Buying Land and Apartments in Dubai
Can anyone buy property in Dubai? The simple answer is YES. Freehold properties were introduced to Dubai for the first time in 2002, when Sheikh Mohammed announced that 100% freehold ownership of certain properties in Dubai would be available to everyone.
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How easy is it to buy and sell property in Dubai? Very easy, however the current buying process in Dubai does differ from many other international property markets. Normally most countries that use Common Law require a lawyer to represent each party. In Dubai you can purchase straight from the developer "off-plan" for little or no fees; alternatively you can buy direct from another private vendor in the resale market, whether the property has been completed or not. Many property developers do require their consent for sale and purchases, and may in addition charge a small transfer fee of between 1% and 3%.
Do I need to have a bank account in Dubai? No, this is not necessary as there is no legal requirement for purchasers of Dubai property to hold a local bank account.
What taxes will I have to pay? In short NONE! Dubai has no taxes of any kind when purchasing a property. Dubai also profits from no business taxes with the exception of the banking industry.
Luxury Apartments for Sale in Dubai
What maintenance fees can I expect to pay? Maintenance fees for apartments vary from 4AED to 15AED per sq ft of the apartment per year. All maintenance fees will be explained at the time of enquiry. These fees tend to be fixed for 3 years after which a Residents Association is formed.
Can I apply for a residency visa? Yes it is possible to apply for a residency visa when you purchase a property. New Dubai property owners and their immediate family are granted applications for residence visas in accordance with the latest immigration regulations.
What is the payment process? This does vary from developer to developer and development to development. Typically you will be expected to make a down payment on the exchange of contracts plus further instalments, a percentage of the total purchase price, based on targets in the construction process. The final instalment is due on completion of the development. We can provide you with the exact payment schedule on request.
Dubai Luxury Apartments for Sale
Apartments at the Sports City Complex in Dubai
Dubai Sports City is set to be the home of state-of-the-art venues and an extensive collection of world class sporting facilities which will host the best elite athletes from around the globe. Universal Property Agents has a limited number of Dubai investment opportunites at this exclusive brand new property development.
Investing in a Luxury Dubai Apartment
Universal Property Agents provide specialist services in property investments and provide our clients with a wealth of international property expertise and a property portfolio embodying some of the most beautiful regions of the world such as Dubai. Register your details below for more information on the services we can provide and recieve our free brochure.
Why Invest In Dubai Property?
Recent changes in legislation now allows foreign investors to purchase land and residential property in Dubai. With this has came a property explosion of almost unequalled size. With demand so high, rental yields are staggering when compared to the low purchase price of Dubai apartments.
There are many advantages in investing in Dubai apartments which include the facts that there is 0% capital gains tax, 0% rental income tax and a staggering volume of demand with the population rising so quickly.
Universal Property Agents
As specialists with over 20 years experience and offices globally, we provide our clients with a wealth of international property expertise and a property portfolio embodying some of the most beautiful regions of the world such as Budapest and Dubai.