Everyone is dying to buy a property in Dubai. Why? Because Dubai has proved itself a global hub for luxury living due to its magnificent real estate market. The overall economic growth attracts residents, investors, and businesses worldwide. Moreover, there are plenty of benefits to starting investment in Dubai properties for sale. These advantages include a safe area for living, high-quality amenities, and tax-free rental income. But before going to the property for sale in Dubai, you must have important information. This article will cover all the basic points that will be helpful for you in this perspective. So, here we go!
Why People are Looking for Dubai Rental Properties?
Dubai does not get the status of a global economic powerhouse without any reason. There is a ground reality behind this glorious achievement. Dubai government is giving lots of benefits to the investors or business owners to invest in this area and gain an impressive profit. Dubai offers a trade-free zone and it is one of the main reasons behind the magnificent growth of this City. These trade-free zones are significant economic hubs as they promote international trade. It increases the importance of buying commercial property for sale in Dubai. Moreover, this city provides a valuable tax system that attracts investors and residents like a magnet. Apart from the tax system, another thing that needs to be considered here is the steady rise in property prices in Dubai. It shows the strong economic growth and potential real estate market that boosts the idea to purchase off-plan properties in Dubai.
Who Can Purchase the Property in Dubai?
UAE nationals can live in the Dubai premises as they have the privilege to buy any suitable property in this city. Middle East nationals from Qatar, Bahrain, Oman, Saudi Arabia, and Kuwait also have the opportunity to invest in the real estate market and buy property of their choice. Under particular rules and regulations, foreigners can buy property in Dubai as well. They need to follow these rules to become the owners of certain areas in this city. One can visit the official website of the Dubai real estate hub to know these restrictions and limitations.
Types of Ownership to Buy a Property in Dubai
There are two types of ownership in Dubai before investing in Dubai properties for sale. These are; Leasehold and Freehold.
Leasehold Ownership
Leasehold ownership is a temporary kind of ownership in case to go for a property for sale in Dubai. In such type of ownership, a person only has a temporary right on a property for a designated period of time. After the completion of this time, the ownership will be canceled. And the temporary owner needs to follow the same steps again to gain ownership.
Freehold Ownership
It is different from the leasehold ownership to buy a property in Dubai. In freehold ownership, a person enjoys a state that is free from hold and he can call himself an owner of this particular land under certain conditions.
Paper Work Needed
Following is the list of papers or documents that will be needed to get property for sale in Dubai;
- A legal passport
- Buying and Sale Agreement
- Residence visa proof
- Power of attorney
- No objection certificate
Legal Steps to Purchase a Property in Dubai
Generate a Contract between Buyer and Seller
To get a commercial property for sale in Dubai, you need to formulate a contract between buyer and seller to agree on the terms and conditions of the transaction. This contract may include a method of transaction and other such information. When buying a property in this city, you have two options: apply for a mortgage or pay cash. Buying a property in cash has a greater significance than a mortgage. Cash buyers have a critical overview of their budget and they can bargain on the prices like go for low-price options.
Signing the Agreement of Sale
In the next step, there is an execution of the real estate agreement. After agreeing on the terms or conditions, you need to sign the Memorandum of Understanding (MOU) or Form F. It is an official real estate agreement that is organized for property dealing. You can download this form from the Dubai Land Department (DLD) website. This form will have all terms and conditions you must know like purchase price, transaction method, schedule of payment, and other such information.
Get a Non-Objection Certificate (NOC)
After signing the memorandum of Understanding (MOU) or Form F, you need to obtain a non-objection certificate. It is necessary for off-plan properties in Dubai. The real estate agent, seller, and the buyer must meet at the developer’s office like Emaar Properties. The reason for this meeting is to get NOC to transfer the ownership of the property that is shifting from seller to buyer with the help of a real estate agent. NOC is proof that there will be no service charges or other rules will be on the land.
Starting the Ownership Transfer
So, the next and final step is to start the ownership transfer at the registrar’s office. You will reach the office with all the necessary documents and send a representative to your place. After reaching the office, the process will be started. It will include the submission of relevant documents that are mentioned above, a payable cheque, a signed form of Memorandum of Understanding (MOU) or Form F, and a Non-Objection Certificate (NOC). All these documents are necessary to buy a property in Dubai.
Final Words
So, you get a comprehensive overview of getting a property for sale in Dubai. This city is a marvelous not only for living but also for starting a business. You only need legal documents and courage to move further and purchase a property in Dubai. You will see wonders in your work due to the high-scaling market of Dubai. Hopefully, you now have enough idea about this topic and if you still have any questions, you can ask me and I will solve your issue.