There are many a times when people want to shout ‘can someone help, I want to buy a house in Dubai, what should I do? What should I know? Should I go on with Dubai? If yes, where?’
Deciding where to buy a new house can be tricky. Especially, deciding on buying a property abroad can be trickier. After all, the person is investing his or her valuable money in some foreign location and one can’t just go unplanned or casual with buying a house. Mostly, people keep telling themselves ‘I want to buy a new house’ or ‘I want to buy a new house in a year’ but often the year passes in planning or plain confusion. So people, it is time to actually do some property buying.
For those who have been considering to buy a property abroad, or have been considering Dubai for investment or residential reasons, Dubai sure is a great choice for property purchase and investment. There are diverse factors constituting Dubai as one of the most preferred investment locations on global scale. Some of the factors that make Dubai an ideal investment destination are tax free incentives or gains or rental incomes, strategic location of the city, exceptional rate of development and progress, easy of purchase and sale of properties, stability of the property market etc. among all. Dubai is equally good for those who want to buy a house for settling down or residing in as well. High employment rates and opportunities, amazing standard of living, competent facilities, supreme infrastructure, great connectivity to the rest of the world, ease of obtaining visa and meeting other formalities, welcoming environment, secure surroundings, acceptance of diverse cultures etc. paints Dubai as a comfortable and perfect place to live, whether for education purpose or for post-retirement set up.
Moreover, buying property in Dubai is amazingly simple a process when put against other parts of the world. There are no typical solicitor convincing factors or complicated, complex paper works or lengthy verification process involved. The rules and procedures are easy enough to be understood by resident of any country. There are certified and professional real estate agents one can easily hire, in case they wish to be assisted in the process or if they are new to the city. These agents or brokers are supposed to be certified and act within the laws imposed on them, so buyers can totally rely on them. By and large, with documents and credibility intact, an average property purchase can be wrapped up within a month’s time or so. That it pretty too quick in comparison to several months long process in some countries. Mainly, a Memorandum of Understanding needs to be signed, a NOC needs to be obtained and transfer deeds are to be made towards the buyer. The process is that simple. So for everyone who want to buy a house in a year, that too in some foreign location, Dubai is the simplest choice available.
For property seekers who want to buy a new house in some prime locations, some of the most coveted regions in Dubai that can be counted for best accommodations, apartments, facilities as well as for investments are Dubai Marina, The Palm Jumeirah, Business Bay, Jumeirah Village and Jumeirah Islands, Emirates Hills, The Lakes, Discovery Gardens, Downtown & Old Town Burj Khalifa, Arabian Ranches, Dubai Investments Park, Jumeirah Beach Residence, The Meadows, The Greens, Falcon City etc.
What should I know if I want to buy a house in Dubai?
The buyers who are dealing with and are backed by a reliable broker would usually have nothing to worry in the property deals carried out in Dubai. Brokers would know much better than the buyer, the development prospectus of various regions in Dubai where they want to buy the house. So they could suggest and guide rightfully. However, as a person new to the city, the buyer must have to be sure to that he is being associated with a trustworthy broker or agent. In this respect, buyers must know that every real estate broker or agent is mandated to carry a license under the Regulation of Real Estate Brokers. Any agent who is not carrying a license is not supposed to carry out brokerage activities in Dubai. So buyers are recommended to ask for the licenses before choosing a real estate agent.
Also, any dispute that shall arise between the agent and buyer is to be dealt under Regulation of Real Estate Agents. Another thing that the buyers should know in this context is that they should not issue the purchase amount cheque in the name of Real estate Agent. Rather, as per the regulations, it is to be issued in the name of the land or property owner. Law prevents issue of cheques with purchase amount in favour of Real estate agent.
Dubai Land Department is the institution that is totally empowered to deal with property related matters like issuing property deeds and ownership titles, registering and maintaining registration of properties, executing property transfers and transactions, dealing with transfer and property related rules etc.
Good news for the buyers, who have been thinking ‘I want to buy a house in Dubai together with my partner’, is that, not only individual ownership, but also joint ownership is possible for buyers of property in Dubai. While obtaining property under individual ownership would be the simplest of the buying process, there would be not issues even if the buyer want to buy a house under joint ownership. Joint ownership would let the ownership of a property be distributed among two, three or four people. Here, it may be noted that even without the prior consent (written) of other co-owners, any joint owner may proceed to dispose-off the property.
However, as per the latest legal regulations and rules, the registration of off-shore company is no more permissible for Non-Gulf Corporation Council nationals, except in the case that it is a registered Jebel Ali off shore Company.
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