Properties for sale in Dubai

Buying a Property in Dubai

Dubai is one of the hottest locations for real estate right now. Not only is one of the fastest growing cities in the world but it also offers a stable market, lots of opportunity for growth and high returns. There are always new developments and a variety of infrastructure so you there is a huge range of different types of property for sale in Dubai. The city is a business center for large and small organizations and it is home to many ex-pats and families. Whether it is a long-term property for your family, a studio apartment, an investment opportunity or a holiday home that you are after, we will have plenty of options to help you find your perfect property. Our experts know the market inside and out and will be able to provide useful advice and support you through the journey to finding and securing a property for sale in Dubai.

One of the benefits of buying property in Dubai is that when purchasing property worth over AED 1 million, you will qualify for a resident visa, and the income you earn if working here will be tax-free! The lifestyle here is luxurious. There are frequently new developments and attractions so you will always have many opportunities and activities available at your fingertips. The UAE is one of the safest countries in the world and is well-positioned with excellent transport links to destinations around the world.

A huge benefit from the factors mentioned is that due to the desirability of the location and what it has to offer, Dubai property rental yields are significantly higher than those offered in other popular cities, making property ownership here very rewarding. The city is set to attract even more visitors, tourists and ex-pats in the coming years due to the initiatives by the government which will make this an excellent time to get into the property market out here. It is also a transparent real estate market, that is well regulated, which means you can be well-informed about the value of the property for sale in Dubai and understand the outlook for the future before you decide to purchase.

Before you begin your search for the perfect property for sale in Dubai, and especially before you commit to buying a property, it is important to understand the market and the processes involved with purchasing real estate out here. Whether you are looking to buy your first home, you are hoping to buy a property before you move to Dubai, or you are looking for a fruitful investment, our agents will be able to advise and inform you according to your requirements. Our agents will help you to have the smoothest experience from when you first start to search for a property for sale in Dubai, up until the deal is closed and you are enjoying your new property. As Dubai's longest standing real estate firm, we have lots of experience, expertise and a huge range of accommodation solutions.

Rules for purchasing a property in Dubai
Whether you are considering buying, are already a property owner looking to upgrade, or you are a real estate investor looking to expand your portfolio, there are some key things you should know before you begin to search for property for sale in Dubai.

✓Always ensure that your broker of choice is registered by RERA.
RERA is an acronym for the Real Estate Regulatory Agency. Founded in the year 2007, RERA is responsible for all real estate matters in Dubai. It seeks to regulate and manage the real estate market by minimising or completely avoiding misunderstandings and disputes. When you are working with a broker, to help you out with the whole process and to help avoid any issues whilst purchasing your property, ensure that the broker has a valid Broker ID card and is RERA registered.

✓Understand the fees that are required
Aside from the deposit, there are some other fees and expenditures that you should keep in mind and try to budget for. You should expect to spend around 7% of the total property price on these fees.
- A transfer fee for Dubai Land Department (DLD) of 4% based on the total property purchase price
- A DLD mortgage registration fee of 0.25% of the total agreed home loan + AED 290 admin fee
- A property registration admin fee of AED 2,000 - 4,000 depending on the value of the property
- A property valuation fee of AED 2,500 - 3,000
- A bank mortgage set-up fee which could be from 0 - 1% of the total amount of the loan
- A real estate broker fee of 2% of the property price plus 5% VAT for the agency fee
- For off-plan properties, a (Oqood) fee of 4%
- A conveyancing fee of AED 3,000 - 6,000 depending on the value of the property

✓Familiarize yourself with the procedure for mortgages
If you require a mortgage, you need to speak to a mortgage advisor and ensure that the mortgage is pre- approved by the bank so that you will be able to go ahead and buy your property. The mortgage pre- approval will show how much you are able to spend and help you to set your budget. If you are taking a mortgage to purchase your property, you will require a minimum deposit of 25%. If you are looking to purchase a property that has a value of more than AED 5 million, then your maximum loan-to-value ratio will decrease to 65%, which means that you will require a deposit of 35%. If you are purchasing an off-plan property, the loan-to-value ratio will decrease even further to 50%, with a minimum deposit of 50%.

Once your mortgage has been pre-approved and your mortgage broker or bank have explored your available options with you to determine your maximum loan eligibility, you will be able to set your budget. Unfortunately, new arrivals in the UAE might find it more difficult to secure a mortgage, although those who have a history of working in the UAE shouldn't have much difficulty. Mortgage repayments are typically around 25% of monthly income, but ensure that you take the right loan amount for your needs and your ability to repay, and evaluate different options from different banks, checking for any hidden or additional charges.

If you are looking for property for sale in Dubai, please feel welcome to contact one of our agents who will be able to assist you on your journey to finding the perfect property.