This guide outlines the process of buying property in Dubai, both finished and off-plan.
Why Choose a Realtor?
Efficiency: Realtors expedite the property search process, matching your budget and preferences.
Expertise: Licensed realtors possess in-depth knowledge of the Dubai real estate market and navigate complex regulations.
Guidance: Realtors assist with documentation, legal procedures, and negotiations.
Thorough Research: Identify suitable areas, understand necessary documentation, and carefully review all purchase/sale agreements.
Buying a Finished Property
Negotiation: Agree on price, terms, furnishings, and other relevant details with the seller.
Contract Signing: The realtor drafts a legally compliant purchase agreement for both parties to sign.
Deposit Payment: A 10% deposit is paid to the seller via a certified check.
NOC Acquisition: Obtain a No-Objection Certificate (NOC) from the developer and, if applicable, the master-developer, confirming the absence of outstanding debts.
Ownership Transfer: Apply to Dubai Land Department with the NOC, ownership certificate, and developer’s letter.
Final Payment: Pay the remaining balance of the property cost.
Title Deed Issuance: Receive the official title deed within three business days.
Buying an Off-Plan Property
Negotiation & Contract: Agree on terms and sign the purchase agreement.
Deposit Payment: Pay the initial deposit as per the agreed-upon schedule.
Oqood Registration: Register the property in the Oqood registry, paying the registration fee and applicable charges.
Developer’s NOC: Obtain an NOC from the developer upon completion of construction.
Ownership Transfer: Register the property with Dubai Land Department, updating the Oqood certificate.
Title Deed Issuance: Receive the official title deed.
Costs Associated with Property Purchase
NOC Registration: AED 500 – AED 5,000 (payable to the developer)
Real Estate Commission: 2% of the property cost
Property Registration: 4% of the property cost + AED 580
Administrative Fees: AED 4,200
Mortgage Fees: 0.25% of the loan amount (if applicable)
Maintenance Fees: Annual maintenance charges are applicable to all properties.
Foreign Ownership Rights
Freehold Zones: Foreigners can purchase property freehold in designated areas.
Uzufruct: Foreigners can own property for 99 years with the possibility of extension.
Company Ownership: Foreign companies can purchase property in freehold zones, subject to specific regulations.
Disclaimer: This guide provides general information. Consult with a qualified real estate professional or legal advisor for specific guidance on your individual circumstances.
