As we know Dubai has one of the second largest UAE’s Emirate known for its beautiful landscape and beaches. It’s cool, but there’s something else that makes this city-state more interesting.
No doubt it’s the real estate in UAE market. People from all over the world love to buy houses, and apartments here. But there’s a common problem in most cases, which is that they don’t know “What’s the procedure?” like from where to start looking!
Don’t be worried, we’re here to help you. In this article, we’re going to learn everything you need to remember about buying and owning real estate in Dubai.
Let’s get started!
Buying Property In Dubai:
There’s no doubt that Dubai has changed its landscape in the last 20 years. If we’re talking about a common dream of normal people then it’s a dream of every common man to buy a property in this city-state.
Here’s What Makes Me Satisfied!
The real estate market of Dubai is considered to be the safest place to invest. A person can select a wide range of properties, For example, penthouses, apartments and more.
But what makes me satisfied to buy a property here? One big reason is how it can help Dubai’s economy. Unlike some places that depend on oil, Dubai has a diverse economy, which means that it doesn’t depend on hydrocarbons so the differences of oil prices could not harm its economic condition.
Also, many people are making a lot of money from buying and selling houses through the real estate market of Dubai which proves that your investment is secure and will benefit you in future.
Types of Properties In Dubai:
According to the research, there are almost three types of properties found in this city-state of the UAE which contains “apartments, townhouses and Villas.
In Dubai, you can find different types of apartments. They probably structured in various forms ranging from studios to larger ones with four bedrooms.
These apartments are usually in buildings that can be short, medium, or really tall.
Townhouses are terrace type homes that are attached to other houses. They usually have 2 floors and share a wall with a neighbor. You can find townhouses with 3 to 5 bedrooms, and they often have their own gardens.
Villas are the largest type of homes found in Dubai. They are all separate properties which means that they are not connected to other buildings unlike other words we can describe “Standalone properties”
Also, they’re usually larger in size as compared to townhouses, and they often come with a big piece of land around them. You can find villas with 3 bedrooms, and some can have as many as 10 bedrooms or even more.
Who Can Purchase Property In Dubai?
The simple answer to this query is “Almost everyone”
Dubai is an international global city that open’s businesses for almost every kind, including “Real Estate” . It doesn’t matter if you’re a civilian, tourist or someone else you have the rights to buy property in dubai.
If you think about “restrictions” then don’t be worried. There’s no type of restriction and the other most favorable thing is the fees of buying a property are the same for almost every person who wants to buy. No matter what your “status” is.
Price of Having A Property In Dubai?
The price of purchasing a home in Dubai depends on the type of home you select. Most types of homes are in apartment buildings or villa communities, and there are ongoing costs. We can describe these costs called “Service or Maintenance” fees, and they are probably used to keep the building or community in good shape.
Essentially, apartments have higher maintenance fees as compared to other types of houses like villas or townhouses because it costs more to take care of apartment buildings.
Price of Purchasing A Property In Dubai?
Many dedicated buyers may be shocked after hearing this news which is “the cost of purchasing a property is so cheaper than the other western cites. Isn’t cool!
Now, we’ve arranged the fee type and its description in the form of a table to make things more clear
|Dubai Land Department (DLD)
|4% of the property purchase price + AED 580 admin fee
|Registration Fee of Property
|AED 4,000 + 5% VAT
|Real Estate Agent Fees
|2% fees of the property purchase
Remember, that all the prices can be paid at the time of purchasing and it will be only once.
If you want to purchase property in Dubai, it’s really a great decision to set aside 6.5% of the property’s total price for fees. So, if a property costs AED 2,000,000, the overall cost, including fees, will be AED 2,065,000.
Dubai provides many types of properties which include apartments, townhouses, and villas. The city’s economic stability, detached from oil dependency, ensures a secure investment. Anyone can buy property in Dubai, regardless of their status. Compared to Western cities, acquiring a property in Dubai is affordable. Before buying, people need to know about fees charged by the Dubai Land Department or agents.
Remember one thing, which is that investing your money in real estate in the UAE’s second largest emirate Dubai can help you achieve your dreams. It is also a smart financial choice for the future.