Know How to Buy Property in Dubai

Are you searching for how to buy property in Dubai? Or do you want to gain deep insights into what the legal procedure to buy a property in Dubai is? Do not tense anymore! Whether you are a resident of India, the United Kingdom, or anywhere else, this blog has everything you need to know about Dubai properties. However, according to the laws of UAE, anyone can buy a property here, but you must know the steps of buying. Just be in this blog and resolve each and every query about buying properties in Dubai, UAE.

Know About the Process of Buying a Property in Dubai

If you are eager to know how to buy property in Dubai, then this section will be beneficial for you. Just keep your eyes on the breakdown of the steps below:

Identify Your Ideal Property 

1. Choose between residential property types including apartments, villas, or commercial spaces. 
2. Location along with budget and building size and estimation of future market value must be fundamental consideration factors.
3. You need to inspect multiple real estate options to choose both a good selection and excellent properties.

Work with a Real Estate Agent

1. Choose a certified real estate professional with definite experience in Dubai’s property market to help you.
2. Real estate agents guide you through the process of selecting suitable properties and arranging inspections and Dubai real estate prices.

Secure Financing (If Required)

1. When you require mortgage financing, select a bank that will provide pre-approval.
2. Dubai banks establish their financing percentage based on your financial status and can reach up to 80% funding.

Submit an Offer

1. Submit an official proposition through writing after choosing your selected property.
2. Your agent will help you achieve suitable Dubai real estate prices together with advantageous deal conditions.

Sign the Agreement 

1. The two parties create and approve an agreement followed by signing a Memorandum of Understanding (MOU) to determine selling terms.
2. A 10% property price deposit must be paid by the buyers at this point.

Property Evaluation & NOC Approval

1. A bank appraisal of your property occurs before mortgage approval.
2. For project advancement, the property owner or developer needs to issue the required No Objection Certificate (NOC).

Ownership Transfer

1. At the Dubai Land Department (DLD) officials perform the process of formal property ownership transfer.
2. After transferring funds the ownership requires completion of registration procedures until processing finally ends.

Finalize the Purchase

1. After your name appears on the registered title deed you should complete the last payment. 
2. After approval from the authorities, your ownership becomes legal.

However, if you still can’t get about the purchasing process, you can simply contact Premium UAE Properties to resolve your queires.

Legal Aspects to buy property in dubai

Law No. 7 of 2006 provides the main legal instrument that governs property ownership within Dubai’s borders. However, all UAE nationals and GCC citizens can buy any property in Dubai under Law No. 7 of 2006. Plus the government allows foreign investors to acquire properties through freehold and leasehold in specific designated areas.

Dubai Property Purchase Requirements Explained!

When you get ready to buy property in Dubai, you should know what they actually require. Below is the breakdown of documents you should’ve in your hands while purchasing the property:

1. Visa
2. Passport
3. Income Proof
4. Latest Bank Statements
5. NOC from the Developer
6. The Property Details
7. Property Buy Agreement
8. Payment Details 
9. Identity Proof of the Seller

What to Keep in Mind While Purchasing a Property in Dubai

1. We always recommend you deal with real estate agents, especially those who are registered with RERA.
2. All the documents that are in a foreign language must be witnessed and submitted with officially translated docs in Arabic.
3. All transactions must be recorded in no more than 60 days from the date the contract is signed by both parties.

Conclusion

Hopefully, you now know how you can buy property in Dubai. If you’ve skipped any section of this blog, then go upside and start reading it twice. This blog has everything you need to know about the Dubai properties. Just relax, you can easily purchase property in Dubai as the procedure to buy a property in Dubai is not that hectic. Instead, it is beneficial and straightforward, and the real estate market is wide enough to provide you with properties on a budget. 

If you have further queries on how you can buy property in Dubai, do not hesitate to ping us!

Frequently Asked Questions