Who can buy property in Dubai?

Anyone. All nationalities can purchase property in Dubai.

Why buy a property in Dubai?

Dubai has a record for strong economic growth which provides a haven for investors. With the presence of free-trade zones, rising tourism and a GDP that increases an average of 7.5% per year, there are countless reasons for an entrepreneur or an investor to consider Dubai. By contrast Western economies consider their growth to be strong at 2%. With expected population growth and investment increasing in the property market. Dubai continues to represent a strong opportunity even with the massive amount of development taking place in Dubai.

• Tax free society. Individuals earn tax free salaries enabling to support house prices.
• There is an exceptionally high demand for freehold property.
• Property in Dubai is cheaper to purchase than other international countries and rental earnings are high.
• Excellent quality of life, providing a safe and clean environment.
• Fastest growing tourist destination.
• Regions leading Financial centre, IT centre, Media centre and Transportation hub.
• Ultra-modern infrastructure.
• Political stability.
• Secure with a virtual low crime rate environment.
• Cosmopolitan life style providing world-class entertainment events, international golf, horse racing, tennis, themed hotels, shopping malls, outdoor adventures and more.
• Diverse Society. There are approximately 200 different nationalities living in the city.
• Great location - Dubai is situated on the tranquil Gulf coast, with beautiful natural desert and mountain landscape.

 Is a Residence Visa necessary for all purchases?

No, you do not need to be a UAE resident to purchase property in UAE. You become eligible to apply for a residence visa upon the purchase of a freehold property. (Please note that the usual immigration laws apply to all residency applications; the purchase of a property does not guarantee a residence visa).

Buying in Dubai - Freehold or Leasehold...

Freehold is available on most of the developments in Dubai. In some cases there is a mixture of freehold and 99-year leasehold property.

Can I buy a property to rent out?

You may buy a property and then rent it out; alternatively you buy a property that is already rented out which wil provide you with immediate returns. We may assist in locating tenants for your property.

Do you get a residency visa if you buy a home?

Yes. But your contract should state that you are entitled to one. Residence visas are subject to normal immigration regulations. They are renewable every three years, for example. They do not replace a work permit. And if you have a work permit, your residency will come from that.

Can I apply for residency?

Yes. Under most current regulations, property owners can apply for residency from Dubai Naturalization and Residency department.

What finance options are available?

When buying off-plan property in Dubai, there is a choice of financing options available. Finance can take the form of a standard home loan of up to 70% of the property purchase price; alternatively the developers themselves may offer a lengthy repayment plan as a purchase option. These packages come at competitive rates and add the convenience of fixed monthly repayments over anything from 5 to 15 years.

Is it possible to get mortgages for property in Dubai?

Yes. Amlak, Tamweel, HSBC, Lloyds, Mashreq Bank, RAKbank, National Bank of Dubai, United National Bank, Abu Dhabi Commercial Bank and Standard Chartered Bank all lend on Dubai property, both on and off-plan. Each one has different rates and terms. Some only lend to residents. You can also get mortgages internationally for property in Dubai. HSBC in the UK lends an asset based mortgage.

Can I get a pre-approved mortgage?

Yes. This is preferable. Most lenders will work out how much they are likely to lend you before you have a specific property in mind. This means you can then go shopping, and find something you know you can afford.

How do local finance houses assess mortgages?

Usually on your monthly income, less expenses, and then divided by three. This gives the figure they will work from, for each month over the term. They do not base it on how well the asset might perform, nor allows low-loan-to -value (i.e. large down-payment with small loan).
This makes it limited. Even if you are earning a seriously good wage, do not assume that a bank - will lend you substantial sums.

What is a transfer fee?

A transfer fee is payable if you transfer your property to someone else. It is an administrative charge levied by the primary developer.