A step by step guide to buying property in the UAE
After a shaky year, the UAE’s property market is on a solid growth trajectory and is trooping ahead as it emerges from a slowdown induced by the global Covid-19 pandemic.
The UAE has become something of a safe haven during the pandemic, offering a welcome respite from the lockdowns that continue to emerge across the globe.
The real estate market is gaining momentum and projections for the second half of 2021 allude to a strong rebound brought by factors, such as stimulus packages, visa reforms and strong demand from end-users and investors.
Need to know when Buying Property
Recording the highest number of total residential transactions since 2015, experts are citing the country’s management of the crisis, support measures to improve the ease of doing business, and long-term residency regulations as contributing factors to the recovery.
Buying a property is often one of the most important decisions any individual can make, requiring extensive planning and good consideration to ensure that all needs are met.
High-end real estate brokerage, Engel & Völkers, lays out what potential buyers need to know, from costs, processes to legalities, ahead of buying real estate in Dubai.
Guide in Buying Property in the UAE
DO YOUR RESEARCH
Make sure to know what type of property you are looking for and the specific criteria. Whether it’s an apartment, townhouse or standalone villa, it is essential to have a clear idea of realistic property prices and the factors that contribute to these prices, such as location, view, amenities, and the type of community the property is in.
FIND THE RIGHT AGENT
Working with the right agent is crucial when searching for a new property. You need someone who understands exactly what you want and who will be able to effectively guide you through the process.
LEASE HOLD VS. FREEHOLD
The difference in rules for freehold and leasehold purchases are significant. Freehold is often the most appealing choice, given the absolute ownership it grants. To avoid complications and potential disappointment, ensure that you decide which option is best suited for your needs ahead of time, and ensure that your agent is aware of your preference.
LEGAL MATTERS
You might be surprised to learn that being a UAE resident is not a pre-requisite for purchasing a property in a Dubai freehold area. As defined by the Government of Dubai, anyone, regardless of their nationality and location, can buy real estate in a freehold location.
TIMELINE & SCHEDULES
In Dubai, an average property transaction takes around 30 days to complete from the day the Agreement for Sale is signed. That said, different variables can affect these timelines, from the time of year to the type of buyer.
BEWARE OF ALL FEES
Make sure to include factoring fees and costs into your overall budget.
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