The federal law on the land of the UAE does not yet exist, therefore land issues and property issues are resolved in accordance with the laws of each emirate. At present, the emirate of Dubai has a declaration (Government Decree of May 5, 2002), which guarantees unconditional ownership (Freehold) of land and real estate to foreign investors. In late November, the leading periodicals of the Emirates made a news about the imminent adoption of a law on the ownership of real estate in Dubai. His preliminary draft is already circulating among the lawyers and realtors of the city. In this way, the Dubai Department of Economics provides professionals in the private sector with an opportunity to evaluate a future document in order to avoid possible omissions. Adoption and ratification of the Law are scheduled for early 2006.
Yes, most banks and financial companies offer real estate finance services. Detailed information on how to apply for a loan can be obtained directly at the bank.
If such a termination was registered before the time of settlement, the bank may sell this property to pay off the debt. And in the case when the family has already lived in the house, other alternative measures will be taken to pay off the debt.
Until now, there have been no similar precedents in Dubai. However, in order to obtain permission for the construction of the facility, the developer has to deposit a bank deposit in the amount of 50% of the total cost of the project, which is a bank guarantee of the company’s reliability; funds can be used by the bank for the payment of penalties to customers. At the same time, it is worth noting that currently large development companies represented on the Dubai market have financial support and state guarantees.
The average cost per square meter in Dubai is 3,000 dollars. An important detail is the fact that in Dubai all projects, whether apartments or individual houses, are rented with finishing, that is, the price includes not just bare brick walls, but rooms that you can immediately move into. Do not forget about the parking space. Buyers interested in a finished villa or townhouse in the Meadows mass development project will give $ 1,500 per square meter for a spacious house. For a townhouse in a similar project, Springs, you will have to lay out already $ 2,400 per square meter, since the living space here is rather small, and the principle of “price is inversely proportional to size” operates in Dubai everywhere.
Both individuals and legal entities have the right to purchase property in Dubai.
Yes, you can. If the owner wants to sell the property, he must first obtain the consent of the developer.
Article 11 of the UAE Civil Code states that “the right of inheritance is determined by the laws of the country of which the deceased is a citizen”.
For an additional guarantee, the buyer can always resort to the services of lawyers. Full registration of the transaction through lawyers will cost an average of 3000-4000 dollars. For using the bank account of a law office, in case you don’t want to transfer money to a realtor’s account, you will have to pay up to $ 1,000. The good news for foreign investors will be that the purchase of real estate in the UAE is not subject to any taxes.
Typically, the investor receives a residence permit for a period of up to three years, followed by renewal on a common basis. The visa covers spouses and minor children. The right to work, if necessary, should be obtained additionally directly from the employer.
Compulsory insurance is only required for obtaining a mortgage loan.
If a mortgage loan is not required, the contract is made within a few days.
On condition that the first installments are paid, only the investor’s passport is required.
At the moment there is a tax that is paid to the Land Department upon registration of property: the department receives 0.5% of the sale value of the property from the seller and 1.5% from the buyer.
We’ll have to get permission from the developer, association or homeowners community.
Within its plot, the owner can carry out any types and forms of landscaping at his discretion.
Water and electricity are paid to Dubai Municipal Organization DEWA. Payment for the service – the service of public places in the areas of residence – is made at the expense of the management company and depends on the type of housing purchased.
As a rule, the development company offers options for interior decoration (tiles, plumbing, built-in kitchen furniture, etc.), which is included in the price of living space.
Making a purchase for a wife can complicate the issuance of visas for other family members. Indeed, according to the laws of the UAE, the sponsor is the husband; he also opens a visa to his wife and children. But in general, the rights of such property are not much different from those that arise when following the standard procedure. An alternative is to register an offshore company in the name of one of the spouses, for which then register the property. It is also very convenient to design property for offshore firms because they are flexible moving structures that are very efficient in terms of doing business.
The contract offered by the developer to the buyer is based on the laws of ownership in the UAE. Of course, details related to a separate project (construction delay, penalties for late payments, etc.), with the interest of the parties, can be discussed; changes in such cases are made. But such large developers as Emaar, Nakheel and Damac do not change their contracts when selling objects to private individuals. Such an opportunity is only for investors who acquire a separate plot of land or project. If we talk about contracts with realtors, that is, intermediaries between the seller and the buyer, then, of course, such contracts are quite flexible and can be changed based on the wishes and requirements of the parties. It should be borne in mind that, regardless of intermediaries, the contract for ownership will come from the project owner. Therefore, it is necessary to carefully examine the conditions of the main contract and calmly discuss the possibility of making changes before the purchase.
Yes, you can; Usually such a clause is entered into contracts. In this case, all companies stipulate a certain period during which this rate will not change. In the future, if the developer will raise the cost, the tenants of the building or cottage settlement have the right to disagree with the named amount and independently choose another company that will serve their object.
The freehold law (from English freehold – free ownership) is expected from day to day. So far, the sale is carried out according to the rules, which in each emirate and their own. Dubai legislation seems to be the most reliable and profitable for me: here all contracts are executed on behalf of companies that have received a state license to sell property to foreigners. In Ajman, objects are bought directly from the government; at the same time you get ownership and pay 3% tax to the treasury. In Sharjah, this right is given for 99 years. If during this time the owner resells or perestarivaet this property, the new contract is again issued for 99 years. Regarding the Emirates of Fujairah and Ras Al Khaimah, it is not yet possible to talk about the current system of selling real estate to foreigners.
Getting a visa occurs according to the standard scheme through the department of immigration and naturalization. As a rule, the procedure takes from 7 to 14 days. Visas are issued immediately upon the readiness of the project and its ownership; problems with their receipt usually does not occur. If the buyer is a married couple, it is more convenient to arrange the property for the husband and the wife at the same time so that they receive visas on an equal basis. If only the husband is the owner, then the visa process takes a longer time. First, the visa will be made to the owner; then he will have to provide legalized marriage and child birth certificates. Based on these documents, a visa for family members will be opened.
Yes. Until the Law on the freehold is signed, the requirements and rules on the visa regime for property owners remain the same as for all other residents. After 6 months the visa becomes invalid. Its update requires a certain amount of time and money.
Can the deliverer independently arrange the lease, or for this need to resort to the services of realtors? You can rent out for a short time. The tenant, of course, will persuade you to do without realtors, who will take from him a percentage of the transaction and security deposit. We recommend still not to succumb to these entreaties and to protect yourself from possible trouble.
In order not to return once to the sealed door, try to stay in touch wherever you go. In some houses it is possible to store the key to the apartment in the safe of the security guard, having previously issued a number of papers confirming that there are no valuables in the apartment. Another option is to find a person through a real estate company who will look after the apartment in your absence.