Following are the most important FAQs a person must know before buying Dubai property.
1. Can I operate from any other UAE bank account?
2. Can I sell my freehold property to someone foreigner?
If you abide by the freehold property restrictions and laws, then you can sell your property to any non-UAE national. However, if you do not follow the restrictions, then you cannot sell your property even to a UAE national.
3. What is the initial and holding deposit?
An initial deposit is a deposit which is made to the developer as property ownership transfer security. However, the initial deposit is made only when you buy a property directly from the developer. A holding deposit is made to the owner of the property. This deposit is valid for a month only. It is meant to give time to the owner for arranging the remaining finances.
4. What does premium mean in Dubai property law?
According to the Dubai law, premium is the amount paid to the developer or owner other than the original price (price when that property was developed). Premium is neither the transfer fee nor the commission or repair price.
5. What is the range of transfer fee and commission in Dubai law?
Transfer fee ranges from 1 to 7% of original or sale price of the property. Commission is mostly 2%, but sometimes 1% of the original price also.
Commercial and Residential Property Buying FAQs
1. Am I allowed to buy property anywhere in Dubai?
For non-UAE nationals, the government of Dubai has specified some freehold and leasehold property areas only.
2. Can I get commercial financing?
Any type of individual business owner, or small and commercial business owner can receive financing from Dubai banks or private lender, provided they fulfill the requirements of Dubai laws.
3. Where should I buy my commercial property?
The top most commercial property areas include Sheikh Zayed road, Al-Barsha, Dubai World Center, Jumeirah Towers, Business Bay, Dubai Investment Park and Al-Quoz.
4. Is buying Dubai property advantageous or renting for commercial purposes?
If you plan to wind up your work shortly, within 2 to 3 years, then you should rent a property in Dubai. However, if you have come with a 20 year or a long term plan, then buying Dubai property would be an ideal deal.
5. Why should I start commercial work in Dubai?
Dubai is at the peak of business from all over the world. Investing in Dubai as soon as possible will bring a lucrative deal for you, as the prices might rise and the laws might be restricted in the upcoming years. Also, investing in Dubai will ensure one of the world’s best IT technology facility, access to business centers, restaurants, retail shops, low rate residency, huge parking area and royal lifestyle along with several other facilities.
6. Can I rent out my residential property?
Once the property is completed, you can rent it out to anyone.
7. When I buy a freehold property in Dubai, what type of visa do I receive?
The residential or commercial visa depends on the type of your property. For a residential freehold property, you will get a residence visa with a 3 year renewable validity.