Two decades ago it was impossible for foreigners to buy and own property in Dubai. In recent years the emirate-city has witnessed a spectacular rise in almost every sector and industry, which also meant a steady development of the real estate market. A relaxation in ownership laws ensued, which now enables expats to hold property in certain areas.
Here is a guide to buying a villa in Dubai which will help you navigate through the local regulations:
1: Discover Dubai
The first thing that you should do before buying a villa in Dubai is to discover the city and find out where you can own property. Depending on where you work, you will want to choose a community that accepts expat owners.
Contact Dubai rental estate agencies and hire one of their experts to help you find the perfect home for you. Make sure that the agent is registered and that he has reliable credentials to avoid being the victim of a real estate scam.
2: Settle on the amenities
After identifying the locations where you can buy a villa in Dubai, decide which are the amenities and facilities you want to benefit from on your future property. Consider swimming pools, sports courts, parking spots or even outdoor gyms. These features will help you narrow your search and focus on a shortlist of possible homes.
3: Prepare the necessary paperwork
If you want to buy property in Dubai, your investment will provide you with a six-month eligibility visa, also known as Property Holders Visa. During this time, you can stay in the UAE while the authorities investigate the legitimacy of your investment.
Dubai also asks for your passport, a confirmation that you will buy a home as an individual and not as a commercial enterprise, and that the property you will purchase has a value of minimum $272,000.
4: Apply for a mortgage in Dubai
You can stretch out the costs of your new Dubai property in a mortgage plan that may take as many as 25 years. This type of deal is available for both off-plan projects or newly built properties like in the Arabian Ranches community, where you will also need to pay for a land registration fee of around 2%.
You can ask a representative of Dubai Real Estate Agencies to find out more about the requirements of mortgage payments for a villa in Dubai. In a nutshell, you should make sure that they do not exceed 35% of your monthly net income, and that you can manage to pay the long-term costs that come with it.
