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In May 2002, the Dubai Crown Prince, General Sheikh Mohammed bin Rashid Al Maktoum, issued a decree allowing non-Emirati citizens to purchase residential property within certain areas of Dubai on a freehold basis. More than two years later, the resulting surge in demand is showing no sign of abating.
The New Opportunity:
Sheikh Mohammed’s announcement was welcomed by thousands of expatriate residents of Dubai and frequent overseas visitors, who had grown to love the United Arab Emirates and admire the remarkable infrastructure and opportunities offered by the dynamic city-state of Dubai. Furthermore, full rights of residency were to be offered to foreign owners of homes provided by selected leading property development companies.
The Government of Dubai has ensured that high-quality standards and keen interest of buyers from the outset would be maintained by granting permission to build a carefully screened selection of highly competent and financially strong organizations. This served as an assurance that the expectations of new homeowners could be met or exceeded.
As the Dubai residential property scene is still very young, the majority of the homes available are newly built. In most cases, you will be buying from plan, and the property handover will take place 2-3 years later, providing ample time to organize your funding.
It is often said that buying a home is often the biggest financial decision in a person’s life, and the experience can also rank very high on the emotional scale! Whether you are buying for the first time, trading up or seeking a second home, it is still likely to be a very significant decision. However, most of the key factors influencing your decision will be similar, wherever in the world you decide to buy: location, build quality, local services & amenities, security, and investment potential.
Many people choose to buy in Dubai because they already live here and wish to move on from rental accommodation. If you are one of these people, you should be well aware of the attractions of switching from rental accommodation to investing in your own home. Thousands of families and individuals have been delighted by the opportunity to escape the previous necessity to rent and to see their hard-earned cash contribute towards their future prosperity.
If you live overseas, a business trip or a relaxing holiday (or perhaps an energetic holiday!) in Dubai may have stimulated your interest in this emirate. You might have friends or relatives who already live here and have shared their experiences with you. Alternatively, you may have seen Dubai featured on TV travel shows or read about the destination in lifestyle magazines.
The UAE Difference:
By any means, overseas visitors are discovering the quality of life available in UAE. Some might be seeking a comfortable and convenient base for family holidays. Others recognize the benefits of owning a home here as a potential retirement retreat. Also, many business people have identified the pure investment potential of owning property in UAE in order to earn a favourable rental income.
A World of Choice:
Whether you are looking for a holiday or retirement home, or purely interested in overseas re-rental investment, there are obviously many alternative locations to consider around the world, so what makes Dubai different and special?
Residents of Dubai have become accustomed to having a good range of recreational facilities on their own doorstep, provided at no additional charge under the terms of their rental agreements. So, the challenge for the home ownership sector is to set the quality standards ever higher!
Your property research will almost invariably reveal a long list of “extras”, in terms of exercise and leisure opportunities. You can normally expect free access to swimming pools, gymnasia, tennis, and squash courts. In addition to this, certain residential communities are custom-built to share their space with superb golfing and equestrian facilities. If you decide to live by the water, there will also be mooring facilities for boating enthusiasts.
Shopping & Dining:
It is customary for residential communities to be provided with a full complement of retail and dining outlets, ranging from high fashion to convenience stores and chic restaurants to fast food takeaways.
The larger developments will often also have five-star hotels nearby, offering further recreational, eating and shopping options. Indeed, should you decide to set up home within the Downtown Dubai community, as you will be within easy access to the biggest shopping area in the world, the Dubai Mall. Also, for a special treat, you can book a table in one of the sky-high restaurants of Burj Khalifa, the tallest building in the world.
There is fundamentally no difference in buying a home in UAE, compared with most other long-established property markets.
Cash or Mortgage?
Whether the vendor is an individual or a development company, the buyer may choose whether to pay cash or obtain mortgage finance, to spread his payments over time; non-Emiratis are allowed to finance their home in Dubai over any period, up to 15 years. To satisfy this need, several specialist mortgage companies and local banks now offer loan packages.
Previewing New Homes:
If you live in Dubai, or are spending a holiday, you can take the opportunity to visit some of the developers’ dedicated presentation centres where you can take as much time as you wish to view scale models of the new communities, review the property brochures, and ask questions from hospitable and helpful members of staff over a soft drink.
Should you be an overseas investor, the leading developers all maintain a user-friendly, English language website to present their credentials and to keep you posted of any new releases of homes. All of them provide telephone, fax, and email contact details for you to make specific requests or register your interest as a potential buyer.
Owning a new property in Dubai will generally require the owner to contribute an annual service charge, which will vary, according to the level of amenities provided by the developer. Within a specific community, the scale of these charges will normally relate directly to the overall floor area of your home.
Optional Extra Charges:
You may also choose to customise your home to suit your specific needs and enhance its value further. For example, many people have installed a private swimming pool in the garden of their villa, or made modest modifications. Permissions to conduct such modifications are generally not difficult to obtain, as long as safety factors are addressed and your changes do not detrimentally affect your neighbours, their properties, or the visual amenity of the neighbourhood.
While looking for a broker or real estate agent to work within the UAE or your home country, ask for the company’s registration number with RERA. It is also useful to ask about the company’s area(s) of expertise and range of services.
The mortgagor can’t undertake any transaction on the mortgaged property without obtaining the approval of the mortgagee. The responsibility of mortgage repayment is transferred to the assignee. Also the mortgagor must maintain the safety of the mortgage property to avoid any legal action by mortgagee.
No, Absolutely not. There is no age limit to own property in UAE. You can invest in UAE for your future property without considering the age.
The Official Working hours at the customer service center of Land Department are from 07:30 am to 02:30 pm from Sunday till Thursday