Freehold is available on most of the developments in Dubai. In some cases there is a mixture of freehold and 99-year leasehold property.

Who can Buy?

Investors, overseas or resident, can purchase properties in Dubai.

I want to buy a property - what is the first thing I should do?

Decide on a budget, secure financing, and then choose a property.

Can I buy anywhere in Dubai?

Non-UAE nationals can only buy in areas designated specifically for expatriate freehold and leasehold sales.

What mortgage facilities are available for international investors?

There are various mortgage options available in the U.A.E, however, the options are not as attractive and widespread as those available internationally. Overseas banks do not provide lending facilities towards UAE properties directly; therefore one must resort to local lenders. However, finance through overseas lenders can be arranged with favorable international interest rates, if one has assets overseas. Another form of finance is by having an investment portfolio, which is used as a security to obtain a loan. The last resort is to go for the local UAE banks.

What finance options are available in the UAE?

Various options are available from several financial institutions. Smart Moves Real Estate recommends Tamweel and Mashreq Bank. Contact details of the Lenders may be provided.

Do I need insurance?

Most banks require your loan to be repaid from an insurance policy, in case of emergencies. It is best that you protect yourself by having an insurance policy, in case of critical illness, or if the value of the property falls to a level below the outstanding loan amount.

What are the payment terms?

Usually an average deposit of 10% - 20% of the buying price is required at the contract-signing stage for all new development properties. After this initial payment, other stage payments follow, which are made at regular intervals through to completion.

Do I need a local bank account in Dubai to buy a property?

You do not have need a local bank account in Dubai. Funds can be transferred from your current account to the necessary Developer, Landlord, or Real Estate Agency.

Is a lawyer needed to buy a property?

There is no need for a lawyer, but it is advisable to consult with one prior to purchasing any property from Developers or if buying property from second hand market. You generally do not need a lawyer if you are buying from developers such as Dubai Properties, Emaar, Damac, Nakheel, etc..

What are development service charges?

Developments charge minimal service fees for maintenance, landscaping and refuse collection. This charge varies from one development to the other.

Government tax

There are currently no government taxes of any kind when purchasing a property in Dubai. Nor is there a Capital Gains Tax. When the Dubai Lands Department registers title, buyers will pay a 1.5% tax based on the purchase price of the property. If they have a mortgage, they will pay 0.25% of the value of the loan.

Is a residence visa necessary for all purchases?

No, you do not need to be a UAE resident to purchase property in UAE. You become eligible to apply for a residence visa upon the purchase of a freehold property. (Please note that the usual immigration laws apply to all residency applications; the purchase of a property does not guarantee a residence visa).

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