Dubai is the city of dreams. It is one place where wishes are fulfilled. Dubai offers such unmatched facilities to the investors that make it way better than other investment destinations.
The facilities are of such an optimum level that it drives people to buy property in Dubai.
Are you nurturing a dream of buying a property in Dubai?
Here are some of the steps that you need to follow to acquire property there. We are discussing all of this here. So let’s start a discussion on how to start.
Things To Do If You Plan To Buy A Property In Dubai
Acquiring a property in Dubai goes through many steps. Let’s discuss them all here.
1. Understand The Cost Involved
When you plan to buy a property in Dubai, you need to understand the cost involved. There are different areas where you can acquire properties. The rates of the property vary greatly on the market value of the places.
If you are buying a property in Dubai with a mortgage, you won’t have a NOC if you have insufficient funds. However, you also need to know the other costs involved in buying a property. They involve:
- NOC fees.
- Transfer fees.
- Estate Agent Commission.
- Mortgage registration fees.
You can plan to buy a property in Dubai when you have the provision for all the costs involved. But, first, talk to a bonafide estate planning lawyer in Dubai to know them all.
2. Do You Know About The Property Taxes
Before buying a property in Dubai, you need to be aware of the property taxes in Dubai. This is because you get certain tax rebates when you do business in Dubai. They are huge.
Have you heard about the Dubai Tax-Free Zone?
But if you acquire a certain property, you need to pay certain taxes to buy the property. They include registration charges, estate agent fees, conveyance fees, and registration charges for property upto and above 500000 in value.
You must make sure that you have the provision for the payment. Otherwise, you must extend your plan to buy the property in Dubai.
3. Obtaining A Property Investment Visa
You need to apply for a property investment visa; you are a non-UAE resident. To obtain it, you need to apply to the concerned authorities.
This is a long process where each and every requirement will be checked thoroughly to get an understanding of your eligibility.
One of the main things that they check out thoroughly is their financial capability. So, for example, if you are applying for a property investment visa, you need to apply for a minimum investment of AED 5 million in the real estate sector in Dubai.
This visa can be facilitated at the Dubai Land Department.
4. Purchasing Important Documents (Non-Resident Uae Resident)
If you are a non-UAE resident, you must purchase important documents from the concerned authorities. To get all the important documents, you must submit the necessary documentation to the municipality and sewa to get a clean break from your contract.
First, know what testimonials are involved in purchasing a property in Dubai. They involve residency status proof, valid passports, salary certificates, bank statements, and residential certificates of proof.
You must provide certain certificates to the concerned authorities, like a good conduct certificate bank statement. In addition, if you are a foreign resident, you must have a health visa.
These are the minimum requisites you need if you wish to purchase the all-important documents from the concerned authorities in Dubai.
Faq: Is It Worth Buying A Property In The Uae?
It is a great idea if you are planning to buy a property in Dubai. If you plan to buy one, you will commercially benefit from the purchase in the short and long term.
You can get tax-free income. This will fill up your purse. Other financial facilities that you can get involve low mortgage registration fees. This is important from every aspect.
Buying a property in Dubai is great, and it involves adherence to some strict rules and guidelines set in by the concerned authorities in the country.
If you get to buy a property in Dubai, a great opportunity to trade will open before you. Therefore you need to understand the requisites and work according to that.