The Real Estate Law Number Seven of year 2006 decrees that foreigners can buy property and enjoy its ownership in Dubai. After the Law came in foreigners or non residents are getting property ownership of freehold properties and option for a lease of 10 to 99 years subject to the approval by Dubai administration.
Nevertheless, there are a couple of things to consider before clinching a property deal especially in apartment deals, whether it is for the purpose of living or resale at a future date.
While buying freehold apartment in Dubai the due diligence has to be perfect. If the apartment purchase is going to be financed by a leading bank the deal will be safer since the bank will verify the title and other antecedents of the concerned property.
Perhaps the biggest step is finding a registered property broker or real estate agent in Dubai to find suitable and then anointing a buying agent.
Real Estate Agencies
As a matter of caution, it is good for a buyer to locate properties through real estate agencies in Dubai. They help in setting up contacts with a builder or sales management company to the advantage of the prospective purchaser.
Real Estate Agencies with their access to a large number of developers can spot affordable apartments for sale in Dubai. A professional property agent can work closely with a buyer and give guidance on all steps.
Dubai apartments provide everything for a healthy living and come in various types and sizes to buy. Some major types of apartments available in Dubai include,
- Studio Apartments
- Furnished Apartments
- Holiday Apartments
- Beach Apartments
- Serviced Apartments
Apartments can be purchased from any project or neighbourhood. There are nice apartments in Palm Islands, Business Bay, Dubailand and Dubai Marina.
Top Factors Governing Purchase
According to experts, some important factors have to be considered before buying an apartment in Dubai. They include,
- Location and Neighbourhood
- Returns from Investment
- Property size
- Delivery Time from Master developer
- Track record of Maintenance
- Seller’s mortgage prepayment requirements
- Option for Buyer’s mortgage availability
- Monthly costs such as electricity and service charges
- Other risks
More to Do
After taking the decision to buy an apartment, a few more things have to be done
- Contract: Careful study of the Contract before signing.
- Mortgage: Arrange a mortgage from banks like Barclay’s who have custom made mortgages suited to all kinds of buyers.
- Bank account: A Dubai bank account is a must during and after the transaction process. This is for paying professional fees as well as other taxes during the purchase and paying the utility bills thereafter.
- Deposit: While buying an apartment a payment of around $2 000 as a deposit has to be made. It will be refundable if the vendor back tracks. In off-plan buying, the deposit will be 10 per cent of the buying price at the contract stage, and thereafter as installments.
- Land Registry: The last step in the deal will be receiving the full title deed after a few months. When these documents are duly processed and sent to you by the local registry you become a proud property owner in Dubai.