Why to invest in Dubai Real Estate?
Dubai Real Estate offers so many attractions for investors to invest their money in, to name a few:
High Rental Yield: Dubai offers the highest rental yield compared to major cities around the world, such as New York, Hong Kong, London and Singapore. Averaging 6% a year with some properties going as high as 10%
Growing Population: Dubai is one of the fastest growing cities around the world, with a population around 3 million the majority of them are expats from around the world
Tax Free: As an investor, you can buy a property in Dubai freehold areas and enjoy a 100% of your income as there is no income tax on the residential properties
Safe: Dubai and UAE in general are ranked the highest when it comes to safety and stability
RERA: Real Estate and Regulatory Agency (RERA) is the agency that protects and enforces the rules and regulations on all parties to protect everyone who deals in Real Estate
Residence Visa: once you buy property in Dubai you can apply for a residence visa, and as long as you own the property, you can renew the visa.
How To Sell Property In UAE
Find The Right Agent Or Property ConsultantIts better to seek an expert who has good understanding on the area of your property. You need to make sure that they are registered in RERA, and they are working in a reputable company.
Sign Form A /you Should Have Complete DocumentsOnce you find the right agent you need to sign FORM A, it’s a contract agreement between the Seller and the Real estate Agent. Make sure you have complete documents
such as Title Deed, Oqood if it’s off plan and Passport ID or Emirates ID (if applicable).
Market Your PropertyTo attract potential buyers your Real Estate Agent will help you post your property in all the listing portals. Make sure that your property is clean, appealing and fix and repair everything that is needed. Property must look good in all the pictures and videos.
Once You Have A Buyer, The Real Estate Agent Will Prepare Form FWhen you already have the buyer, you need to sign FORM F or also known as MOU (Memorandum of Understanding),this form contains the details and conditions of the sale between the buyer and the seller. Should be signed in front of the witness. The buyer should issue a security deposit as commitment to purchase.
Get NOCYou need to get an NOC (NON-OBJECTION CERTIFICATE) from the developer, each developer has different type of NOC which includes service charges and other expenses, and it will cost 500 t0 5000 AED. It will be issued within 3 to 7 working days.
Forms for getting NOC
a. Title Deed Or Oqood
b. Emirates Id Or Passport Copy With Valid Residence Visa
c. Form F
d.Transfer Of Ownership At Dubai Land Department
Transfer Of OwnershipYou need to get an NOC from the developer, the objective of this is to apply and pay for NOC to transfer ownership
How To Buy Property In UAE
Purpose Of Buying The PropertyYou should know if it’s for personal use or for investment if you want to buy off plan or secondary market.
If it’s for personal use, you should consider the schools, restaurant, hospital, malls and etc. which is accessible to you and your family.
If it’s for investment, you should know if the property can offer a high return of investment.
Off plan- property which is under construction which you can purchase from the developer, usually come with payment plan.
Secondary Market- it is a resale property from the owner or an agent
BudgetHow much is your budget in buying a property? You should have a sufficient fund if you are a cash buyer.
If the property is being bought from on a bank finance, a pre-approval obtained from the bank.
Once You Find The Property, You Should Sign The Form FWhen you already find the property you need to sign FORM F or also known as MOU (Memorandum of Understanding), this form contains the details and conditions of the sale between the buyer and the seller, it should be signed in front of the witness. The buyer needs to pay 10% security deposit, which is returned once the property is already transfer.
Get NOCYou need to get an NOC from the developer, the objective of this is to apply and pay for NOC to transfer ownership.
Transfer Of OwnershipThe transfer of property from one owner to another takes place at Dubailand Department in Trustee office.
For the property to transfer you should have the following documents:
a. Passport with updated Visa/Emirates iD
b. Contract F or MOU ( Memorandum of Understanding)
D. Manager’s Cheque
A new Title Deed will be issued in the buyer’s name and you are officially become a property owner.