Buying property in Dubai
What is the process of buying a property in Dubai?
Whether you’re looking for your dream home or a lucrative investment, buying property is an exciting step (with the right support by your side, that is). Knowing what to expect from the start can simplify the journey and help you clarify any questions. Let’s get you started.
What you'll need
Before you start Googling properties for sale, there are a few simple things that can make the process easier. If you haven’t set a budget now is the time to do it, plus you’ll have to decide between cash and finance for your payment method. If you go with finance, you’ll need pre-approval from your bank to position yourself strongly when making offers.
Ask yourself what your ideal timeline would be – keep in mind that the duration of the purchase may vary, so leave some wiggle room if you can. Finally, write down any property preferences to discuss with your Consultant further down the line.
What are you looking for?
Dubai is full of stunning properties in different settings. Apartments, villas, townhouses, and penthouses are all great options, but it will all come down to your budget and needs. Not sure what you want yet? Your Property Consultant can show you a few options and provide professional advice.
Now is also a good time to start thinking about the area you want to buy in. From golf villas to beachfront towers and modern townhouses, there’s something for everyone. Just remember to consider important points like travel times, proximity to work, accessibility, etc.
Frequently Asked Questions
Ah, the million-dirham question. As a buyer, you can choose between off plan and ready homes. Properties that are to be developed or under the construction phase are called off plan, and the ready properties are those where the building stage is finalised.
In real estate, two common forms of property ownership exist: freehold and leasehold. Freehold ownership grants you complete control and ownership of the property without limitation. On the other hand, leasehold ownership provides you with the right to own and occupy the property for a specified period, typically up to 99 years, after which ownership reverts to the freeholder.
The timeline of your purchase will depend on a few factors. Some rented properties will be vacant on a certain date, while others might have tenants that are open to vacating. The payment method also plays a big part. If you’re a financed buyer dealing with a financed seller, the purchase can take approximately 8 weeks. For a financed buyer and cash seller, the process can take about 6 weeks – while a cash buyer and cash seller would be looking at an estimated 1-4 weeks.
Yes, just keep in mind that you’ll need pre-approval from your bank of choice. Once you have this, your Property Consultant should be able to connect you with relevant partners and help you find the best mortgage rates that suit your budget and needs. Want to know more about financing your property? Make sure the agency you choose has the knowledge and partnerships to walk you through the next steps.
You’ll need your passport, Emirates ID and visa (for UAE residents). Non-residents can provide their passport only. Whether you’re buying with cash or finance, you’ll also need to provide a security deposit at the time of agreeing your purchase. This will be 10% of the agreed sales price and it can be secured through:
Personal cheque – For Dubai banks only. This cheque will not be cashed as it’s held by haus & haus at the time of transfer.
Third parties’ cheque – For anyone without their personal cheque book, a signed undertaking letter is required.
Bank transfer to the real estate agency of choice.
