Frequently Asked Questions (FAQ)
What is buying off the plan?
Buying off the plan means signing a contract to purchase a property that is yet to be built. For potential investors wanting to invest in off plan projects in Dubai, it is an affordable option as compared to buying the constructed property which is more expensive. Real estate in Dubai attracts serious investors from all over the world.
What is residential off the plan purchase?
Residential off plan purchase means entering the buying agreement to purchase a property before it is built. The process involves signing a contract for sale, paying an initial deposit and making the balance payment upon completion of construction. Purchasing an off plan Dubai property can get you better rates and you are eligible for concession on stamp duty subject to government regulations.
How do you sell off plan property?
The conditions in the contract determine how you can sell off plan property. Some developers bar you from selling off plan properties before completion or place restrictions on its sale. Off plan properties can be sold before completion if there are debts to be paid or if you have lost a source of income. If you have invested in off plan Dubai property it is recommended to avail the services of an experienced lawyer who can explain the terms and conditions of the contract and make it more flexible to meet your requirements.
Is buying property in Dubai a good investment?
Buying property in Dubai is a good investment as rentals are very high and it makes sense to buy your own property by taking a home loan at an attractive rate of interest. Dubai’s real estate market has matured over the years and many affordable housing projects have been launched in the last five years. There are many properties available depending on your budget and private banks are willing to give loans for the same.
Can you sell off the plan before settlement?
It is possible to sell off the plan property before settlement if you have signed an unconditional contract that allows your property to be re-sold. You must read the final contract carefully as some developers place restrictions on reselling off the plan property before settlement. Off plan projects come with a fair amount of risk and potential benefits for investors. It is advisable to get the contract checked by an experienced lawyer before signing as any restrictions on resale are mentioned in the special conditions section.
Can Expats buy property in Dubai?
Expats can buy property for sale in Dubai in one of the freehold territories that include Al Barsha South, Emirates Hills, Jebel Ali, Sheikh Zayed Road, Dubai Marina, and Palm Jumeirah. They can also buy a leasehold property on a lease of 99 years. Freehold allows the buyer to have the absolute ownership of the property and he can make changes to the property as and when required. Leasehold properties in Dubai can be bought for a set period of time as per the contract and must be returned to the owner at the end of the lease.
What is a Freehold Property in Dubai?
Freehold properties in Dubai allow the buyer to have absolute ownership of the property and he is permitted to make changes as per his requirements. They are located in designated freehold territories of Dubai where foreign nationals can own an absolute interest in land and enjoy free ownership for perpetuity.
Is real estate a good investment in Dubai?
Investing in Dubai real estate offers you a good return on investment as it is a cosmopolitan city and a corporate hub of the Middle East. The city has an impressive skyline dotted with business towers and world-class residential complexes which offer all modern comforts and amenities for a pleasant stay. The investment opportunities in Dubai have increased manifold in the past two decades which has attracted real investors from all over the world who are keen to invest in commercial and residential properties.
How do I buy the freehold?
Foreign nationals can buy freehold properties in Dubai only in the designated freehold territories. Dubai Land Department registers the buyer’s name as the landowner in the registry and grants a title deed for the property. Dubai freehold properties can be sold freely and the owner can occupy or lease the property at his own will. The freehold property in Dubai can be inherited by the heir after the owner’s death.
What is the advantage of freehold over leasehold?
If you are planning to invest in Dubai freehold property for sale then it is a wise decision as you will have full control over the property and you won’t be required to make any further payments like ground rents, admin fees or any other service charges. You can make changes to your freehold property in Dubai as per your requirements and there are no time limits to worry about. You can sell or rent a freehold property as per your choice and you are solely responsible for your property.
Can foreigners buy property in Dubai?
Foreigners can buy a freehold or leasehold property in Dubai in the designated areas as authorized by the ruler of the Emirate of Dubai. It is recommended to hire a reliable real estate agent who can guide you through the purchase process as Dubai is a very different market as compared to other countries of the world. You don’t have to be a resident of Dubai to buy real estate in the city.
What are the benefits of buying property in Dubai?
Buying property in Dubai can get you a good return on investment as it offers amazing real estate options like apartments, villas, townhouses, penthouses for sale in Dubai. Dubai has witnessed robust economic growth in the past two decades which has made it an attractive destination for real estate investors. It is one of the fastest-growing economies in the world and is home to a large number of expats from around the world. Dubai has an excellent public transport system and the use of advanced technology has made it a
preferred destination for investment. Real estate in Dubai is booming as the city offers a modern lifestyle with high-end luxury apartments, condos, and villas for the discerning buyers. Dubai offers ample leisure activities and entertainment options to its residents and the government is actively involved in developing innovative ideas and provide smart solutions. Dubai is one of the safest cities in the world with a very low crime rate which makes it an ideal destination for property investment. When you buy a property in Dubai you are eligible to acquire a UAE residency visa. Real estate in Dubai is much cheaper as compared to other cities in the world.
Can you buy freehold property in Dubai?
Foreign nationals can buy freehold property in designated freehold territories of Dubai. There are 23 freehold neighborhoods for expats which include Sheikh Zayed Road, Palm Jumeirah, Dubai Marina, Emirates Hills and Al Barsha. Freehold property in Dubai can be occupied, leased or freely sold at the will of the owner.
Can I buy an apartment in Dubai?
Foreign nationals and expats can buy an apartment for sale in Dubai on a freehold or leasehold basis. Normally it takes 30 days for the property transaction to finalize in Dubai from the date of Agreement to Sell. Foreign buyers often choose to purchase Dubai apartments which are located in secure complexes with communal leisure facilities such as gym, swimming pool, tennis court etc.
Which is the best place to live in UAE?
Dubai is the best place to live in UAE as it is a cosmopolitan city with a modern lifestyle. Dubai has an excellent public transport system and world-class commercial and residential complexes with all comforts and amenities. Dubai offers ample of leisure activities for the residents and the visitors and is known to be the corporate and entertainment hub of the Middle East.
What does off plan property mean?
An off plan property is one that is yet to be built. Buyers can sign a contract to purchase an off-plan property based on the project layout and virtual images of how the property might look after the construction. There are plenty of upcoming off plan projects in Dubai and if you are looking for off plan properties in Dubai then explore our website to get detailed information about the projects and developers.