Dubai’s real estate market is ‘can foreigners buy a house in Dubai?’
Yes, Buying property in Dubai foreign nationals, which includes both expatriate residents and non-resident Foreigners (who don’t live in the UAE) investors, can purchase property in Dubai (UAE) on a freehold basis. This allows foreign nationals to buy, sell or lease their property. However, bear in mind that buying property in Dubai (UAE) as foreigners on a freehold basis is allowed only in designated zones, as outlined by the government (UAE).
How can I buy property in Dubai?
Ensure you’re eligible to purchase land you must be legally allowed to live in Dubai. You have an option for Investing in Dubai property from a highly reputable Real Estate developer, such as Agente immobiliare a Dubai Properties. In general terms, it is very safe to buy property in Dubai. However, just like anywhere in the world (real estate investing).
Benefits Of Buying Property In Dubai UAE
- Competitive property prices
- High rental yields for properties
- Tax system is investor-friendly
- Investors can obtain a residence visa
- Comprehensive property management services are available
Dubai’s property market is open to non-resident investors
I will explain to you the process of transfer for non-residents. There are two types of transactions. when you are buying from the developer and the second one is when you are buying from an individual on the secondary market.
And let’s start with the secondary market because it’s a little bit longer process – and purchase from the developer is quite easy.
So when you are buying on the secondary market – first of all, you need to have a bank account over here in Dubai – and you need to be ready that you will need to spend around 5 days up to 1,5 months for the transaction.
Why is there such a big gap?
The thing is that sometimes the seller can have a mortgage on the property and it will take time to clear the mortgage.
And besides that, there are some other documents that you need to take before the transfer such as a NOC from the developer. NOC from the developer is Non-Objection Certificate from the developer.
So the developer will have to check if there are any outstanding amounts that the current owner has and basically, he’s checking if there are any fees that he needs to pay for the maintenance fees and if everything is okay, they will allow you to make a transfer and this makes the transaction very safe for you.
So how does it usually work on the secondary market?
First of all, you need to find a property. – After that, you will need to sign an agreement with the seller.
You will need to put 10% as a security deposit and after that, you need to go to the NOC for the developer and once the NOC is ready you will go for the transfer.
Somewhere in between, there might be a bank with the mortgage – and in some cases, it can take some time. So you need to be ready that you will need to spend maybe a few days in Dubai to finalize everything.
And what is important why I mentioned that you need to have a bank account here is because you need to prepare a manager’s cheque for the transfer. You cannot come with the cash for the transfer and you cannot transfer the money to the seller’s account.
So that’s why you need to bring a manager’s cheque. Manager’s cheque is a cheque that has a guarantee from the bank that there is money on your account. So when a bank issues a manager’s cheque they block this amount on your account and like this, the seller will be sure that when he comes with this check to the bank, he will receive his money.
An alternative option is like if you don’t want to open a bank account here is to open to transfer the money to the broker and let him prepare the manager’s cheque, but I don’t recommend doing that because you understand there is some risk involved in this and it’s better to open a bank account. And the second type of purchase is when you are buying from the developer.
This is the easiest and the smoothest purchase that you can make. First of all, it’s safe as far as your transferring money only to the escrow account and you don’t have to open here a bank account.
You can just transfer the money directly to the escrow account of the project – and sometimes it’s even easier than to transfer to your own account because due to some regulations in different countries you need to explain why you’re transferring money somewhere, unfortunately.
So with the transfer to the escrow account, you can explain it: “I am buying a property” and basically, the entire process can be done on the distance. You don’t have to be over here when you’re buying from the developer.
So when a developer is selling something his project needs to be registered. That project has to have an escrow account and the government regulates all this. So I have a lot of cases when people just transfer money to the escrow account and then the developer sends them the sales and purchases agreement. So once you make the payment of the downpayment and once you made the payment of the registration fees the developer will register the property for you.
And again, you don’t have to be here for the registration. The government made them the developers responsible for this.
They will have to go to the Dubai Land Department and do all the paperwork. So when we are talking about a purchase from the developer it can take you only a few hours to choose the unit and to make a transfer. Everything is very straightforward very transparent and very easy. So this is the brief information about the transfers.