The process of purchasing a property can vary significantly from one country to another, but in Dubai, it is notably straightforward. Our step-by-step guide is designed to ensure a hassle-free buying process for you.
Who Can Buy? Properties in Dubai’s freehold areas are available for purchase by individuals of any nationality, whether they are based in the UAE or residing outside of it.
Mortgage Preparation If you are considering home financing, it’s crucial to establish a realistic budget that aligns with your requirements. Be prepared with the required down payment (typically 25 percent for ready-to-move-in properties, in accordance with UAE Central Bank guidelines). Our expert consultants will assist you in securing the best mortgage deals.
Preferred Location Communicate your specific property preferences and lifestyle priorities to your agent. Clear communication ensures that you find a property that suits your needs and budget.
Property Visits Participate in property viewings to inspect potential homes. Always choose a property that aligns with your preferences and financial plan.
Timeline The average processing time for a transaction is around 30 days from the date of signing the Memorandum of Understanding (MoU). However, both parties can mutually extend the agreed-upon timelines if needed.
Procedures
- Once you have selected a property, you will need to complete official forms issued by the Real Estate Regulatory Agency (RERA).
- The buyer and seller will enter into a Memorandum of Understanding (MoU), with the buyer typically providing a 10 percent deposit (in most cases) of the sales price in the form of a check. This check is held by the buyer’s agent as a guarantee and is returned upon the completion of the transaction.
- The buyer and seller will then meet at the developer’s office to apply for a “No Objection Certificate” (NOC).
- The developer will issue the NOC, subject to a fee, after verifying the clearance of any outstanding service charges.
- Once the developer issues the NOC, the buyer and seller will meet at one of the registration trustee offices appointed by the Dubai Land Department to formally transfer ownership.
- The purchase price is typically paid in the form of a manager’s check. After the registration trustee completes all formalities online, a new title deed will be issued in the buyer’s name.
For further assistance or to start your property buying journey, don’t hesitate to contact us at ASAS Al Ainsha.