Dubai seems unstoppable. A simple glance over the property for sale section can offer you some rough yet eye-popping stats. At this given point of time, the number of properties for sale in dubai would linger well over 80000! Simply and evidently, the Dubai market offers pretty wide choice for investors and property buyers.
It is true anyhow that the property market of Dubai is pretty much diverse from that of many other countries. So may be you have been wondering ‘can you buy a house in Dubai? While there are still a few localities where foreigners and non-residents might not be allowed to purchase property, in about 90 per cent of areas in Dubai Emirates, purchase of property by non-residents and foreign investors are totally allowed. In fact, post 2002, getting free freehold ownership rights is possible for foreign owners and investors as well. Dubai is one of the first emirates to allow foreign ownership. The free hold rights are massively luring for investors and resultantly, Dubai’s property market has been on boom. The Middle-east state hosts a mature and relatively much stable property market. This is another important positive aspect of buying a house in Dubai. There wouldn’t be constant worries about the volatility of market and resultant losses. Moreover, all these aspects backed by the liberal tax laws in the region makes Dubai an Ideal investment destination.
In a nutshell, if you have been wondering or if someone had asked you ‘can you buy a property in Dubai as a non-resident?’ the answer is, you can easily buy houses in most regions of Dubai Emirates.
Have you been considering purchasing a property in Dubai buy have found yourself stuck to the question ‘how can you buy a house in Dubai?’ Let’s help you out with that part. Well here are details as to how can you buy a house in Dubai.
How can you buy a house in Dubai- a guide
As stated earlier, buying a property in Dubai is, by and large, an easy task. By and large, completion of an average property transaction takes just around 30-40 days. Breaking down the procedure, this is how you can buy a house in Dubai.
Do your research and find your ideal home:
Dubai really has a vast choice. Low budget houses, luxury houses, small and bid apartments, under development properties, independent villas, sea view houses- you can find a distinct and vast variety of houses and property in Dubai. Before anything, do your research and find the house or property that would be ideal for you. While considering a house, take into consideration the total cost that you would be paying, including purchase and transfer fees, reservation fees (u agent commissions, NOC application fees.
Consider a Real estate agent:
You can consider consulting some real estate agents who can assist you in a better way. Especially, if you are new to Dubai market, you might need some local assistance. When you have a real estate agent in support, you will not have to keep wondering how to buy a house in Dubai– they will handle the task for you.
Sign a Memorandum of Understanding or MoU:
Once you finalise the property which suite your requirements, dreams and budget best, you need to discuss terms and costs with the house owner or developer. Once everything is finalized, you and the house owner need to sign a memorandum of understanding. While a MoU do not have binding legal effects, it is essential in a property purchase in Dubai.
Payment of token amount:
At the time of signing Memorandum of Understanding, you are expected to pay off a certain amount as the initial deposit. In most cases, this amount is 10% of the total purchase. However, the terms can be different according to seller.
Apply for NOC:
After this initial deposit is made, the parties (buyer and owner) need to meet with developer and apply to get an NOC that is No Objection Certificate. Buyer is supposed to pay an amount as NOC fee. There won’t be any issue with getting NOC if the payment to the developer is paid or settled in full. However, if there are any dues towards the developer the buyer might be required to settle the amount in full before application of NOC.
Transfer of Property:
This is the final stage of a property transfer. Post obtaining the No Objection Certificate, both parties can meet at Dubai Land Department to complete the transfer formalities. Here, it should be noted that you might have to pay almost the entire cost of purchase as an Expat, before the final transfer deeds are executed.
Prime locations in Dubai:
While numerous parts of Dubai offers great facilities and housing options, there are some regions that are totally exclusive. Here is a list of top 4 prime locations for investment and residence in Dubai.
- The Palm: Of course one of the most sought after locations in Dubai is the Palm. The Palm, built actually with the intention as the 8th wonder on Earth, is the first artificial island on the planet. The luxurious facilities, surroundings, amazing and world-class accommodation and infrastructure, panoramic views of the Arabian Gulf make the location really a wonder and a best location to reside or invest in.
- Dubai Marina: The world nicknamed the place as the ‘Pearl of Dubai’ and for good reasons. Undeniably, Dubai Marina can be classified as the top location preferred by investors. The impressive buildings, luxury interiors, supreme facilities and exponential rate of development of this place are the core reasons for the attraction it holds for the investors.
- Business Bay: Business bay has been attracting a lot of investments lately as well. The primary positive aspect in the court of Business bay is its proximity to the Sheikh Zayed Road. The region is greatly developing as well.
- Meydan: A part of Mohamed Bin Rashid City, whose development control is with Sheikh Mohamed, is certainly one of the prime locations in Dubai for any property investor.
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