Steps to Buying Property in Dubai – News

The process of buying property in Dubai has been greatly simplified

Strong demand continues to drive up prices in Dubai’s apartment communities. – KT file

Can you explain the steps involved in buying a property in Dubai? I am a UK expat and have just arrived in this country. I’m confused by the jargon that real estate agents throw at me about buyer and seller agreements, land department registrations, Ejari, etc.

The process of buying property in Dubai has been greatly simplified and made smoother thanks to the implementation of innovative processes and features. Once the seller has accepted the buyer’s offer, both parties sign a unified form merging the sale and purchase documents. If the buyer obtains a mortgage, the property is appraised to make sure it is worth a reasonable amount, and if the price is deemed appropriate, a valuation report is issued. With the final letter of acceptance, the mortgage funds are released to the seller.

For the transfer of title, the seller applies for a certificate of no objection to confirm that the developer agrees with the buyer’s purchase and that there are no outstanding payments. After receiving this certificate, the buyer and seller will meet at the office of the trustee at the designated government building to finalize the sale. At this meeting, the buyer transfers funds and the seller hands over the NOC and title deed to the buyer, completing the transaction.

Do properties in the UAE need to pay VAT?

Residential properties are exempt from VAT, but purchases of commercial real estate are subject to VAT of around 5%.

What are the sales prices of villas and apartments in Dubai?

Strong demand continues to drive up prices in Dubai’s apartment communities. Al Habtoor City recorded the strongest growth, with apartment prices surging by 24% to AED 1,818 psf. Barsha Heights and Living Legends also recorded double-digit price increases, up 11% and 10%, respectively.

While villa sales prices in Nad Al Sheba will see a modest increase of 4% in 2022, it is the fastest growing neighborhood this year, with prices rising 8% to AED722 psf. Ongoing demand for mid- to high-end villas has led to continued price increases in popular neighborhoods such as Jumeirah, MBR City, Arabian Ranches and Dubai Hills Estate, which are all seeing price increases of 5% to 8% in 2023.

– Michael Adele is a Senior Sales Agent for Betterhomes.