When it comes to buying a property in Dubai, trust the expertise of MTH Properties’ experienced agents, seasoned professionals in the vibrant UAE real estate market. Whether you aspire to buy apartments or specifically seek to buy an apartment in Dubai, our team is here to guide you seamlessly through the process. Your queries about your potential second home or investment will be met with comprehensive answers. Our commitment extends beyond information; we assure your security through meticulous details and utmost legal compliance. Our dedicated in-house conveyancing experts stand by to assist you at every step of the transaction.
Buying a residential property in Dubai adheres to the regulations set forth by the Real Estate Law No. 7 of 2006. This law establishes that UAE or GCC citizens enjoy the privilege to purchase real estate across Dubai. As for foreign expats, the opportunity to buy properties under freehold or leasehold ownership prevails in designated areas tailored for foreign property ownership.
To initiate the process of buying a property in Dubai, the foremost legal actions involve establishing an agreement between the buyer and seller. After productive negotiations, the terms of the sale with the seller are outlined and formalized.
Moving forward, the next step encompasses the signing of the sale agreement, commonly referred to as Contract F – one of the essential RERA real estate forms in Dubai. This agreement solidifies the transaction’s legal framework.
For the buyer, a pivotal requirement involves submitting a refundable 10% security deposit to the Registration Trustee, which safeguards the property’s integrity during the transfer. This deposit, once the property transfer concludes, is duly returned, reaffirming a seamless process.
Subsequently, the third step necessitates a collective effort. Both the buyer and seller, accompanied by the real estate agent, convene at the property developer’s office. Here, the purpose is twofold: applying for a No Objection Certificate (NOC) and completing the requisite payment for the same. This NOC stands as a crucial document, facilitating the ownership transfer.
The journey culminates when the NOC is solidified. The final act involves the buyer and seller rendezvousing at the Dubai Land Department office to conclude the property transfer. In this significant step, the ownership is officially handed over, and the buying a property in Dubai process reaches its successful culmination.
Broker’s Commission: Which typically ranges between 2% to 5% (plus VAT).
No Objection Certificate: Acquiring a no objection certificate from the developer ranging between 500 and 10,000 AED plus VAT.
Registration Trustee Fee: For properties valued over 500,000 AED, the Registration Trustee fee is 4,000 AED plus VAT, while for properties valued below 500,000 AED, it’s 2,000 AED plus VAT.
Transfer Fee: The transfer fee stands at 4% of the purchase price.
Mortgage Registration Fee: In cases where applicable, the mortgage registration fee amounts to 0.25% of the registered loan amount.
Title Deed Issuance: To obtain the title deed, a fee of 580 AED is incurred.
Additional Payments: Potential additional payments may include service charges and utility payments linked to the property.
