If you thought about buying a property in Dubai, it is an expensive project, do your accounts carefully – might have been more expensive than you think.
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A lot of buyers fail to cover the additional costs, fees and expenses related to the purchase of a property in the UAE. Total cost could add an additional 10% on the price.
Documents required for buying Dubai property
Documents needed to register a property or to add property at Dubai Land Department, one must present the following documents:
- Copy of the sales contract
- Buyer’s passport copy (if it is a person and not a company)
- Certificate of the promoter, that he agrees to the sale.
- If you can not be present yourself, you have to be represented by a legally authorized person.
- Pay proof of your entry fee of 2% of the purchase price (0.5% of the sales price by the seller and 1.5% from the buyer).
- If property is financed by a mortgage, is to pay an additional fee of 0.25% of the mortgage.
Dubai property buying tips
While out to invest in Dubai real estate sector, you must be careful in choosing Properties. Real estate investments in Dubai can be dangerous if the attention to be provided on all aspects of the real estate sector.
There are some Dubai property buying tips that can help you do the lucrative risk free commercial real estate in Dubai.
1. Foreigners can buy apartments, houses, villas, office space and land purchase for private or commercial buildings, where the site is not freely select-able, but in separate areas (For example on “The Palm“) is limited.
2. Choose the ideal place is of prime importance. It is very necessary to achieve quick returns from real estate. You should do a thorough research on the supply and demand for real estate in the location you chose.
Site with high demand and the lowest number of properties for sale would be a good investment. Do commercial real estate with numbers and figures, not with feelings and emotions.
3. There are a series of different fees must be observed from various bodies and commercial organizations when buying a property, including government bodies such as the Dubai Department of land and property, the lender, your developer, real estate agent and lawyer.
4. It should take additional efforts to see that all relevant documents accurate and documented to handle. You must keep complete records of all relevant banking services including aspects, acts and documents of land and property department, maintenance, invoices and receipts. Responsibility.
5. Also remember that there are ongoing fees, such as the annual fee the developer service (preferably: 11 AED per square foot per year for an apartment), maintenance fees and maintenance of your apartment or villa (water fees may increase by a large margin in the villa).
Cost estimate for buying Dubai property
|Transfer of land and property fee||4% in addition to an administration fee of AED 540|
|Transfer of ownership fee||6,000 dirhams to 10,000 dirhams.|
|Registration fee||AED 2,000 less than 500,000 of the property and AED 4000 for the drug over 500,000|
|Mortgage recording and processing fee||0.25% of the loan +10 dirhams fees and processing fee is Up to 1% of the loan.|
|“Decades” of the properties “outside planning”||1% or 2% of purchase price.|
Important: Only buy items from estate agents who are registered with the RERA (Real Estate Regulatory Authority).
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Every registered broker House has its own registration number with associated identity.