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 Owning property in Dubai was newly announced in May 2002
by Sheikh Mohammed Bin Rashid Al Maktoom, permitting
expats buying property on 100% freehold ownership,
but this is only available currently in downtown Dubai
and Jumeira.
The purchase of property is on freehold
basis, which means that the property is put in your
name for life, and you have the right to sell, lease
or rent your property at your own discretion. Property
owners and their immediate family, will obtain renewable
residence visas, which can cost Dhs. 5,000 per person.
If you want to buy a property in Dubai these days you
have two choices: try to snap up a new apartment in a
development that has just been released, such as the
latest Emaar Residences, or Damac's Residences at the
DIFC; or you can buy a re-sale by paying a premium to
the original buyer who may not have even finished paying
the installments yet.
Buying tips
- Never sign a contract
that you do not understand (for example - if it is
in a foreign language).
- Ensure you do not inherit a debt on the property
before you purchase, which a solicitor should
be able to check
- ie: If the developer has borrowed money to
build the development and this amount has been allocated
against
each plot as additional security to the developer's
bank.
- If you are arranging finance on the property,
ensure that this is stated in any contract
and you have an
'opt-out clause' if the loan is not agreed
(which will ensure
any deposit paid is refunded).
- Check with the our estate agent that you
are aware of the costs charged by the legal
and government
authorities for purchasing a property.
- There is uncertainty
about prices of off-plan properties. Some developers
give only approximate prices, so pin
these down before visiting or committing to buy.
- There is little sophisticated
property valuation in Dubai, so check with a variety
of agents who may
be charged with selling the development you are interested
in.
- Off-plan buyers sometimes have to pay for their
new homes sooner than anticipated because of rapid
construction.
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