Depending on how swiftly you can get your funds into the country, it can take one day to purchase off plan if you are a cash buyer. Arranging finance and obtaining pre-approval can take anywhere from 3 days to 2 weeks depending on each financial institution.
Do I have to pay tax?
There are no taxes to pay in the UAE at the moment but you will have to check with the Revenue Department in your home countries if you have to pay taxes on income or capitol gains from investments in U.A.E..
Are there any restrictions in selling my property?
Incase of freehold property, you do not have any restrictions.
Will my property appreciate in value?
Property prices in U.A.E. have experienced considerable growth and are forecast to remain this way for some time. Experts say that there will not be oversupply as previously thought. Some owners have been lucky enough to gain as much as 300 percent on their investment in only a couple of years.
Can I rent out my property when it is complete?
Yes, you can rent it long term or short term. Returns are anywhere from 5% to 20
Can I apply for residency?
If you buy a free hold property, you can apply for yourself and your immediate family for a residency visa subject to the rules of the Immigration Dept of U.A.E.
Can I get finance on properties in Dubai?
Yes we deal closely with a number of lending institutions in the U.A.E. They will lend a Resident of the U.A.E generally up to 80% of the original price plus up to 50% of the premium. If you are non resident some of the banks will lend up to 60% of the original price. We can introduce you to a company that can assist you in arranging finance.
What does freehold ownership mean?
The owner of a freehold title of real estate enjoys the most superior form of private ownership. A freeholder is considered to be the absolute owner of the land and buildings comprised in his title; he has the right to occupy, use and enjoy his property forever ("in perpetuity") or until he transfers the title to a new owner, and his heirs are entitled to inherit his title upon his death.
Does one have to be physically present in UAE to buy a property here?
It is possible for the prospective buyer to give Power of Attorney to a person to handle all the aspects of the purchase on their behalf. It is not necessary that one has to be present in UAE to conclude the deal. But it is advisable that they check all the documentation and ensure that everything is clear before signing the deal.
What banks in the UAE are currently offering loan on properties bought off-plan?
The banks currently offering loans are HSBC, Amlak, Dubai Islamic Bank, Rak Bank, Mashreq Bank and Tamweel.
Do I get a Residency Visa when I purchase a property? Most
Most but not all developers offer a Residency Visa with the purchase of property. This is available to the purchaser and their immediate family on application. The cost is approximately 5000.00 dirhams. The visa will only allow the family to reside in UAE, not work.
