However,
purchasing a property in Dubai differs from purchasing in other countries to
some extent, so it is advisable to enlist the services of professionals to help
simplify the process. Finding reputable real estate agents within the region is
not a daunting task.
A
major advantage to note is that there are no limitations on who can purchase a
property in Dubai, the buyer also does not need to have a legal residency or a
permit.
During
the buying process, there are various fees and taxes that are payable and which
you will need to take into account in order to budget accordingly as these are
often not added to the listing price.
The
two main ways to purchase a property in Dubai include ‘off-plan’ buying, which
is gotten from a developer directly from a developer, while still under
construction. The other one is buying a ‘resale’ from an individual seller.
If
you buy through a real estate agent, then they will charge you a commission, usually
around 2% of the final purchase price.
Other
fees and taxes payable throughout the sales procedure include a deposit,
usually, around 10% of the purchase price or 25% if being purchased from a
developer, a one-off land registry tax which is 4% of the purchase price plus
an admin fee which goes to the Dubai Land Department.
After
all the terms have been agreed to, and the deposit received, a sales and the purchase agreement will then be drawn up which is basically a formal acknowledgment
of the purchase.
For
the official transfer of ownership, a visit to the Dubai Land Department is
required as well as the full purchase amount payable to either the developer or
the seller.
Additional
fees are added ff you are taking out a mortgage on part or full of the purchase
price, including mortgage registration fees which are 0.25% of the loan amount,
payable to the Dubai Land Department.
With
all these fees and taxes, the final price will be different from the original
quote, so you as a buyer will need to take all these into consideration when purchasing a property in Dubai.
