Dubai is a city of buildings and there is such a hustle and bustle that you will not find any of these countless buildings deserted. With the tallest building in the world, the biggest shopping mall in the world, and man-made islands, Dubai is still determined to take its real estate and construction sector to a new height.
You can buy real estate in Dubai, even if you are not a resident. But as a non-resident, you must know some important points before you take your decision to buy real estate in Dubai. Following are some of these important points to consider.
Buying Real Estate in Dubai The other Emirates of UAE
It seems obvious, but it is true that many people still think that Dubai and UAE are the same. In fact, Dubai is one of the seven emirates of UAE. The other six are Abu Dhabi, Sharjah, Ajman, Ras Al Khaimah, Fujairah, and Umm al Qawain. When you buy real estate in UAE, you have to consider federal laws as well as the local laws of the Emirate.
Understand the Difference Between Freehold and Leasehold
First, you cannot buy real estate in all areas of UAE. Besides that, you need to know the difference between freehold and leasehold property. From 2002, Dubai Crown Prince has issued the decree allowing non-UAE nationals to buy freehold property in Dubai as well. Most of the time, you will find freehold-leasehold property in Dubai, which means that foreign nationals can lease the land but have the freehold rights on the building.
Fees and Charges
The exact payment plan differs from one real estate developer to the other, but you are often expected to pay 10% to 20% every three months. Property consultants charge around 2% or 3% of the property value.
Hire an Agent
It is safer for you to hire an agent. A RERA qualified agent will save from any unexpected trouble during your buying process. But do not rely entirely on the agent for your buying decision and do your research properly.