Frequently Asked Questions
Question about Buying ?
Before buying a ready property in Dubai Real Estate, you should be aware of the associated costs of owning a home. You should also figure out the procedures through which you can acquire your home finance.
Most banks in Dubai offers two types of interest rates on mortgages: Fixed rate and variable rate. The variable rate changes with the changing market rates while the fixed rate on your mortgage is set for a certain number of years.
Buying Property in Dubai, If your UAE residence require below documents :
- Passport Copy
- Emirates id
- Visa Copy
- Official Mail id & Address for SPA
If Your foreign investor ( Non UAE residence)
- Passport Copy
- Contact Number & Mail.
- Official Address for SPA
Buying Property in Dubai, In offplan buying direct from Developers require 10% or 20% down payment/booking payment.
Amount should be transfer to Escrow Account.
When you purchase a property in Dubai you will have to pay some transaction fees including
• 4% of Property Registration Fee to DLD
• 0.1% Mortgage Processing Fee
• 0.25% Mortgage Registration
• if you are buying from the secondary market and there is a broker involved the standard fee is 2% of the sales price.
Question about renting ?
This will also help you zero in on the type of property that you can possibly rent. Also, decide whether you want a furnished home or unfurnished one. Obviously, a furnished home comes at a higher rent, which makes sense for those who don’t expect to live here for too long.
Almost every part of the UAE is an experience worth living. However, each area offers a unique lifestyle. Ask yourself – do you want a sea view, a beachfront property, or one facing a park or overlooking the famous Sheikh Zayed Road.
To secure the property, you will have to pay a refundable 5% security deposit. You’ll make the cheques in the landlord’s name, but the agent will hold them until the deal is finalized. Don’t forget to take a receipt.
Required documents:
• Your Passport
• Residence visa copy (or an original letter from your sponsor/company stating that your visa is under process)
Congratulations, you have a home! Now at this stage, you need to get a Dubai Electricity and Water Authority connection. Every emirate has its own body (eg. Sharjah has SEWA). You can easily set up a DEWA account online with your Ejari, Emirates ID, passport etc.
Ejari is a document that deems your tenancy contract legal in the eyes of the government. You’ll need to submit your DEWA connection receipt and pay an annual fee. It’s common practice for agents to handle this for you at a nominal fee.