Apartments in Dubai
Are you interested in properties like the prices apartments in Business Bay, Dubai? Purchasing an apartment in Dubai has always been a decision of responsibility where from arranging the finance, studying the property and the approach to reach the final investment, everything works as a pillar. Whether you are a UAE citizen or a foreigner you presumably have a lot of questions on your mind. How long can it take to fully purchase a property in Dubai and How can I go about it? That sought after clarity is where a relator like Emirates.Estate steps in to save the day.
The requirements to purchase property in Dubai
Firstly, you should know that according to the law, you can purchase a property anywhere in Dubai if you are:
- A UAE citizen
- A GCC citizen
As an outsider, you can also purchase a property for sale in Dubai but only in the areas formerly declared for foreign property ownership and in types such as freehold and leasehold ownership
However, to purchase real estate in Dubai, the buyer needs to provide a copy of their passport and that’s it. There are no special permit or other documents required. As long as you know where you also intend to purchase, you are good to go.
The purchase process
First, it is important to find the right agent. It is recommendable that you find someone who not only understand what you want but is also well knowledgeable with the legal involvements, request conditions and also has a credible history. The buying procedure is quite straightforward. Principally, the process includes:
- The parties, which is the buyer and the seller, have to have agreed on the terms of the sale
- They are required to sign an agreement for sale
- The next step is a deposit of 10 percent by the buyer which is required as evidence of commitment
After the above process, the seller will go on to clear out any outstanding fees to the dealer. This may be ranging from the service charges to the authorization to sell the property against a one-time fee. Afterwards, the developer is obliged to issue an NOC to the seller and a new title deed is thus created in the name of the buyer. This way, the property is officially and formerly transferred from the seller to the buyer.
Time required to complete the purchase is not usually too long
On the average, transaction for real estate in Dubai takes up to four weeks from the day the agreement of sale is signed. However, this may vary due to the circumstances girding the contract and also other things may affect the timeline such as the time of the year and the type of seller.
Keep in mind that the process generally takes longer if the property is already formerly pledged or bought on a mortgage. A cash-to-cash transaction will always be quicker. When buying property on a mortgage, the legal step will vary slightly therefore causing an increase in time for the process. You need to get a pre-approval on the mortgage before signing the sale agreement. Approval on the mortgage from the DLD is also a demand before applying for the NOC.
Other factors you should consider in the course of copping an apartment of your dream in Dubai
Before falling head over heels into purchasing that flat or villa, it is important that you take out some time to dully search for professionals or agents that you trust. This can impact a lot as a good realtor can help you find the ideal house, neighborhood and price while also ensuring that every process in the acquisition flows swiftly.
Similarly, it is necessary to hire a home inspector to fully inspect the apartment. If possible, your presence during the examination is advised as four eyes are obviously better than two. Any mistake, regardless of the degree will be noticed by the inspector and further communicated to the seller for a concession as to who pays for what, with the backing of the estate realtor.
If you’re thinking about moving or purchasing an apartment in the UAE, Dubai is a great city. Make sure you check it out!