Most people want to move to the shores of the azure sea in more comfortable conditions. There are hundreds of comfortable places in the world, and here we will consider the question of how to buy a house in Dubai for a foreigner. Off-plan in Dubai Marina is a great option if you are one of those who plan a long-term profitable investment.
Rights of a real estate owner
Foreign homebuyers receive the same property rights as Arab citizens (gift, lease, resale, inheritance).
Since February 2019, the law has changed and now foreign investors are issued “golden visas”. With an investment of AED 1 million, the validity of this document is 2 years and it will not be possible to resell the property during the specified period, otherwise the visa will be canceled.
If the investment in housing amounted to more than AED 5 million, then a visa is issued for a period of 5 years, more than AED 10 million – for 10 years. But it is important to consider that 60% of these amounts should fall on assets not related to real estate (business, shares, other assets).
But still, foreigners also have obligations. In Dubai, you do not need to pay taxes, however, it is important to pay the annual fee for the maintenance of the facility and the area around it on time. The exact amount will depend on the area and developer.
Real estate transaction
Dubai is notable for the fact that a foreigner does not need to go through numerous bureaucratic operations, so buying a home takes place in just 4 stages:
- After finding a suitable property, you need to sign a preliminary contract (in Arabic or English). A notary is not required here. In the appendix to this document, it is important to prescribe additional conditions that a professional lawyer will help to identify.
- The next step is the signing of the Memorandum of Understanding (agreement). Under such an agreement, the buyer of real estate transfers an advance payment of approximately 10% of the entire purchase. A certificate of this operation is kept by the realtor, if the transaction goes smoothly, the buyer will receive his deposit back. If the investor suddenly changes his mind, the money will remain with the seller. And what happens when the seller changes his mind? According to the law, everything is strict – he undertakes to return the deposit in double size.
- Further, the parties to the transaction meet at the office of the developer company and submit documents for a certificate of no objection. This document confirms that the seller has no debts to the developer. Processing data on the certificate usually takes no more than 5 days.
- The transfer of ownership is a key step in the transaction. After the issuance of all documents, participants go to the Land Department to transfer the property to another property. Payment for the entire transaction will be made on the same day that the invoice is issued by the Department. The buyer receives the rights of the owner and becomes the new owner of the property by law.
If you plan to buy a property under construction, the procedure will be even simpler. You can get legal advice and information on all relevant properties in Dubai that are ready for purchase from the special websites.
Three areas to find property for sale in Dubai
- Sobha Hartland, which is a 10-minute drive from the Burj Khalifa, a five-minute drive from the largest mall in the world, Meydan one Mall, and a 10-minute drive from Business Bay. The property is located in the area of Mohammed Bin Rashid City known as MBR City named after the Sheikh of Dubai, suitable for investment. This is a chic place, the sheikh’s residence is also located here and as much as 40% of the territory is given over to landscaping. This is a good sleeping area with developed infrastructure. The cost of real estate starts from USD 270,000, with an interest-free installment plan for 5 years.
- The second very promising housing is DAMAC Lagoons. This is a gated community where townhouses and villas are located surrounded by greenery and crystal lagoons. It is planned to build cinemas on the water and in the open air. Prices start at USD 430,000 for a three bedroom townhouse next to a crystal lagoon. In this area, real estate will also grow by at least 40% after its delivery.
- Everyone wants to live in the Dubai Marina area, because all the sights are concentrated here: skyscrapers, artificial palm islands, the geometric shape of which increases the length of the coastline. It inspires and delights. This area is attractive for renting out, as a secondary market. Real estate in this area has already increased in price by 120%, and the numbers will grow by about 40-70%.
Real estate in Dubai
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