Step by Step guide for you to buy an apartment in Dubai
Guide to Buy An Apartment in Dubai
Being an iconic location, Dubai is attractive to the people because of its luxurious lifestyle, top-class facilities, and sky-rocketing financial activities. Dubai is a favorable destination for residents as well. The process of buying a flat in Dubai becomes exciting yet tricky both for investors and those seeking an ideal place to live. As a guide, this article helps you understand all the key aspects of buying an apartment in Dubai. Let’s start.
Steps to Buy an Apartment in Dubai
Understand Legal Points
If you want to buy an apartment in the UAE, you have to follow some legal requirements. Foreigners have the right to buy property in freehold areas that Dubai has designated for them. Various locations have been created by the government to enable non-UAE nationals the opportunity to buy property. Residents from all nations can buy property in the freehold districts that include Dubai Marina, Downtown, Palm Jumeirah, Business Bay, etc.
When you buy a flat in Dubai the Dubai Land Department (DLD) will register your title deed which ensures your legal ownership.
Consider your Financial Position
Buying any property in Dubai needs sufficient financing. UAE citizens can get a loan by approaching local banks. First-time buyers who want to purchase a property through financing will need to provide at least 20 percent because banks typically limit their loan-to-value ratio to 80 percent. Foreign buyers can also get loans but they have to contribute more in the down payment.
The interest rates depend on what the applicant provides their financial details. Users usually obtain mortgage loans that span from 15 to 25 years.
Look for a suitable location
- Dubai Marina is a vibrant waterfront community offering both residential and commercial properties with stunning views of the marina and the Arabian Gulf.
Dubai-Marina-with-sky-oasis
- Jumeirah Lakes Towers (JLT) provides affordable living with efficient connections to various parts of Dubai.
Jumeirah-Lakes-Towers-with-sky-oasis
- Palm Jumeirah stands as an exclusive residential district that appeals to high-net-worth buyers because it provides luxurious apartments and villas.
Palm-Jumeirah-with-sky-oasis
- Business Bay represents an expanding business hub featuring residential units which benefits investors who need places that deliver solid returns.
Consult a real estate agency
Working with a good real estate agency during the home-buying process will help the process become smoother. A real estate agency with a valid license helps property buyers through a range of services. They will show different properties matching your requirements and finances to save both time and effort. Because they understand local markets well, local agents can help you successfully negotiate a favorable price during property deals. The agency will also help with the paperwork needed for the Dubai Land Department to ensure legal documents remain in proper order. The Dubai Real Estate Regulatory Agency (RERA) registration shows the selected agency’s trustworthy nature.
Check out these properties in Dubai:
Finalize your purchase
Choosing the desired apartment leads to making an offer as your next step. Your real estate agency will assist you in negotiating pricing as the fees are often flexible. Your acceptance of the offer leads directly to signing the Memorandum of Understanding (MOU) also known as a sales agreement.
A payment deposit of usually 10% is required during the MOU signature. After reaching an agreement and making the deposit payment, a transfer of ownership becomes necessary. This process involves:
- The payment of the remaining balance.
- After payment, the title deed is transferred to you for your official ownership.
- During the transaction both the buyer and seller need to appear at the Dubai Land Department for completion. All buyers must pay fees to the Dubai Land Department that represent 4% of the purchase amount.
Points to consider after your purchase
You must consider specific points after your purchase.
- Make sure all the service charges, utility bills, or any other maintenance charges etc. have been transferred to your name.
- Buying property worth more than AED 1 million allows you to qualify for a UAE residency visa. So, you can get long-term residency in Dubai because of this advantage.
Final Words
Buying a flat in Dubai can create profitable returns when carried out with proper planning. Dubai attracts global buyers because it has no property tax and high rental yields within a thriving market. Expert consultation from a leading real estate agency like Sky Oasis UAE will help you secure your dream home.
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