Dubai has become a global destination that attracts visitors and investors from across the world due to several factors, which include economic stability, attractive investment opportunities, a tax-efficient system, a golden visa for foreigners, investor-friendly policies, as well as, diversity, safety and strategic location.
Dubai’s premier ranking across global indices and its status as a safe investment destination have encouraged investors to flock into the city over the past few years and invest in its real estate sector, which became a key contributor to the emirate’s GDP.
The property market in Dubai is open to non-resident investors, meaning that a residence visa is not required. However, they are required to hold a valid passport when buying property in Dubai to confirm their identity.
Are you seeking to buy property in Dubai but don't know where to start? Buying a house is one of the most important decisions one makes in a lifetime. At wasl properties, we understand the process can be overwhelming for many of us. So, we came up with a few tips to consider to make this process much less stressful.
Identify the right property
To start your property investment journey, you must first choose what area you want to stay in, which depends usually on proximities to work, kids’ schools, leisure and entertainment venues, or even the return on investment if you are purchasing a property for investment. After deciding the location, you have to decide what property type you want, which usually ranges from a studio apartment to a penthouse or villa.
Decide on home financing
After selecting the right property, it is time to decide if you will pay for the property from your personal money or look for a bank for financing. In case of the latter, and to be eligible for a home loan in Dubai, one must be able to demonstrate a stable income and have a good credit rating. Some banks have a list of approved employers to decide your eligibility. Home mortgages should be registered also with the Dubai Land Department (DLD) to be legally valid.
Dubai welcomes everyone from across the world to buy a home here. The emirate offers all the facilities for a better living and is an ideal location to invest for many reasons.
Signing sales agreement
After finding the right property and deciding on how you will be financing your future home, you will need to sign the sale agreement, which can be found on Dubai Land Department’s website; it can also be provided by the sales agent or broker. The signing needs to be done before a witness at the Registration Trustee office.
The buyer also needs to pay a standard 10% security deposit on the property to the Registration Trustee, which is returned once the property transfer is finalised.
Finalising the paperwork
The next step requires you to apply and pay for a No Objection Certificate (NOC) to transfer the ownership of the property. The developer will issue the NOC only if there are no outstanding service charges on the property.
After getting the NOC, you need to make sure the transfer will become effective after meeting with the seller at DLD.
For the property transfer to take effect, you must have the following ready with you before visiting DLD’s office, which are the cheque for the property price payable to the seller, original documents of buyer and seller such as Emirates ID, passport and visa, an original NOC issued by the developer, and the signed contract (MOU).
After completing the process at DLD, and all the formalities have been completed, a new title deed will be issued under your name, and you will become the property owner.
Why wasl properties?
wasl properties is one of the most renowned real estate development and management companies in Dubai, managing an extensive real estate portfolio spanning more than 50,000 residential and commercial properties across the emirate.
The company offers a range of e-services under one roof, including a 24-hour call centre providing premier customer service; contract leasing, renewing and termination; and maintenance requests.
At wasl properties, we help you find the home of your dreams. Get in touch with one of our sales agents to know more about freehold developments and the units for sale. For additional information, contact 800wasl (9275).