Buying a property in Dubai is a profitable and reliable investment. In order to make this process more effective, and to avoid delays and unnecessary expenses, the best solution would be to hire a certified realtor.
Our company offers full support at all stages of real estate purchase. We are ready to take on all organizational and procedural issues, from the search for real estate and negotiations with the owner to the preparation of documents and registration of the transaction.
Why It Is Important to Cooperate with Metropolitan Premium Properties
Involving a quality realtor in the real estate search process has a number of significant advantages:
Saving time. A knowledgeable specialist is well versed in the peculiarities and trends of the local real estate market, which allows you to choose the right real estate option much faster.
Compliance with goals and objectives. The real estate purchased in Dubai can be used both for personal purposes, as well as an investment instrument, and in the future can be leased. The type and location of your home depends on how you intend to use your home. A quality realtor will help you find the most suitable accommodation based on your budget and personal preferences.
Documentation support. The intermediary will help you not only to choose a property and agree on the terms of purchase, but also prepare the entire package of documents for you. According to Dubai legal regulations, registration and signing of documents for the sale and purchase of real estate must be done through a certified realtor or law firm.
Our experts will help you to understand all the intricacies of the buying process, suggest the best options based on your needs – whether it is buying real estate in order to obtain passive income, or for permanent residence.
In its most general form, the process of buying a home in Dubai is the following:
Selection of real estate and negotiation of conditions. After you have selected the most suitable objects for you, you need to contact the property owners or their representative and discuss all the terms of the transaction.
Drawing up a contract and paying the deposit. Once all the conditions are agreed upon, your realtor can start preparing the contract. An example of drawing up such a document can be found on the website of the City Land Department in the “Contracts” section. Together with the contract, you need to make a deposit of 10% of the property value. The amount must be paid in the form of a bank check in the name of the seller. The check will only be given to the homeowner after the transfer of ownership.
NOC certificate. In the next step, the homeowner must obtain a Certificate of No Objection (NOC) from the developer. It is a confirmation that the homeowner has no outstanding debts owed to the developer. To obtain such a document, you must submit an appropriate application. The request processing fee is paid by the buyer.
Transfer of ownership. Once both parties to the agreement have signed the purchase agreement and received the NOC certificate, the parties to the agreement or their authorized representatives can apply to the Dubai Land Department office to transfer ownership of the property. Payment of the full value of the property (unless otherwise provided by the contract) must be made immediately after the actual change of ownership.
In Dubai, one can buy both a ready property and off-plan property. The prices and associated costs can vary considerably. When purchasing a finished real estate, one will have to pay:
NOC certificate issuance – AED 500 to AED 5000 (or USD 140 to USD 1400).
Real estate commission – 2% of the property cost.
Re-registration of ownership – 4% of the property price + AED 580 (or USD 160) for the issuance of a certificate.
Registration fee of the Land Department – AED 4200 or USD 1145.
When using bank funds (mortgage lending), the owner must also pay a fee of 0.25% of the loan amount.
When buying off-plan real estate, apart from the above-mentioned expenses the buyer must also pay the Oqood fee – AED 3000 or USD 820.
The percentage for using the payment plan from the developer – from 1.5% per month or 5-10% per quarter.