Steps to buy properties in the UAE
Steps to buy properties in the UAE – The United Arab Emirates is a fertile market for investment and real estate. Many citizens and residents are looking to buy properties, almost everywhere in the Emirates, especially the Emirate of Dubai.
Since the Dubai government changed the laws and allowed foreigners to buy homes and apartments in Dubai, many people have been looking to invest in the city.
Besides the huge potential for ROI, buying a property in Dubai for expats comes with a lot of benefits and advantages. Therefore, in this article, we will talk about the steps of buying real estate in the UAE, and the facilities we provide to our clients in the Legal Group in this field.
Features of buying properties in the UAE
The process of buying properties in the UAE has several advantages, which encourage you to take your steps with confidence to buy properties of all kinds.
Advantages of buying properties in Dubai
Dubai is one of the most rapidly growing cities in the world. There are also a number of factors that make it one of the most exciting real estate markets in the world, which are the following:
1- Good and suitable climate to enjoy life
Enjoy a sunny lifestyle all year round in Dubai, although the temperatures are very high in the summer months, the climate is great during the rest of the year especially for those who hate the cold weather.
2- No taxes
Unlike many cities in the world, in Dubai you can enjoy your full income, without having to budget for expensive taxes.
3- Luxurious and comfortable lifestyle
Dubai is one of the cities that is characterized by a luxurious and comfortable lifestyle at the same time. From shopping malls, skyscrapers, and diverse activities such as diving, skiing, cycling, golf, fishing, sailing, windsurfing, as well as desert activities and water sports. Also in Dubai there are all the activities you can think of throughout the year.
4- High level infrastructure
Dubai has the infrastructure one would expect from a world-class business hub. The government has introduced free zones that serve as business hubs in areas such as Jebel Ali and Media City, to attract foreign entrepreneurs.
5- High level of security
The laws of the United Arab Emirates are very strict to deport criminals, which makes it a safe country in all of its emirates and especially Dubai
6- Attractive and strategic location
You only need a flight time of 5 to 6 hours to reach Dubai from most destinations in the world.
7- Stable and mature real estate market
Real estate prices are stable in Dubai, which makes it a suitable destination for entrepreneurs from all over the world.
8- organized market
The real estate market in Dubai, is one of the most transparent markets in the Middle East and North Africa. The government acknowledges the role that improving transparency plays in increasing levels of foreign investment. The new Open Data Law seeks to promote the sharing of non-confidential data between governmental and non-governmental entities.
Advantages of buying properties in Abu Dhabi
Steps to buy properties in the UAE
Buying properties in Abu Dhabi is as important as buying properties in Dubai. Because of a set of features that we summarize in the following points:
1- Easy and convenient procedures
The simplicity and transparency of the property buying process in Abu Dhabi, is one of the main reasons for buying property in the city. All documents are designed in a simple way that does not require much familiarity with the procedures, noting that the government authorities control each transaction.
2- profitability of return on investment
The net income from investments in real estate in Dubai or Abu Dhabi can be as high as 7% per annum. This is a very good indicator by global standards, not every bank in the world can boast of such percentage of profits to its depositors. At the same time, you can profit by investing in real estate twice, first in potential rental income and second in the growth of the value of the same property from year to another.
3- No rent limit
Rents in Abu Dhabi increase every three months, as there is no limit for rent in Abu Dhabi and there is no principle for calculating rent. So the owners can set the price they want if the market supports it. Thus taking full advantage of the higher prices in the market.
4- Legal protection
The legal framework in the field of regulating relationships in the rapidly developing real estate industry in the UAE places greater emphasis on protecting the interests of property owners. A lease contract can be drawn up in a legal and fair manner.
5- stability
The real estate market has had its ups and downs like any other investment but it is generally stable. Properties prices and rents have rebounded well after the crisis, ensuring huge oil revenues and government reserves
Tips to follow before buying properties in the UAE
The process of buying properties in the UAE, is organized and easy due to the clear government laws, which specify the conditions and procedures you need to buy real estate in any emirate. In order for the process of buying real estate to be easy and convenient, the following tips should be considered:
1- Do your research and define your criteria
It is necessary to research well the type of property you want to buy, and know its prices and the factors that contribute to these prices. Such as location, amenities and type of community in which the property is located.
2- Find the right legal agent
Working with the right legal agent is crucial when searching for a new property. This is what we do in Legal Group, as we help you achieve your goals, so that your property is fully and legally licensed
3- Rent vs. Freehold
The difference in the rules of freehold and leasehold purchases is significant. Freehold is often the most attractive option, given the absolute ownership it gives. So be sure to select the most suitable option for your needs in advance
4- Select the appropriate schedule
The average property transaction in Dubai takes around 30 days from the day the sale agreement is signed. However, you may encounter some factors that contribute to an increase in this duration
Documents you need to buy properties in the UAE
Make sure you have the correct documents, in order to avoid problems delaying your purchase, Here are the necessary documents for a smooth purchasing transaction:
- Buyer and seller identification(s)
- Real estate title deed
- No objection certificate from the developer
- Seller service fee clearance letter
- Offer letter from the bank to the buyer (in the case of a mortgage buyer)
- Proof of mortgage settlement
- Final Invoices
How can we help you in Legal Group to buy the right property for you in the UAE?
Steps to buy properties in the UAE
We work in Legal Group to implement a variety of real estate services. Such as buying and selling real estate, in addition to managing various real estate. Through a team of professional specialists, to facilitate your business in the United Arab Emirates.
Therefore, do not hesitate to contact us at Legal Group to buy real estate in the UAE, or to establish your company or factory in the UAE, within only 48 hours. We do all collection services and represent your organization in a responsible and professional manner.
