Dubai is one of the most dynamic real estate markets in the world with a bright future ahead of it. This city offers an incredible lifestyle at its best: the highest standards in healthcare and education, world-class luxury hotels, malls and shopping centers, premier private schools and universities. Nowadays, investors are attracted by Dubai’s real estate market because they see great opportunities for both residential and commercial property investments.
Do you want to invest in real estate in Dubai? You are at the right place. We have experts who will help you to find your investment opportunity and take it to the next level.
Real estate in Dubai is a very different experience compared to the real estate industry in other countries. You need a reliable and genuine realtor who you can trust. Make sure to ask for an agent’s license before proceeding with any transaction.
It is very important to understand the real estate market, especially when you are planning to buy a piece of real estate. Depending on what type of property you intend to buy and its use, you must make sure that the expected rental return (or rental income) is within the range you are looking for. A typical average rental return one can expect on a property is between 5% to 10%.
The government has passed a large number of laws that allow non-citizens to own property in Dubai, including freeholds. In 2006 the government approved Regulation No. 3, which established the Emirate and defined certain areas where non-citizens are permitted to own property. In these places, the purchase of property with freehold ownership by non-locals is permissible. Major freehold estates may be found in most areas of “new Dubai”, including Dubai Marina and Jumeirah Lakes Towers as well as Emirates Hills and beyond!
After the Sales Contract or The Memorandum of Understanding has been signed by both the Seller and the Buyer, The transfer of the title deed typically takes 30 days from the date of signing of the Sales Contract or MOU. On other hand, Off-plan real estate transactions usually takes place between 1 to 3 days provided the Buyer provides all the documentation required and makes initial deposit to generate a Sale & Purchase Agreement. A proof of note is generated at this stage and given to Buyer on his/her arrival.
In today’s competitive real estate market, you have to have something more than just an agent who can sell your home for maximum value. You also need agents who can guide you in the right direction and keep your best interest at heart.
Our agents at Springfield Properties understand that every client has a different requirement depending on their lifestyle so clients can make sure that we have their best interest at heart and will tailor-make our suggestions based on their requirements.
Buying a ready property in Dubai can be a daunting task, but with the right guidance, it can be made simpler. The most important step of this process is to ensure that the title deed of the property is available at the time of transfer. A transfer of property in Dubai typically takes 30 days from the date of signing of the MOU, and the actual transfer of the property takes place at a government office in Dubai. When purchasing a ready property, the title deed of the property should be available at the time of the transfer. This is the document that serves as proof of ownership of the property.
Once the title deed has been obtained, the transfer of the property can be completed. The buyer is usually required to pay the full amount of the property at the time of the transfer. If you are purchasing an off-plan property, the process is slightly different. In this situation, you will typically be required to make an initial deposit of 10%, and then sign the Sales and Purchase Agreement of the property. The developer will then need to obtain an Oqood from the Dubai Land Department, which will serve as your proof of ownership until the property gets handed over and you pay the full amount of the property.
Buying property in the UAE can be an exciting and rewarding experience, but it is important to understand the associated costs and fees. Whether you’re buying in the secondary market or directly from a real estate developer, there are a few additional costs that you should be aware of.
When buying in the secondary market, there are several fees to consider.
The first is the DLD Transfer Fees, which is a percentage of the property’s net selling price and is usually around 4%. This is a payment that must be made to the Dubai Land Department in order to complete the transfer of the title deed.
Additionally, a DLD Trustee Fee of AED 4,200 and Admin Charges of AED 580 (approximate prices) is also required. In addition to the DLD fees, you will also need to factor in the cost of the real estate brokerage agency fees. This is usually 2% of the property’s net selling price, plus 5% VAT.
This fee is paid to the real estate agency for their services, such as helping you find a suitable property and negotiating the best price. Finally, you may also be charged a conveyancing fee by the real estate brokerage. This fee is used to cover the cost of legal representation and any other administration costs associated with the transaction.
If you’re buying an off-plan property direct from a real estate developer, aside from the initial deposit of 5% to 10% of the property’s price, you will also need to pay DLD Land Registration Charges. This fee is also 4% of the property’s net selling price and is payable to the Dubai Land Department. Additionally, a DLD Trustee Fee of AED 4,200 and Admin Charges of AED 580 (approximate prices) is also required.
No matter which property you decide to purchase, it’s important to understand the additional fees and costs that you may be required to pay. Being prepared and aware of these costs will help you make the right decision and ensure that your purchase is a smooth and successful one.
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