Buyers Guide for Dubai Property
by Greendeck

Buying a property, even in favorable circumstances, can be daunting without the right guidance. Therefore, before making your purchase decision, explore our concise yet insightful Buyer’s Guide designed to ensure an informed and successful transaction.

1. Admissibility

Irrespective of nationality or location, individuals can buy property in Dubai’s Real Estate market.

2. Required Documents for Purchase

For Individuals:

– Passports for all buyers
– Signed Buyer Agreement (Form B)

For Companies:

– Certificate of Incorporation
– Memorandum and Articles of Association
– Board Resolution
– Power of Attorney
– Signed Buyer Agreement (Form B)

For Overseas Companies:

All above documents must be attested by the UAE Embassy.

3. Residence Visa

Property ownership in Dubai may qualify individuals for a residence visa, subject to government regulations.

4. Freehold and Leasehold

Most properties handled by Greendeck Real Estate are freehold, while some have a 30-99 year leasehold in Dubai.

5. Government Taxation

No official government taxes on property purchase in Dubai. Buyers pay a 4% registration fee to the Dubai Land Department. A 0.25% registration fee applies to mortgaged properties.

6. Fees

– Transfer fee of 4% of property value to Dubai Land Department.
– Mortgage registration fee of 0.25% to Dubai Land Department and Developer.
– Service maintenance fee for completed properties.
– Developer no objection certificate fees (capped at AED 5,000).
– Property registration trustees’ fees.

Greendeck Real Estate charges a 2% agency fee for all purchases.

7. Service Charges

Service charges vary depending on the area and property. Large community developments levy an annual community charge paid to the master developer.

8. Developer’s Obligations

Under the sales and purchase agreement:
– Developer’s obligations for off-plan properties are contractually overseen.
– Delays in handover or possession should be anticipated for properties under construction.
– Developers provide a 10-year warranty upon completion.