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Buying property in Dubai and United Arab Emirates, like many other business-related things in the United Arab Emirates, comes a lot easier thanks to the lack of taxes levied on a property and the buying process. As well as making the whole progression of the purchase cheaper, it also leads to a quicker, simpler experience with less pitfalls and matters that could possibly be overlooked. As is always the case, a local trusted lawyer should be employed to help with all dealings.
Once a property has been decided upon, a reservation fee is paid – usually of around £1,500 ($3,000) – then within seven days a deposit of around ten to fifteen percent is paid, minus the reservation fee, and a contract is signed. With off plan property in Dubai, payments are then made in instalments as and when certain construction landmarks have been met. Once the property and payments are complete, the details must be registered with the Land Registry and an application for residency can be made – new homeowners in Dubai and their families are entitled to minimum three-year visas.
Once the processes are complete, any remaining payments owed to other parties can be made – though, as mentioned, no taxes are levied.
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