An off-plan property refers to a property whose construction is yet to begin or is in its preliminary stages of construction.
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a developer get the ball rolling in the right direction.
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks
Oqood, refers to contracts in Arabic, is an online service by Emirates Real Estate Solutions for the developers. It helps with the property registration process between the developers and buyers.
DLD is the abbreviation for Dubai Land Department. It is the regulatory body by the government that deals with all property and real estate related legislation, organisation, and services for any real estate transactions in Dubai.
Yes you can mortgage a property in Dubai.
The buyer and the seller sign an MOU if it is a property purchase from a reseller. The Memorandum of Understanding is an agreement between the reseller and the buyer about the terms and conditions of the sale transaction.
If buying a property directly from the developer, the SPA is signed. The Sales Purchase Agreement, or SPA, is an important document you sign with the developer that has all the agreed terms and conditions about the sale transaction.
Freehold means complete ownership of the property by the buyer who will have his name on the title deed. Whereas leasehold refers to having the property on lease for a period of more than 10 years and up to 99 years. It cannot be bought completely.
Yes, any nationality can own freehold property in designated freehold areas in Dubai and an heir can inherit it.
A security deposit 5%/10% of the Annual Rent is paid to the landlord by the tenant in advance. This fee is held in reserve to protect the landlord if in case the depositor fails on any contractual obligation. It covers Loss of Rent, Damage to the Property, Lost of Security Keys and Repairs that are not wear and tear.
For instance, a 1-bedroom apartment in the center of Dubai can be rented for AED 5.5K (USD 1.5M) per month, while a property set a bit further away will cost you about AED 3.6K (USD 1K). Additionally, monthly living expenses, which include utilities, travel and transportation, groceries and leisure/hobbies, amount to approximately AED 3.2K (USD 870K) for 1 person, and about AED 11.8K (USD 3.2K) for a family of 4.
It is important to settle any traffic fines before a renewal. If you are under 21, you will require only a valid Emirates ID, however, those older than 21 years old have to provide an additional eye test certificate. The fees amount to AED 120 (USD 32) for customers younger than 21, and AED 320 (USD 87) for drivers over 21. After applying for a renewal and paying the required fees, you will obtain a temporary driving license. It will take between 5-15 days to receive a regular driving license.
To begin with, the investment property market in Dubai offers higher rental yields than many other mature real estate markets. In fact, the average ROI here ranges between 5% and 9% as property prices per square foot are significantly lower than in other cities across the globe, such as London, Hong Kong and Paris. Thus, it is an affordable location to own luxury real estate, besides, there is also no stamp duty and property taxes as well.