WHAT IS THE PROCESS OF PURCHASING A PROPERTY IN THE UAE?
"The process of buying a villa or an apartment in the UAE is comparable to purchasing property in the UK. A simple overview is that you find a property you like and place a formal offer. Our consultants will be able to help find suitable properties and will facilitate making the offer. If the offer is accepted, you will pay a security deposit, which is usually around 10% of the asking price. From there, your dedicated consultant will conduct the necessary checks, submit the required documents, and arrange your property contract. You will then pay for the property to have the ownership transferred to you. You will also be required to pay a transfer and other associated fees and agent fees."
WHAT DOES THE DLD DO?
"The DLD is a regulatory body under the Dubai government that is responsible for dealing with all property and real estate legislation, sale and purchase, and other related services. The DLD has an escrow account service that helps to protect both buyers and sellers through proper regulation for every transaction. It acts as a third party which holds funds on behalf of the two parties which can be released only when the parties fulfil certain set obligations. They are also responsible for the transfer of ownership and other important contracts throughout the sale process of a property."
CAN YOU DESCRIBE THE SALES AND PURCHASE PROCESS AT PROPERTY LEGACY?
"In most instances, the transaction process goes as follows: Buyer chooses the property. Buyer and seller sign the sales and purchase agreement, where all the terms and conditions of the deal are mentioned: the purchase price, additional expenses (agency fee, transfer fee at the DLD, developer’s fee, service charge refund, etc), the transfer date of the deal at the DLD, terms of payment and clearly-defined responsibilities and penalties for both parties in case they fail to uphold the conditions set out in the agreement. On signing the agreement, the buyer pays the deposit. This is usually 10% of the purchase price. The seller applies for a no-objection certificate (NOC) from the developer in order to sell the property. The NOC is required for the transfer process at the DLD. Once the NOC is ready, the buyer and seller can transfer the property and register it on the buyer’s name. Usually, payments need to be made at the time of registration."
HOW LONG DOES IT TAKE TO BUY A PROPERTY IN DUBAI?
An average property transaction in Dubai takes around 30 days to complete from the date on which the Agreement for Sale is signed.
CAN I GET A VISA WITH THE PURCHASE OF PROPERTY IN THE UAE?
A buyer is eligible for UAE investor visa if his total investment is AED 750,000 or above in one of maximum three properties.
CAN I MORTGAGE A PROPERTY IN THE UAE?
"It is possible to get a mortgage for a property in the UAE. For residents of the UAE, getting a mortgage loan is relatively straightforward. For non-residents, however, there are some additional restrictions and regulations. For example, non-residents are often expected to put down a larger deposit. Our consultants are available 24/7 to advise on restrictions and the latest mortgage rates."
WHAT DOES RERA STAND FOR?
"RERA stands for Real Estate Regulatory Agency. RERA is part of the DLD as a government agency of Dubai that gives licenses to real estate agents, brokers, and developers across Dubai. They regulate all real estate activities in Dubai to ensure consistency and fairness throughout the market. There are similar regulators across the different emirates in the UAE that monitor real estate transactions and ensure uniformity in the industry. For example, in Abu Dhabi, the equivalent to RERA is the Department for Municipal Affairs (DMA)."
CAN ANYONE BUY A PROPERTY IN DUBAI?
"Anyone can buy a property in Dubai, providing they have the funds. You do not need to live in the emirate or work here, and there is no age limit. Freehold properties can only be purchased in designated areas for foreign investment. This is not limiting since there are many freehold areas across Dubai."
CAN I BUY PROPERTY FROM ABROAD OR DO I NEED TO BE IN THE UAE?
Yes, you can buy property remotely with a Power of Attorney.
WHAT EXTRA COSTS SHOULD BE CONSIDERED WHEN BUYING A HOUSE IN THE UAE?
"Dubai Land Department (DLD) Fees: 4% of the purchase price + AED 580 admin fee for apartments and offices or AED 430 for land or AED 40 for off-plan Property Registration Fee: For properties valued below AED 500,000: AED 2,000 +5% VAT / For properties valued above AED 500,000: AED 4,000 + 5% VAT Real Estate Agent Fees: 2% of the purchase price + 5% VAT Conveyance Fee: Approximately AED 6,000 to AED 10,000"
WHAT DOES OFF-PLAN MEAN?
"An off-plan property refers to a property where the construction is yet to begin or property that is only in the preliminary stages of construction. In most cases, purchasing off-plan means you typically get a better deal for the property, as property values tend to increase as projects approach completion date. "
WHAT IS A DLD WAIVER?
"A DLD Waiver is the waiver of the DLD fee that is levied on property purchase. The DLD Fee is 4% of the property value and is payable by the buyer. Ergo a DLD Waiver means the buyer does not pay this fee and it is instead paid by the developer."
CAN I SELL AN OFF-PLAN PROPERTY BEFORE ITS COMPLETION DATE?
"To be able to sell the off-plan property in Dubai before it’s completed, investors must meet certain conditions. These criteria are usually set by the developer of the off-plan project. Most developers require owners to have 30-40% of the cost paid off before it can be sold to a new owner. This value can vary from developer to developer, so if you plan to sell off-plan property in Dubai before completion, make sure to confirm with the developer you are working with before making the sale. Eligibility to re-sell an off-plan property can also depend on other terms set in the contract by the developer."
WHAT IS A FREEHOLD PROPERTY?
"The purchase of property on a freehold basis means that the property is registered in the owner’s name by way of a Title Deed registered in the Dubai Land Department. The owner has the right to sell, lease or rent his/her property at his/her discretion. Areas for freehold properties are designated areas for expatriates, whereas non- freehold property is property limited to UAE Nationals and GCC Nationals. A 2 year residency visa is granted for properties above AED 1,000,000."
WHAT DOCUMENTS ARE REQUIRED TO LIST A PROPERTY WITH PROPERTY LEGACY?
"The documents required for listing a property with Property Legacy are: For Leasing, Filled Listing Sheet, Title Deed or Oqood or (SPA) Sales Purchase Agreement, Owner’s Passport Copy with signature, Leasing Form signed by Owner, Power of Attorney Document and POA’s Passport Copy with signature (if applicable) For Sale Filled Listing Sheet, Title Deed or Oqood or (SPA) Sales Purchase Agreement, Owner’s Passport Copy with signature, Form A signed by Owner, Power of Attorney Document and POA’s Passport Copy with signature (if applicable)"
WHAT FEES ARE APPLICABLE WHEN BUYING A HOUSE?
DLD Fees 4% + Admin fees 580 AED + Agency Fees 2% + 5% VAT + Trustee Fees including VAT + 10% Deposit
Citizenship & Residence by Investment
HOW DO WE START THE PROCESS OF CITIZENSHIP-BY-INVESTMENT?
After an initial consultation, the Applicant must pass our internal compliance checks, in order to be pre-qualified and ensure approval. After clearance and retainer payment, our experts will then provide a detailed checklist and personalized for all the required documentation.
HOW LONG DOES IT TAKE TO GET THE CITIZENSHIP?
Citizenship programs usually take between 3 and 6 months.
WHAT IS CITIZENSHIP-BY-INVESTMENT?
"Citizenship-by-Investment (“CBI”) schemes offer nationality, and consequently a passport, to Investors who make a donation to the Government or who buy qualified real-estate. The concept of CBI was first born in St. Kitts and Nevis in 1984."
WHICH COUNTRIES ARE COVERED WITHIN YOUR CITIZENSHIP & RESIDENCY BY REAL ESTATE INVESTMENT PROGRAM?
Our program currently includes opportunities across the Commonwealth Caribbean, Malta, Greece, Montenegro, Turkey, Portugal and the UAE.
IS IT POSSIBLE TO GET A RESIDENCE VISA IN DUBAI THROUGH REAL ESTATE INVESTMENTS?
Yes, Dubai currently offers 3-year and 5-year residence visas as well as 10-year Golden Visas for property investors. Minimum property purchase value of AED750,000 applies, and our consultants can guide you through the entire process from beginning to end.
CAN FAMILY MEMBERS APPLY FOR A CITIZENSHIP?
Yes, you can add qualifying family members in one application. There are additional costs for adding more family members.