YOUR GUIDE TO THE WORLD OF LUXURY REAL ESTATE IN DUBAI AND THE UAE

The purchase of real estate in the UAE involves a number of financial obligations in addition to the cost of the facility itself. The main items of expenditure include:

• Monthly mortgage payments: If you purchase real estate on credit, then a monthly mortgage payment will be added to the main expenses, which includes both repayment of the principal debt and interest payments.
• Registration fee at Dubai Land Department (DLD): This is a one-time payment that is made when registering ownership of real estate.
• Maintenance fee: Property owners are required to pay regular maintenance fees for common property (if any), such as elevators, swimming pools, security systems, etc.

The UAE does not impose taxes on salaries, dividends, interest, or any other form of personal income. This means that rental income from property is also entirely tax-free.

Investors renting out their properties receive full net profit, making the UAE an especially attractive market for those interested in generating passive income.

Buying a property is one of the most convenient ways to obtain a residence permit. By investing in real estate in the amount of 750,000 dirhams or more, you can get a 2-year visa. And if your investment amounts to 2 million dirhams or more, then you will be able to apply for a visa for 5 years. This will allow you to live freely in the UAE with your family.

Off-plan real estate is apartments or houses that are sold at the design or construction stage.
Advantages:

• Low price: As a rule, cheaper than ready-made objects.
• Choice: You choose the layout and finish.
• Installment payment: Convenient payment schemes.
• Cost growth potential: By the time the facility is put into operation, the cost usually increases.

To purchase property in the UAE, non-residents typically need the following documents:

1. Valid Passport: The primary document that verifies the buyer’s identity.
2. No Objection Certificate (NOC): A document confirming the absence of any liabilities on the property and granting permission for its sale. This is usually provided by the developer or the previous owner.
3. Sales and Purchase Agreement (SPA): An official agreement between the buyer and seller that outlines all the terms and conditions of the transaction.
4. Proof of Advance Payment: A receipt or other document confirming the payment of the initial deposit (typically around 10% of the property's value).
5. Additional Documents: Depending on the specific requirements of the developer or bank, additional documents may be needed, such as proof of income, bank statements, or references.

The freehold provides the buyer with full ownership of the property, including the land plot. This means that the owner can freely dispose of the property: sell, lease, and inherit it without any restrictions from the state.

A lease is a long-term lease right. The owner of the lease has the right to own real estate for a certain period (usually 99 years), but is not the owner of the land plot. After the lease expires, it will be necessary to extend the lease agreement or purchase the land.

The amount of the initial mortgage payment in the UAE depends on your residency status. If you are a resident of the UAE, it is usually enough to deposit 25% of the value of the property. For non-residents, the requirements are more stringent: they need to contribute at least 50%. However, the exact terms may vary depending on the bank you choose and other factors such as the size of the loan and the type of property.

Some projects in Dubai offer exclusive interest-free installment plans of up to 7 years. What makes these plans even more attractive is the ability to pay off the remaining 30% of the property’s cost even after receiving the keys – with rental income covering the balance.

This flexible payment option not only eases the financial burden but also allows you to turn your property into a smart, income-generating asset right from the start. It's a perfect opportunity to invest in Dubai real estate with confidence and convenience.

Mortgage refinancing in the UAE is a real opportunity to reduce monthly payments, shorten the loan term, or receive additional funds. However, for this it is necessary to meet certain requirements of banks.

Good credit history: Banks carefully check your credit history before approving a refinancing.

Stable income: You must provide proof of stable income in order for the bank to verify your solvency.

Additional documents: Depending on the bank, tax returns, income statements, and other documents may be required.

Property registration in the United Arab Emirates (UAE) typically takes 3 to 7 business days. However, in some cases, the process may extend up to 30 days, especially if additional checks are required or there are complications with the documentation
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Once all necessary procedures are completed and the applicable fees are paid, the Dubai Land Department (DLD) issues a title deed in the new owner's name. Until the final title deed is issued, the buyer may be provided with a provisional document confirming their ownership rights.

To expedite the registration process, it is recommended to prepare all required documents in advance and carefully follow the established procedures. Consulting with NOVA Real Estate can help you avoid delays and ensure a smooth and successful transaction.

Dubai is actively implementing the ambitious Dubai 2040 Urban Master Plan, aimed at transforming the emirate into one of the world's best cities for living, working, and leisure. This plan envisions significant changes in urban infrastructure, the economy, and the social sector, making Dubai particularly promising for both investors and residents. Read more...