1. Required Documents
To purchase an off-plan or leasehold property, you'll need to provide a copy of your passport. No special permits or additional documents are necessary. Properties in Dubai are classified as either freehold or leasehold. Freehold properties grant complete ownership of both the unit and the land, while leasehold properties provide ownership for 99 years or less, depending on the contract.
2. Property Purchase Process
Finding the right agent is crucial for a successful investment. Look for the best real estate firm in Dubai with a strong grasp of legal procedures, market conditions, and a proven track record. Once both parties agree to the terms of the sale, an Agreement for Sale/MoU is signed, and a 10% deposit is required to solidify the commitment. The seller settles any outstanding fees with the developer, and upon clearance, a new title deed is issued in the buyer's name.
3. Off-Plan Purchases
For off-plan purchases, a Sale & Purchase Agreement (SPA) is signed, outlining the expected completion date of the property. An Oqood document is then issued, serving as temporary registration until the buyer receives the title deed. The Oqood fee is typically 4% of the purchase price.
4. Property Handover Delays
Developers are given a 12-month grace period from the expected completion date to the actual handover. If excessive delays occur, buyers have the right to file a case against the developer.
5. Utility Connection Charges
Utility connection charges are not typically included in the property purchase. For off-plan purchases, the connection of facilities occurs upon final payment and handover. Secondary market buyers must clear all balances to receive an NOC from the developer before establishing new connections.
6. Service Charges
Service charges can vary widely based on location, asset type, quality specifications, and facility inclusions. For prime areas in Dubai, apartment service charges may range from Dh15 to Dh50 per sqft.
7. Buying in Instalments
You can buy property in instalments, and the payment plans vary depending on the developer. Payment plans for off-plan properties can span from monthly instalments during construction to 5 years after completion.
8. Golden Visa
Investors who purchase a property worth Dh2 million or more are eligible for a Golden Visa, which grants a 10-year residence permit in the UAE. The property can be off-plan or completed and can be mortgaged through specific local banks.
By following this comprehensive guide and leveraging expert advice from the best real estate consultants in Dubai, you'll navigate Dubai's property market with confidence and unlock the full potential of your investments.
