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If you are looking to buy a property in Dubai then you have come to the right place. We have experienced team who have dedicated their entire real estate career in helping clients like you to find the right property.
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Since the real estate industry in Dubai differs greatly from that of other countries, it is essential that you work with a reputable real estate agent that you can trust, who is also registered with the Dubai Land Department and the Dubai Real Estate Authority. When you intend to purchase a property, be sure to request a copy of the agent's real estate license before giving any information about your requirements.
Property ownership in Dubai used to be restricted to United Arab Emirates nationals only. On the other hand, the government passed Regulation No. 3 in 2006, which set forth specific areas where non-citizens are allowed to own property. In these locations, it is acceptable for non-locals to purchase real estate with freehold ownership. Major freehold estates may be found in the majority of "new Dubai" neighborhoods, including Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Emirates Hills, among others.
Prior to making a real estate purchase, a buyer must take into account the community's facilities. The agent should take amenities like schools, hospitals, and parks, to name a few, into consideration for a customer intending to buy for end-use. In order to ensure that we have our clients' best interests in mind and will personalize our recommendations based on their needs, Victory City Real Estate representatives are aware that each client has various requirements depending on their lifestyle.
If you’re buying in the secondary market: • DLD Transfer Fees amounting to 4% of the property’s net selling price. • DLD Trustee Fee of AED 4,200 and Admin Charges of AED 580 (approximate prices) • Real Estate Brokerage Agency Fees amounting to 2% of the property’s net selling price + 5% VAT • Conveyancing Fee charged by the Real Estate Brokerage If you’re buying an off-plan property direct from a real estate developer, aside from the initial deposit of 5% to 10% of the property’s price, you should expect to pay the following: • DLD Land Registration Charges amounting to 4% of the property’s net selling price. • DLD Trustee Fee of AED 4,200 and Admin Charges of AED 580 (approximate prices)
You don't want your investment in real estate to decrease in value over time when you buy it. Are there any chances that the value of the property will decrease over time? Are you planning to hold onto this for the rest of your life or to sell it after a certain period of time? If you intend to use the property for a particular purpose, it is important that you ask this question to the real estate broker you are working with prior to purchasing the property. Typically, the average rental return one can expect on a property is between 5% to 10%.
The transfer of the title deed normally takes 30 days from the moment the sales contract or memorandum of understanding is signed by the seller and the buyer, whichever comes first. A Trustee Office in Dubai should always be the location of the property transfer. On the other hand, off-plan real estate deals normally take one to three days to complete, providing the buyer submits the necessary paperwork and pays the initial deposit needed to create a Sales and Purchase Agreement. The Sales and Purchase Agreement will be generated and provided to the Buyer when they have signed it.
The property title deed must be accessible at the time of the transfer of the property in order for a client to purchase a ready property. The MOU will be signed in a government office in Dubai, and the property transfer will take place there. It normally takes 30 days from the date of the MOU. A payment schedule is frequently included with the purchase of an off-plan property for a client, with the final balance due on the handover date. If you are buying an off-the-plan property, the developer should complete the paperwork and have you sign the Sales and Purchase Agreement of the property after you pay the initial deposit of 10%, at which point an Agreement can be obtained from the Dubai Land Department. Until the property is transferred and you have paid the full purchase price, the Oqood will act as your proof of ownership.
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