How To Buy Property In Dubai? Know The Process In Detail

1. First and foremost - Where to start from?

Dubai comes with several options for investment and the importance it is garnering every day is increasing therefore it is becoming a hot spot for investment. Apartment, Villa and Townhouse are the main options to choose that fulfill your purpose; you need to be very careful where you’ll be investing.

You first need to be clear in your head about what kind of property you want and where. I mean you should ask yourself whether you want to live in the heart of the city by a leading builder like EMAAR or you want to live in the beachfront housing. You have to think about your needs and demands and what exactly you want! Then it will help you in determining the best location or community you want to invest with.

In that case, you should surely look for the EMAAR Park Field and DAMAC Cavalli Estates etc. neighborhood that will make you feel homely.

2. What is the current condition of the Dubai market? The market is flattering.

The property market of Dubai has always been of notice to the investors. It has been dynamic and faced tremendous ups and downs with a big price fall in 2014 and re-growth in 2016, then a slowdown in 2020 and revamping from 2022 onwards. But even after facing the blunder, it is steadily growing. These changes sometimes confuse the experts about the market bottom and also the predictions about the rise and fall.

Dubai property is developing and booming exceptionally well and since the time rules and regulations have been changed for the property purchase process in Dubai and the builders are bringing bonanza offers for the property sales in UAE.

Looking at the current trend it is the right time to buy and rent properties in Dubai with the eye-catching prices offered. The prices are changing daily as per the area and the builder but surely the market is strongest at this time.

4. What is the total time taken? Is it a long process?

Once the final agreement has been signed, it takes around 30 days to complete the process of transactions.

The process starts with your search for property in Dubai and once you have found the property of your choice then a Memorandum of Understanding is signed and a deposit payment of around 10% is made. Then comes the process of NOC- No Objection Certificate between the buyer and seller for the final sale of the property. Once you have paid the fees the buyer or the developer will happily issue the NOC and also when the buyer is assured about the buyer’s funds that he/she can buy the property or not. Make sure you have all the funds in front of you before you plan for any property purchase in Dubai otherwise your NOC may be declined.

This process gets further with the transfer of NOC to the DLD- Dubai Land Department with which the ownership of the property is transferred. The price is paid in the form of the manager’s cheque with the transferable date. Then you’ll be issued the land deed in your name.

5. How about buying a property with a mortgage in Dubai?

Buying property with a mortgage in Dubai is a tricky task as your NOC can be rejected until and unless your bank and the lender have sufficient funds to pay for your property. Straight cash buy allows you to quickly buy the property whereas buying with a mortgage will take a longer time than usual.

6. What about the cost and fees when buying a house in Dubai?

Whenever you are buying a property you need to check all the other fees because sometimes it can go beyond your expectations. It is imperative to check all the charges included like NOC fees, Agent commission, transfer fees, registration fees, etc. It can sometimes go beyond your thinking, let’s dig down the cost a bit.

NOC Fees: The No Objection Certificate can take around AED 500-5,000 usually paid by the seller to the developer.

The Agent’s Commission: The agent usually charges around 2% of the property purchase price and sometimes can be a little more.

Transfer Fees: The total transfer fees charged is 4% approx of the purchase price with AED 5,000 additionally paid to the Dubai Land Department.

WELCOME TO THE NEW HOME, This was the simple process to be followed.

Now let’s count on some of the top spots for buying property in Dubai?

Dubai is a dream location for countless people out there. People come here for several purposes apart from vacations. Considering the purposes, real estate investment falls on top. There are so many hot spots that you can count when buying property in Dubai.

• Rashid Yachts & Marina is an outstanding and latest waterfront community from Emaar strategically positioned at Port Rashid Dubai the community is a top attraction. It is turning countless heads with the prolific beauty it is showing. You can choose the strategically planned 1, 2, 3, and 4 Bed Apartments from here with the exotic views.
• Dubai Marina is another beautiful waterfront development that is famous for elegant structures planned in the form of malls, hotels, residences, schools, and more. You can get an eye-catching view of the canal and the azure blue water around. It is one of the leading investment zones of Dubai where lavish apartments and penthouses can be owned.
• DAMAC Lagoons Dubai is a brilliant community planned by the leading DAMAC Properties. This again is a waterfront and off-plan community bringing a true sense of living for you. It is planned to bring the best living for the residents with all sorts of comforts. The community comprises mesmerizing amenities and leisure options in the 3, 4 & 5 Bedroom Townhouses.
• Dubai Creek Harbour community comprises 1, 2 & 3 Bedroom Apartments that will enhance the level of living by providing multiple comforts under one roof. The families and the individuals living in the community will have the most stunning living with major attractions in the vicinity. It is a freehold community that comes with 100% ownership.

You know the locations/communities! But do you know how to choose the right property?

You might be thinking of buying a property right now, if in case you are a beginner then how you can choose the best property option? There are a few things one needs to keep in mind always. Let’s count on some.

• Check the location: When you are investing in a property, location is one of the most important points of consideration. You need to make sure that the area is congestion-free and has a lot of parking space which is one of the most important concerns these days. Traffic in Dubai can sometimes be daunting and this makes it imperative to consider the location before investment.
• Friendly & healthy neighborhood: Location is considered a king when you invest. If you want to enjoy Dubai then make sure you choose the location that gives you outstanding infrastructure, attractive civic amenities, high-end properties around, smooth traveling, etc. Always choose the location that gives you rents at the pinnacle bringing manifold benefits, you can choose Dubai Marina.
• Fetch the best parking: Well, parking is one of the biggest problems that a family face when living somewhere. Parking might not come to your priority list but it can surely create a lot of mess later if not focused on earlier. Always check the parking availability of the location that is convenient for you, your family, and guests.
• Don’t ignore the builder: A builder is an asset for property investment because you should be well aware of the person you are making an investment. First of all search for the right builder of the market i.e. not just leading with the name but also has a well-established reputation in the market with the whooping real estate segments.
• Be clear with the property type: Dubai offers you choices between townhouses, villas and apartments each one is hot in itself. The sale and the demand are giving neck-to-neck competition with each other. You need to make sure that you are choosing the best builder who has a good reputation, class, timely delivery record, and more that is on your bucket list.

CONCLUDING THE BLOG

Well, it feels amazing guiding someone true and best of my will; I have explained the process of how to buy property in Dubai. Also, inform you about the benefits of investment in Dubai with some top-notch communities; now it is your part to play and make a quick hit purchase in such an unparalleled location. All the best!

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