Can everyone buy property in Dubai?
Yes. A trend-setting policy has enabled even Non-U.A.E
nationals to buy property in select areas of Dubai exquisitely
developed in grandeur and style.
Is Residence visa/permit a pre-requisite
to venture into real estate?
No. On the contrary an acquisition of a freehold property
makes the buyer and his immediate family eligible for
Residence visa. The residence visa has to be processed
and renewed every 3 years as per the prevalent immigration
rules.
How do I decide the price of
a property?
The property price is determined by perusing sale data
of recent transactions of similar proportions, refurbishing
undertaken on the property, potential projections of
the value and market dynamics.
What are the facilities for
loans and mortgages in the Dubai realtor scenario?
Dubai Best Homes offers best possible bargain for loans
to the tune of 80% of the investment on mortgages spanning
for period of 5-25 years, for the interest rates on
par with US and UAE markets.
What are the modalities of
payment?
The buyer has to make an initial down payment 10 %of
the purchase price; at the time of signing the contract
and the rest are made in stages at specified intervals
through to completion in case of ongoing projects.
How much premium can I anticipate
on my investments?
There are primarily two segments in the arena, one exclusively
for U.A.E nationals and the other open to foreign nationals
also. The realtor market is still in the process of
shaping its fundamentals, however the recent sale records
indicate minimum 10-25% premium on investments.
What are the charges the customer
has to pay for the services?
The firm charges nominal fees of 1% on the sale price
for the property from both the buyer and seller for
facilitating the transactions.
Which are the popular areas
amongst buyers of foreign nationalities?
The most popular projects are, “The Palm Jumeirah”,
“The Palm Jabel Ali”, The Dubai Marina Area,
Dubailand, and International city, which are sought
after and earmarked even for foreign nationals to buy.
What does the terminologies
base price, selling price and premium mean to the customer?
The initial price offered by the developer for the property
is the base price; the selling price is the value of
the property prevailing in the market in the current
context. The premium is the amount of money the investor
accrues for selling a property, which is deduced by
deducting base price from the selling price.
What are the taxes payable
by a buyer?
There are no taxes for buying or selling of the property.
However a fee of 1.5% on the selling price is charged
by the Lands Department for registration of sale deed.
This is applicable on all kinds of properties. And the
charges have to be paid by the buyer of the property.
In case of mortgage, 0.25% of the value of the loan
has to be paid.
And there are no Capital Gain Taxes for selling the
property on a premium.
Any other additional charges
that the buyer is levied upon?
A service charge has to be paid by the buyer to the
developer for the services pertaining to maintenance
of basic amenities of the premises.
Is the Buyers ownership right
of the property protected by law?
Yes. After the registration of the sale deed with the
Lands Department, the ownership right of the property
is legally protected by the UAE laws.
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