Now that you have explored the different benefits of buying property in Dubai, you want to enter the real estate market. However, the whole process of purchasing a property can be daunting and overwhelming. From searching for a property to preparing a title deed, there are just too many things you have to accomplish along the way. Thus, it is important that you seek real estate legal advice. Apart from this, consider gathering as much information as possible before you embark on this financial journey.
Define your purpose
Decide whether you are going to use the property for personal or business. Basically, depending on your purpose, you would look for properties either in a commercial or residential area.
It is worth noting that Value Added Tax (VAT) has been recently introduced in the UAE. Thankfully, residential properties remain to be exempted or zero-rated. However commercial properties will generally attract an extra tax due to this new law.
Choose between freehold or leasehold properties
Freehold properties are properties that anyone, from any part of the world, can buy. On other hand, leasehold properties are those that you cannot buy. These properties are only available through a lease contract that generally lasts between 10 to 99 years.
When looking for properties, you might also decide whether you are going to buy off-plan or a property in the secondary market. Off-plan properties are those properties that are in the process of construction while secondary markets are those properties in resale.
Check your citizenship
Local Emiratis have almost no restrictions when buying properties compared to expats. Expats are not given the option to obtain UAE citizenship. Thus, they have to settle to buy properties in communities and areas where the law permits. Speak to a real estate lawyer Dubai, preferably who also knows Dubai rental law, to learn exactly how your citizenship status may affect your buying decision.
Searching for the property
Before you look for a property, start with assessing your needs, preference, and budget. Come up with a mental picture of what you want and understand the risks of buying property in Dubai too. Create a list of things you are looking for and then find the areas that match your list.
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