Tips for Buying Propery in Dubai, UAE
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An expat talks about buying real estate in Dubai as a foreigner, finding an agent, where to buy and much more.
Popular Areas in Dubai, UAE for Expats
Jumeriah Beach Residence, Gardens, Arabian Ranches, Emirates Hills and the Reef.
Searching for a Property in Dubai, UAE
Dubizzle is one of the best ways to find out what is out there. Great way to determine market value as well. All the listing services post on this site so you can choose which to work with based on the selection. Really, a one stop shop.
What Your Budget Will Buy You in Dubai, UAE
Budget is key and opens up different areas. You can get a three bedroom apartment in a decent tower for $150k and the size and decor changes with every $50K. One million dollars will get you a penthouse with a view or a stand alone home in a very nice area.
Before You Buy a Property in Dubai, UAE
Be careful of the planned purchases. I know several people who lost hundreds of thousands of dollars because they invested inthe plan and the developer went under. They did not give any money back. No lawyers can help. However, the risk is you get the property for way cheaper. Do the research on the developer and ensure they are on the up an up. Otherwise, purchase as is and enjoy.
Everything is sharia law, so best to get a respected and knowledgeable agent to assist. any lawyer will have to be trained in Arabic law and such.
Costs Involved in Buying a Property
There was recently introduced 5% VAT. Other than that you are bound to an agency fee which goes with the value of the purchase. There will be several fees associated with the purchase as well based on the value of the purchase. For example: a home that cost $100k is required to pay %20 additional to the electric and power company. No tax, just a fee.
Foreign Property Ownership
You get the property for a 99 year lease.
5 Best Places to Buy Real Estate in Dubai, UAE
Most properties are purchased in the Free zones for rental investments. JLT, JBR are two of the biggest and nicer areas. Emirates Hills has the most expensive homes in Dubai open to expats. Arabian Ranches is our favorite as it is off the beaten path and has all amenties necessary. Jumeriah Village Circle is another good spot with nice properties for a good budget.
Steps in Buying Property in Dubai, UAE
Once you prove you have money in the bank, you can buy whatever.
Finding an agent and property. Make sure the agent can handle all the paperwork to have the title transferred properly and then sign away. Would not suggest going in on your own to buy something outright. Utilize an agent.