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Home Property Tips :: Residential Properties in Dubai
Residential Properties in Dubai:
Tips for Purchasing Residential Properties in Dubai
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Thanks to its intricate freehold market and complex purchasing rules, buying residential properties in Dubai isn’t as straightforward as you may think.
Until a few years ago, foreign nationals couldn’t own land in Dubai, meaning residential properties were only available as rentals or long term lease.
However, the freehold market has opened and residential properties in Dubai are available. If you’re thinking about purchasing real estate in Dubai, keep reading for answers to some frequently asked questions.
What are transfer fees?
When selling or purchasing residential properties in Dubai, a transfer fee or tax is paid. The fee ranges from one to seven percent of the total cost of the property and covers the change of ownership. Before you buy, inquire about the transfer fees.
Do buyers need to pay commission?
In Dubai, buyers will typically pay a real estate agent or broker a 2 percent commission fee to their agents.
What about inheritance rights?
Anyone purchasing residential properties in Dubai and concerned about their estate under local laws should know that the UAE will apply the laws of the deceased’s native country, but freehold ownership is not equivalent to full ownership.
That said, investors and foreign nationals could consult a local lawyer about their will, estate planning and their inheritance plans for their residential properties in Dubai.
The purchase of freehold residential properties means the property is in the owner’s name for life and beneficiaries will have to apply to the Court to obtain the title from Dubai’s Land Department.
Can I immigrate to Dubai?
Buying any residential properties in Dubai will allow you to qualify for residency visa, but you will not be able to immigrate to Dubai. To qualify for a work visa, you’ll need a job offer and a local lawyer to help you through the application process.
In short, despite new foreign land ownership laws in Dubai, purchasing residential properties in Dubai can be a complicated and in-depth procedure.
All prospective purchasers should consult a local lawyer experienced in dealing with foreign freehold ownership.
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HomePropertyTips.com :: Residential Properties in Dubai