Dubai is the most famous city in the United Arab Emirates, which has a lively nightlife scene, luxury shopping and ultramodern architecture. The tallest building in the world, the Burj Khalifa dominates the skyline filled with skyscrapers. With artificially created islands offshore, world-class resorts and grand theme parks – Dubai has a lot to offer. That is why buying a luxury property in Dubai has become a dream for many. Since 2002, it has become a popular investment hub attracting investors from all over the world, especially to its luxury property market.
Although there are certain restrictions for expats to buy a luxury property in Dubai, there are enough property listings available in some of the most prestigious locations such as the Emirates Hills, Downtown Dubai or Palm Jumeirah. They offer an exclusive selection of luxury homes and modern apartments equipped with the finest amenities one can hope for. You won’t have a problem finding a luxury residence that fits your goals and aspirations for your next dream home.
The luxury residential market in Dubai has experienced ongoing growth in recent years; ranging from holiday homes, villas and apartments, the real estate opportunities in the region are numerous.
Buying Process in Dubai
People from around the world are able to purchase property in Dubai in designated areas even if they don’t hold any permit or residency. The Dubai property market is a bit difficult to navigate through, which means that having a trustworthy real estate agent is crucial. The average real estate transaction takes around 30 days to be completed after the agreement of sale has been signed by both the parties.
The process involves a Memorandum of Understanding (MOU) between the buyer and seller after they have agreed on the terms of the transaction. A deposit of 10% of the selling price will also have to be paid. Both the parties hold a meeting at the property developer’s office to apply for a No Objection Certificate (NOC) to sell the property. Once this NOC is issued, then the involved parties will go to the Dubai Land Department office to transfer ownership of the residence officially.
The preferred method of payment is a manager’s cheque which is made payable to the seller on the transfer date of the residence. A new title deed is issued in the buyer’s name once all formalities have been completed. In case of a mortgage, a bank will also be involved in the process.