Buying a property is a stressful ordeal. Most new investors find it difficult to take the first step due to the sea of information that is directed their way. To ease the transaction and help you begin the process, we have put together a brief guide on how to help you prepare everything you need to purchase your new property.
Suitability
Any person, regardless of their nationality, can purchase freehold real estate in Dubai.
Documentation
To start the process of buying a property, you will need:
A Valid Passport copy
A Valid Visa copy (if you are a resident or tourist)
A Valid Emirates ID copy (if you are a resident)
All the documents will need to be attested by the UAE embassy.
You will need to apply for and obtain:
Memorandum of Understanding (MoU)
No Objection Certificate (NOC)
After the MoU and NOC are issued, all parties involved in the transaction will need to go to the Dubai Land Department to transfer the title deed in the name of the buyer. The Dubai Land Department (DLD) and administration fees will need to be paid.
Finance
One of the most important parts of the buying process is to organise your finances. Transactions are usually completed through one of two ways - cash and mortgages.
If you’re going to pay with cash, you can speak to your agent about negotiating the price to secure a better deal for yourself. After confirming the price, the payment process becomes relatively straightforward.
Paying via a mortgage involves an assessment into the downpayment and monthly instalments you can afford to purchase the property. A mortgage is a more complicated method of financing your transaction, so we have included a separate section on it to give you as much information as possible.