Whether it’s the attraction of a luxurious lifestyle or the wish of living tax-free, moving to or investing in Dubai property is on the list of many expats.
If you’re already a resident or considering a move to UAE– you have probably wished to buy property in Dubai or other emirates.
Under the current legislation, foreigners retain the right to buy property in Dubai only in free-hold areas. And, with more than 80% of the UAE’s population made up of foreigners, it’s quite common for expats to buy house in Dubai or in other emirates of the UAE.
Even though a process of buying a house in Dubai is streamlined, it may sometimes involve numerous steps and complex legal process. Therefore, it’s important to understand all the intricacies and the legal process so that you can buy your property hassle-free.
What is the process of buying property in Dubai for foreigners?
Some of the key steps of buying a house include:
- Understand what type of property you’ll buy: free-hold or lease-hold? a villa or apartment? a plot of land, warehouse or commercial office?
- Conduct an online search for available properties.
- Do due diligence on the property you selected by checking the documentation of the property and the seller.
- Contact a real estate agent or contact developers directly.
- Hire a lawyer or conveyancing expert to assist you with the legal process of buying property.
- Ensure you’re eligible to purchase the property you chose as a foreigner, because not all places in Dubai are free hold.
- Get a mortgage or home loan from a bank or mortgage providers.
- Calculate and pay relevant fees and taxes
- Transfer the title.
If you are not sure on how to buy property in Dubai or face any problems during the property buying process, it’s advisable to seek legal advice from a lawyer or conveyancing expert in Dubai immediately. Additionally, any type of disagreement between the buyer and seller should also be reported to competent authorities with no delays. On-time legal intervention can help you avoid scams and pitfalls.
We can assist you with the complete process of property buying, including:
- Preparing all legal paperwork (e.g. contract of sale and purchase, memorandum of understanding, gift deed);
- Conducting due diligence on the property and seller’s title – check for encumbrances, type of title and any other information that needs addressing;
- Facilitating payments of relevant fees, for example, to a land department, brokers and a developer, and ensure that all payments and costs are correctly calculated;
- Getting all necessary approvals and clearances including from developers, facilities management firms, and banks;
- Completing all paperwork in relation to utilities transfer or cancellation;
- Representation before any banks or financial institutions to apply for or clear the mortgages;
- Representation before the Land Department at final closing and transfer of the title;
A final transfer of the property at the Dubai Land Department is just the last step of transferring the real estate from a seller to a buyer. However, prior to the final transfer, terms of the sale and purchase have to be sealed and several approvals must be secured. Therefore, the whole property buying process might become rather lengthy and usually could take up to a month or more to complete it.
So, in the event that you (as a buyer or a seller) are not aware of buying property in Dubai or not able to attend the necessary formalities personally, you can always appoint a legal representatives specialized in this filed, such as our firm, who would handle the whole process on your behalf.