Your Guide To Buy Your Dream Home in Dubai
Are you living outside the UAE and want to own a home in Dubai? You're in luck! No matter where you're from, Dubai's laws let you buy a house. Here's your simple guide to buying a home in Dubai.
What Rules Say You Can Buy a Home in Dubai?
There's a rule, Law No. 7 of 2006, that lets people from the UAE and nearby Gulf countries buy a home anywhere in Dubai. If you're from another country, don't worry! You can buy a home in special areas known as freehold or leasehold.
What's the Difference Between Freehold and Leasehold?
Freehold means you fully own the home forever. Leasehold means you own the home for a certain time, usually up to 99 years.
What Steps Should You Follow to Buy a Home in Dubai?
Here are the steps you should follow:
Step 1: Make a Deal with the Seller
Once you've found a home you love, start talking to the seller about the price. You can pay in cash or get a loan (also called a mortgage). Make sure everything about the price and payment is clear in your agreement.
Step 2: Sign the Home Sale Agreement
You and the seller need to sign an official sale contract (Form F), which you can get from the Dubai Land Department (DLD) website. Also, you need to pay a deposit (10% of the price) to the DLD. You get this money back when you finish buying the home.
Step 3: Get a No Objection Certificate
Meet with the home's developer to get a No Objection Certificate (NOC). This certificate shows there are no unpaid bills on the home.
Step 4: Transfer the Home to Your Name
The DLD helps you officially transfer the home to your name. You'll need to bring the below mentioned documents, pay the price, and pay the fees. Once everything is done, you'll get an email and a new title deed will be issued in your name as the new owner.
- A payable cheque for the property price
- Original identification documents of both seller and buyer (Emirates ID & passport)
- The original NOC
- The signed contract of F Form
What Other Costs Should You Know About?
There are some fees you'll need to pay when you buy a home in Dubai. You'll need to pay AED 520 to get the title deed (this shows you're the owner) and 4% of the home's price to the DLD and the ADMIN fees Fees for the DLD is AED 4,200.
Is an Agent Necessary to Purchase Property in Dubai?
While it's possible to purchase property directly from the developer or a private seller, enlisting the services of a real estate agent can streamline the process. Here at Real Estate Masters, we provide professional guidance every step of the way, ensuring a smooth and worry-free transaction. Contact us today to make your dream of owning a home in Dubai a reality.
Things to Keep in Mind When Buying a Home in Dubai
- Only deal with real estate agents who are registered with RERA
- If you have documents in a foreign language, get them officially translated into Arabic
- You must register the sale within 60 days of signing the contract
- Some popular areas where foreigners can buy homes include Arabian Ranches, Palm Jumeirah, Dubai Marina, and Downtown Dubai.
Now you have all the information you need to buy a home in Dubai. The process is simple and clear, making investing in Dubai real estate a great choice!
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