How to Buy Property in Dubai
It’s not enough to visit a property in Dubai and fall in love with the exterior. You must also check out the surrounding area, including the availability of parking spaces. While some factors are more important than others, you must keep in mind that some areas have less developed roads or traffic. Taking these factors into consideration will ensure that your dream home is within your budget and meets your needs. Here are some tips to make your dream home a reality.
Legalities of buying property in Dubai
There buy property in dubai are numerous legalities to be aware of before buying a property in Dubai. Although not a formal requirement, hiring a lawyer is a great idea. The UAE does not have a federal law governing the ownership of property, which makes property laws and procedures unique in each emirate. The emirate’s Land Department, or DLD, is responsible for registration and licensing of real estate properties. The laws are intended to protect buyers and sellers from fraudulent practices.
Types of properties available in Dubai
You can find a variety of different types of properties in Dubai, such as apartments, townhouses, villas, and even hotel properties. Many people prefer to buy a townhouse or villa as it is a convenient and hassle-free tenancy process. The price range for these properties varies according to the size and number of bedrooms. For example, villas can have six bedrooms, while townhouses can have as few as one bedroom.
Deposit required to buy property in Dubai
If you are planning to purchase a home in the UAE, you will need a deposit. This deposit will normally be about 25% of the total price. Some developers might require a larger amount. It can be difficult to save for such a large deposit in a short amount of time, especially if you do not have a large nest egg. Therefore, you need to be sure that you can afford the deposit. If you are planning to take a loan to cover the deposit, you should make sure that you have a large savings account or that you can borrow a large amount.
Buying a property from a developer
Purchasing a property from a developer in Dubai can be a hassle-free process if you follow the right protocol. The first step is making a verbal offer to the seller. Once the offer is accepted and a deposit is made, a formal sales contract is drawn up. In this process, the buyer obtains financing and the seller ensures that the property is free of any impediments. Purchasing an off-plan property from a developer involves different protocols than buying a resale property from an individual.
Buying a property from a private seller
Buying a property from a private seller in the UAE requires a little more work than purchasing a property from a real estate company. In general, buying a property from a private seller involves a few more formalities. The first step is making a verbal offer to the seller. Once the offer is accepted, a formal sales contract is drawn up and a deposit paid. Both the seller and the buyer must arrange for financing and the seller must ensure that there are no impediments to the property’s transfer. There are different procedures for purchasing an off-plan property or a resale property.