Legal Certainty
The regulation of property law is initially subject to each Emirate individually. In June 2002, the Dubai government authorised foreigners to purchase real estate in designated projects (free hold).
The transfer of property to the purchaser is recorded in the contract of sale. There are three national property developers: EMAAR, Nakheel and Dubai Properties / Dubai Holding. Each of these property developers keeps a property register, in which the owner of a property is listed or, in the event of a re-sale, the transfer to the new owner is recorded.
On MArch 14th 2006 His Highness Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, has issued law No. 7 which regulates the property rights with real estates and properties. The property law is regulating the property and real estate rights for UAE and GCC inhabitants and also the rights for foreign real estate buyers who are now allowed to sign up in the Dubai Land and Property Department as the owner of their real estates.
For the moment this regulation is only based on the freehold areas. In addition - and this regulation would be new - it should be possible for foreigners in certain cases to acquire real estates also outside the Freehold zones. The law states that UAE citizens then may acquire real estates for a 99 years lease and as freehold in the entire state area. Expats are only allowed to acquire properties for 99 years lease and as freehold only in allocated areas. An unbelievable rush to the Land department is expected. The costs for the ownership registration will approx. take 2% of the purchase price of the property.
What is the reason for Dubais property boom?
Since summer 2002 all nationalities are allowed to purchase properties in Dubai. Since then an outstanding boom has developed with, where the end is not yet predictable.
Pool in DubaiLots of facts militate for a property purchase in Dubai. A big part of our buyers secure themselves a second home to spend the most loved time in the year in the sun and in the privacy of ones home. Here counts also the argument to spend the time during the European winter in Dubai very often.
The enjoyable climate, the good infrastructure, wonderful hotels, summarized the exotic mixture of desert, luxury, high tech and the cosmopolitan economic standard is the most fascinating of Dubai.
The restaurant variety, mass of shopping malls and good flight connections are only some of the arguments for Dubai. Also the very good offer of high class golf courses makes Dubai even more attractive.
Event after event is in Dubai in a row, as in almost no other city. The year starts with the famous Dubai shopping festival and the Dubai marathon in January, followed from the ATP tennis tournament of women and men in February; the Dubai Desert Classic in the golf, the highest endowed horse race of the world in March, and so on… Almost every week another world celebrity is on stage.
Other clients choose to purchase because of Investment reasons. They aim to rent their apartment out after completion or speculate to sell it with a good return. The tax exemption and the friendly, harmony life attracts people from all over the world.
How to purchase a property in Dubai?
Please get in touch if you decide to purchase a property in UAE, whether for self use or for investment purposes. Together we will find out which property is the most suitable to your needs wishes and budget. The purchase directly from developer is possible only off plan. Good developments in good location are sold out during few days on this way.
This daily business and the speed seem to be unfamiliar to the European customer. But in Dubai this is usual. The past three years have shown that despite of the unusual procedure the properties match the given building description and quality. And with appropriate advisement you can trust on the legitimate process of the buy.
We explain to you location of the property, layouts, facilities, maintenance fees and the payment plan. Usually 10% to 15% of the purchase price is due by signing of the contract.
For all following payments counts a payment plan which is adapted to the building progress. By completion remains a final payment of 10% to 30%.
Re-Sale
By a re-sale you purchase a property which has already bought another buyer before you. For this case excellent knowledge of the market is necessary to reach reasonable price.
Above all especially the already sold out and demanded developments like Palm Jumairah, Palm Jebel Ali as well as in Dubai Marina you need to buy on the second consumer market.
Here we do connect the buyer and the seller and guide the buyer to achieve the best possible price.
