Can You Buy a New House in Dubai?
Nothing compares to living in a luxurious city that offers excellent transportation network, public facilities and more importantly a commercial nerve like Dubai. That is why the response is always positive when most people are posed with the question, “can you buy a new house in Dubai?” However, buying a house in Dubai entails huge capital commitment, as such, it is a decision that needs to be carefully made.
“Can I Buy a House in Dubai?” – Finding a Home to Purchase
Dubai has come to be a renowned place for non-local investors and expatriates. In recent past, alterations made to the laws have allowed foreigners to come into the Dubai property market. It is now easier to purchase a home in Dubai than it was before, assuming you have got the money. Just look out for experts counsel and opinion to maneuver the local law’s regulations. Here are some things you ought to know if you have always asked: “Can I buy a new house in Dubai?”
“Can You Buy a House in Dubai?”- Decide What Kind of Home You Want
Expats who make enquiries like, Can I buy a new house in Dubai,” often prefer to go for townhouses, apartments, or villas, which are located in secure complexes with shared leisure facilities such as tennis courts, swimming pools, and gyms.
Start Searching Online
Just as with any other item, an excellent place to start is online. There are so many agencies and realtors that list houses in Dubai online. You can purchase properties from realtors or property developers. Estate agents more usually sell resale properties; homes already built and have previous owners while developers sell off-plan properties, which may be yet to be completed.
Consult Expert Estate Agents
Should you have questions like, Can I buy a new house in Dubai?”,it is advisable to hire an estate agent to work with. Estate agents can help you look for houses and analyze open options to you. Professional real estate companies will be accustomed to dealing with foreign buyers, and most likely, speak English.
Attend Property Fairs
The housing market in Dubai is entirely way young, albeit growing fast. Therefore, a significant proportion of property purchased by foreigners is bought from developers who are yet to complete the development. Property fairs present opportunities where developers showcase their work and meet with potential buyers.
Visit Dubai to know if you can buy a house in Dubai
Before you conclude about a house, be sure that you have spent some time in Dubai. If you are purchasing a resale house make sure that you view as many properties as you can, and ask them all the questions you would assume you were buying property at any other place in the world.
Eligibility and financial requirements that someone who seeks answer to the question, Can I buy a new house in Dubai” must meet
Identity Card and Visa Documents
You will need the appropriate ID and visa documents. Since there have been modifications to the Dubai property law in 2002, it has become more accessible and more direct for expatriates to purchase and rent property in Dubai. Nevertheless, you will still need to tender a valid passport to establish your identity. While you need not have any residency permit to buy property, should you want to stay there, you will have to mind this fact.
Estimate of the full costs
To be able to answer all question fully “Can I buy a new house in Dubai,” you must be sure that you can afford the property and has got all the costs associated with the purchase. When you are estimating the total value of the property, you ought to add the purchase price, the down payment, transfer fees, realtor fees, and the possibilities of currency exchange rate to change.
Find a Mortgage in Dubai
It can be quite challenging to get a mortgage in Dubai. Non-status or self-certification mortgage arrangements are not present, and the volume of bureaucracy and processes involved can be discouraging to those who are used to a less strict system. In some instances, a down payment of 20 to 50 percent of the mortgage in cash may be required from buyers.
Can I buy a new house in Dubai – How to Buyoff-plan houses
Submit a reservation form
In Dubai, If you are purchasing property off-plan, the first procedure after you have concluded on the property you want and got all the capital ready, is to tender a completed reservation form. This form will spell out the fundamental terms and conditions of the deal arrangement which includes details on the payment schedule, and personal details from all parties.
Pay the Deposit
Immediately you have concluded on the reservation documents; you need to pay the deposit. The cost will be stated on the reservation form, but it is generally between 5% and 15% of the purchase price. Most times developers will often not bring up the regular sales and purchase deal until the deposit has been made, and at times they may bill up to 20% or even more.
Complete official sales and purchase agreement
What makes the selling and buying contract formal and legally binding is the document that will be signed. Ensure that this document is completed and check the date on it. Get a lawyer to review it for you and check all the details, terms and conditions very well.
Transfer the deeds
The last step in solving your riddle of “Can I buy a new house in Dubai?” is the transfer of the deed for the property you are buying. This is the stage at which you will be asked to pay the total price of the house you are buying. If you are unable to pay for the property at this stage, the deed of assignment will not be transferred to you, and you cannot own the property, so you must have the money on the ground.
You may after that proceeds to the Dubai Land Department to register the land and attend a meeting where you the buyer, the real estate agent and a representative from the mortgaging bank can meet to reach an agreement. This is basically what it takes when you are considering buying a house in Dubai.
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