It depends on your business objectives — short or long-term goals. Renting a property gives you the flexibility of moving locations, expanding the size, and shutting down without being exposed to the market. Conversely, buying a property protects you from eviction notices, rent increase, and other unreasoning demands. It also lets you lodge for capital appreciation.
Most offices are focused on areas like Business Bay, Sheikh Zayed Road, and Jumeirah Lakes Towers. Labor accommodations and storehouses are concentrated in areas like Dubai, Investment Park and Al Quoz.
Yes, you can. But if you are not a UAE national, you can only purchase a property(s) in specific areas designated for expats — freehold and leasehold sales.
The Dubai government gives loans for acquiring commercial properties and residential properties. Both individuals and companies can apply for funding. As long as you have the right credentials and are eligible for the simple requirements, lenders would finance a purchase in various locations within the emirates.
Yes. The UAE government allows for freehold ownership by foreigners, but only to designated areas. Some freehold areas include DIFC, Business Bay, TECOM, and Jumeirah Lakes Towers (JLT).
Yes. You need an owned or rented commercial space to secure a trade license in Dubai.
You can purchase a property in Dubai, but you cannot receive residency automatically. Follow a separate procedure for a residence visa. Remember, the government does not give a residence visa as a gift.
Fill in a reservation form and have a copy of your passport. Pay the deposit. Review, sign, and return your contract given by the contractor. Pay the installments as agreed in the contract.
The Dubai government issued Law No. 8 that stipulated full protection of real estate investments in the Emirate.
According to the law, developers that receive off-plan funds for a property that isn’t complete yet should register for a guarantee account often referred to as Trust accounts or Escrow.
Payments that buyers make should be put into these accounts, which are managed by designated banks.
To withdraw funds from these accounts, the developer should request the trust account manager with evidence from a qualified consultant that an agreed phase of development has been achieved.
The Dubai Lands Department reinforces this law, and thus, should be notified any time the funds are withdrawn from the escrow account.
DLD stands for Dubai Lands Department. It is the government body that manages all the legislation and services for real estate transactions in the Emirates.
RERA stands for Real Estate Regulatory Agency (RERA). It is a branch of DLD tasks to regulate the real estate industry in the Emirates. It manages relationships among different parties and manages the transaction processes.
DEWA stands for Dubai Electricity and Water Authority, which manages electricity and water supply in the Emirate. It ensures a constant supply of electricity and water to residents and citizens.
Many expats prefer to rent than to buy when they migrate to Dubai, especially when they don’t know the best place to stay. Furthermore, an individual must reside in the city for more than six months to qualify for a mortgage application. Therefore, at first, they’d prefer to rent accommodation.
Currently, Dubai house prices are low, but residents should expect an increase in costs of renting and buying Dubai properties as the city is gearing up toward the EXPO 2020.
So, should you buy or rent? This will depend on your stay in Dubai. If you are here for the short term, renting is reasonable, otherwise buying a Dubai property would be ideal. If you have a stable job, consider buying a Dubai home for sale.
The average house price in Dubai ranges from AED 2.4 Million – AED 2.8 Million.
As for renting an apartment would cost roughly 7000 per month in the city center and slightly lower outside the town. Three bedrooms would cost 14K and 10K per month, in the city center and outside city center respectively.
Dubai was ranked as the 3rd cheapest for prime residential homes. The average cost of a prime property costs AED 2200 ($600) per square foot.
Foreign nationals can apply for a mortgage from banks and financial brokers in Dubai. However, there are some requirements to be satisfied. First, an expat must pay a down payment of at least 20% of the value of the property and additional purchase fees. UAE nationals are required to pay a deposit of 15%.
You can purchase a Dubai property with a 0% down payment. There is a booking fee of between 5% - 10%. This amount differs from one developer to another. These funds are intended for holding the inventory after which you will work with a payment plan.
Looking to invest in the Dubai property market? You should. Dubai offers the best real estate opportunities than any other city in the world. But first, learn how to invest in Dubai before committing to the process. Find out about the best places to invest in Dubai, the required amount of investment, policies, and regulations, as well as associated real estate fees.
It is worth buying a house in Dubai. Why? First, there is no tax levied on properties. It is not mandatory to rent property to others. So, it can remain vacant until you visit Dubai. Lastly, the weather in Dubai is super friendly and ideal for vacationers.
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