Have you ever been dreaming of a villa, mansion or modest townhouse by the sea? Then Dubai is the perfect place to make your dreams come true. Due to the relatively low cost of land, builders of private residences in the emirate practically do not limit the size of buildings. Here you can buy a ready-made project to your taste or discover a designer in yourself and independently plan your own future house on the coast or surrounded by lush vegetation and spacious golf courses.
The style of performance will satisfy the most demanding requirements. An exclusive classic palace in the English spirit on the man-made island of Palm Jumeirah, visible even from space, a residential floating bathyscaphe, a Viking-style house with a boat-roof, a modern masterpiece of glass and concrete with a central podium for a racing car, a futuristic art object with a six-star “Hotel service” – the city of the future offers the widest choice to those who want to buy real estate.
Anyone can buy a villa in the UAE – from a sheikh to an ordinary employee, prices vary significantly, depending on location, type of dwelling, range of services and other factors.
Low cost property in Dubai
We all have got used to think that the UAE offers only luxury properties in Dubai which can be affordableto the richest people of the world though it is far from being the truth. It is not for nothing that Dubai is famous as one of the world’s centers of luxury: the most outstanding achievements of architectural thought are concentrated here, the categories of hotels reach seven stars, the splendor of mansions and apartments is amazing. But in order to live in the “city of the future” and enjoy its benefits, today it is not necessary to become the owner of a penthouse or an exclusive villa on the coast.
It is now possible to buy apartments in Dubai inexpensively not only in peripheral areas, but also in many central comfortable communities, provided with the benefits of infrastructure. Cheap in price, but not in quality, can be real estate both at the stage of construction (off-plan) and in the segment of sales of finished objects. Studios and larger options at Jumeirah Village Circle, JLT and Dubai Marina offer a wide range of options.
Property for sale in Dubai
Trends. There is an oversupply in the Dubai market at the moment. As a result, prices are falling, especially for apartments – the segment of villas has more or less stabilized. In 2021, developers want to release fewer projects in order to more actively sell off inventories.
Taxes. As in the case of renting, there are no taxes on the sale – you just need to pay a fee for registering real estate in the registry in the amount of 4% of the object price specified in the contract. Typically, the seller and the buyer split this amount in half. The fee is paid directly to the land register on the day of ownership transfer.
Steps to buy property in Dubai
To buy a house in the UAE, you need to go through four key stages:
- Signing a preliminary contract
- Signing a sales agreement
- NOC Certificate Application
- Transfer of ownership
The average duration of the entire procedure for buying real estate in Dubai is one month.
Distant property purchase in Dubai
You can buy real estate in the UAE remotely. To do this, you will need to make a power of attorney for your representative, which can be, for example, a realtor of a local agency.
The document must be notarized in the country of its signing, after which it must be legalized at the UAE Embassy, certified by the Ministry of Foreign Affairs and translated into Arabic. If you live in the UAE, and the power of attorney was concluded in the Emirates, the signing of the document must be certified by a notary – this is required by the Dubai Land Department.
Mortgages and installments
Foreigners planning to buy real estate in the UAE can count on a loan from a bank and / or an installment plan from a developer. Typical conditions:
- The loan rate is 5.5-6% per annum.
- The property being acquired or the initial payment is used as collateral.
- The bank pays 60-80% of the transaction amount, depending on the availability of a residence permit.
- The term for application consideration is several months.
- Certificate of regular income is among required documents (a specific amount is set by the bank).
- Not all developers offer an installment plan for 2-5 years after the completion of construction, but in the current conditions there are more and more such offers.
Property in Dubai – oriental fairy-tales
In general, the real estate market in the emirate is quite diverse, as we have already noted. Real estate in Dubai can be bought cheaply in new areas – Jumeirah Village, Business Bay and JLT. Small apartments in Dubai Marina, Jumeirah Beach Residence and Palm Jumeirah are in greatest demand among Russians. These are mainly purchases with a budget of about $ 400 000. Less expensive options are apartments up to $ 200 000. They can be found in areas such as International City and Discovery Gadens. New apartments 25 minutes from the sea sell for an average of $ 85 000, but you can find them for less.
We will help you buy property of your dream in Dubai
The UAE is a country that has made a tremendous leap over the past thirty years, practically from the Middle Ages into the 21st century. Dubai is one of the most developed in the UAE, thanks to mineral resources and the correct use of income from them. Dubai is the most popular emirate among investors and tourists, located along the southern coast of the Persian Gulf on the Arabian Peninsula. The city of Dubai is home to some of the most beautiful and tallest buildings in the world, luxury apartments, gorgeous beaches and views. We will be honored to make your dream come true and choose the best variant from oriental fairy tale which will be your reality.