Is it worth buying property in Dubai?
It is indeed worth buying real estate for property investment in Dubai. This tax-free income is and low mortgage registration fees are amongst the reasons for purchasing property in Dubai for residential as well as investment purposes. Dubai also continues to be one of the top cities to visit as well as live in. It provides the properties here with high investment potential.
What is buying property in Dubai process?
The process for buying a property in Dubai is easy if done correctly in time.
- Gather necessary documents – Emirates ID, Passport, Residence Vise, etc.
- If you need mortgage, you need to get pre-approval for the loan from your bank.
- Once the property is finalised, a MOU needs to be signed between the buyer and seller of the property. The MOU includes all clauses and payment transfer conditions.
- The MOU gets registered with DLD at Registration Trustee Office.
- The Registration Trustee sends the details for clearance back to DLD for clearance.
- Get the final approval if applied for mortgage.
- Get the no-objection-certificate (NOC) from your property developer. An NOC certifies that all dues are clear.
- Bank issues the final offer letter (within two to three weeks).
- Property seller’s bank will generate a liability letter and the buyer’s bank will clear the liability.
- The money is paid through a cheque or bank transfer with the Registration Trustee. All the amount including issuance fees of title deed.
Can a foreigner buy property in Dubai?
As an individual of any nationality, whether you are based overseas or a resident of Dubai, you have the option to purchase Freehold properties for sale in Dubai market in specific areas that have been authorized by His Highness the Ruler of the Emirate of Dubai. Foreign investors are not required for holding any residency type or similar permit for the purpose of purchasing property.
Expatriate residents and Foreigners have the option to acquire freehold ownership rights over property without leasehold rights, restriction or usufruct rights for nearly 99 years.
Is it a good time to purchase property in Dubai?
From an investor point of view, purchasing property in Dubai is a safe and very attractive option. It provides investors with an opportunity to obtain a good deal on property. This would also result in having even better returns on investment if the economy continues. Its recovery as well as the demand for rental properties increases.
