai property needs.