Dubai boasts a thriving property market with prices at an all-time high. It is growing exponentially. So, can you buy a house in Dubai? Yes, you most certainly can. The luxury residential home market is booming right now, so it’s a good time to invest your hard-earned cash and reap great benefits. Dubai has fast become an international business hub and travel destination. In short, Dubai is the place to be. Therefore, purchasing a house in Dubai would be a wise investment.
Here are some frequently asked questions (and answers) about property acquisition in Dubai.
Can you buy a house in Dubai?
Around issues of residency, these are some common questions:
- Can you buy a house in Dubai if you are a non-resident? Non-residents can buy houses in Dubai, but only in areas which are zoned for expatriate freehold and leasehold sales. The Dubai Department of Land ensures that non-residents have access to the property market and are able to invest. In this way, the UAE has gone a long way to make Dubai an investor-friendly environment in terms of house purchases. So, the answer to the question of ‘can you buy a house in Dubai?’, is ‘yes’.
- How can you buy a house and hold a freehold title as a foreigner in Dubai? Freehold title ownership in areas designated by the rulers of the country is legal for foreigners according to the statutes of the country.
- Can you buy a house and then use it as a rental property to generate extra income if you are a non-resident of Dubai? This is allowed. Agencies are more than willing to match homeowners with corporate clients and travelers seeking rented accommodation.
- Can you buy a house in Dubai and obtain residency through doing so? You can get a residency visa if you purchase a freehold property in Dubai. This visa will be arranged by the developer you buy your house from. It will need to be renewed every three years. It is not a work visa. All visas are issued through the Dubai Department of Residency and Naturalization.
Here are some interesting questions and answers about financing the purchase of a house in Dubai:
- How can you buy a house with limited finances? You have two options when buying a house. Either you need to pay cash or you need to seek finance in the form of a loan or mortgage.
- Can you buy a house with a mortgage from a Dubai bank? Only residents of the UAE can apply for mortgages from local banks. A non-resident would need to seek the services of an international money lending institution to obtain a mortgage.
- Can you buy a house in Dubai without incurring exorbitant fees? Like all other countries around the world, purchasing a house involves the payment of certain transaction and registration fees, etc. The best approach is to ensure that you are as informed as possible of all the fees that you will be incurring so that you do not get any nasty surprises when the transaction is concluded.
It is very important to know what type of house purchase you are going to make when determining your financial plans and pathing. Here are some valuable questions and answers:
- Can you buy a house in Dubai that is ‘off-plan’? ‘Off-plan’ house purchases are common in Dubai. They are generally cheaper than ‘ready-now’ properties. You will have to book your property, pay a deposit and then pay installments during the course of the building process. If you buy a ‘ready-now’ house, you have to pay 100% of the price upfront.
- Can you buy a house in Dubai on the secondary market? You are entitled to buy a house on the secondary market provided it is in an area designated for non-resident house purchases. This process can be quicker than buying an ‘off-plan’ or ‘ready-now’ property, but it is a more intricate process and can lead to extra costs being incurred.
Here are some other questions and answers you may find beneficial in deciding to invest in a house in Dubai:
- Can you buy a house in Dubai that suits your individual needs and tastes? The variety of homes available for purchase in Dubai is diverse. Houses range from villas to apartments, holiday homes to real estate developments, and everything in between.
- Can you buy a house without working through an agency? This is not recommended at all. You stand a substantial risk of losing your investment or incurring extra costs if you do not use the services of an agency. The last thing you want is to see your dream of a home in Dubai going up in smoke, so take the time to use a reputable agent.
- Can you buy a house in Dubai and expect the transaction to be completed quickly? On average, the time spent on a property transaction is comparable to most other countries. You can expect to wait about 30 days after signing an agreement of sale document for your transaction to be completed.
- How can you buy a house in Dubai at a fair price? In order to be sure that you are paying a market-related price and getting value for your hard-earned money, it is critical that you work with a reputable agent who can give you an appraised value of the property. This is not the list price or the sale price. It is the value of the property determined by the agent when comparing the property with similar properties in similar locations on the market.
- Can you buy a house and ‘flip’ it immediately? If you have purchased a ‘ready-now’ house, you can sell it immediately should you choose to do so. However, if you have purchased an ‘off-plan’ house, you will need to consult with the developer about whether you can sell immediately. This is because payment is still in progress. Some developers insist that a certain number of installments are paid prior to allowing you to sell the property.
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