Since 2002, when, by royal decree, foreign nationals first became eligible to own property, Dubai has enjoyed a construction boom. Ensure you are looking at an area in which foreigners are allowed to buy property. Some of the most popular, luxurious and expensive developments include Emaar Towers, Jumeirah Gardens, International City and Al Hamra Village. [1] X Research source

Laws and regulations can change quickly in Dubai, so hiring an agent will help you avoid any potential pitfalls. [3] X Research source Usually if you hire an Estate Agent, you can expect to pay a fee of between 2% and 5% of the value of the property. [4] X Research source You should always check the credentials of anybody you hire. The regulatory body for Real Estate in Dubai is the Real Estate Regulatory Agency (RERA). [5] X Trustworthy Source Official UK government website Official website for the public sector of the UK government Go to source

You should always check that the developer you are considering is registered and licensed with the RERA. [6] X Trustworthy Source Official UK government website Official website for the public sector of the UK government Go to source You can browse a list of licensed developers on the Dubai Land Department website

If you are buying off-plan or construction is not complete, make sure you go to see similar properties by the same developer that are finished. [7] X Research source When you are in Dubai, you will also have access to paper listings in specialist local newspapers and magazines, and be able to attend the property fairs that continue all year.

The UEA government has a six month visa for property buyers, called the “Property Holders Visa. ” This allows foreign investors to stay in Dubai for six months while they investigate investments. To qualify for this, the property you buy must have a value greater than 1 million dirham, which equates to around $272,000. You must be buying as an individual, not as a company. [9] X Trustworthy Source Official UK government website Official website for the public sector of the UK government Go to source

It is not legally necessary, but it is advisable to employ a lawyer to help you negotiate all the paperwork. Include the costs of a lawyer in your calculations. [10] X Trustworthy Source Official UK government website Official website for the public sector of the UK government Go to source A new-build property will likely require a land registration fee of around 2%.

Mortgages in Dubai are paid in monthly instalments, with 15 years mortgages the most common. Residents of India cannot mortgage their property in Dubai and raise loans. Indian residents are also not permitted to give guarantee to the loan from a non resident. The maximum length of a Dubai mortgage plan is 25 years. Mortgage repayments, combined with any other monthly expenses, must not exceed 35% of net monthly income. As exchange control is a complex subject, it is advisable to obtain appropriate professional advice before deciding to take out a mortgage in a foreign currency. [11] X Research source Mortgage rules change often in Dubai, so try to keep up-to-date by consulting local news and the Central Bank of the UEA.

You will be required to submit your passport along with the reservation form. Be aware that some developers are still selling leasehold rather than freehold titles. If this is the case, the title is valid for the period stipulated in the lease agreement. Ensure you fully understand the details of the contract and have it checked by your lawyer. If the property is not yet complete, make sure you know what responsibilities the developer has if it is delayed for any reason. [13] X Trustworthy Source Official UK government website Official website for the public sector of the UK government Go to source

When buying off-plan, you should ensure that the deposits and payments you make are paid into a RERA-approved securities account. These payments are then transferred to the developer as the construction work is completed. [15] X Research source

If the property is supposed to be furnished, ensure that a date for when that will be done is included in the agreement. [16] X Research source

If the property has been completed, the transfer will happen at the Land Department Offices. If it is yet to be finished, you will transfer the deeds at the developer’s office. You will then generally be invited to inspect the property and highlight any final issues the develop needs to take care of. [17] X Research source

At this point you will also have to pay the real estate commission, normally between 2% and 5%.

The buyer, the real estate agent, and a somebody from the bank that is financing the purchase may all be required to attend the meeting at the Land Department. [20] X Research source