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UNITED ARAB EMIRATES | Essential Guide | Buying Property in United Arab Emirates
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Buying Property in United Arab Emirates | Essential Guide | United Arab Emirates
Property in United Arab Emirates | Essential Guide
What title will I be receiving with my property in UAE?
When the first trance of properties came onto the market for sale, they were classified as leasehold. Most of these properties are now freehold.
Will I receive a Land Certificate at completion?
There is currently an implied promise from competent officials, albeit not in writing, that in the future, foreigners will be able to register in their own names.
Will I be able to change any of the specifications to the property prior to completion?
This is extremely rare. On certain developments purchasers are able to choose finishing to such items as cupboards and worktops in the kitchen and tiling to the floors. Any upgrading would ordinarily be done after completion in much the same way as one might anywhere else in the world. Developers tend to buy in bulk: thus keeping construction costs down, and enabling them to budget accordingly.
What do the Service Charges relate to and will they increase?
On most developments there is a service charge payable after completion. These are only payable in relation to common areas such as parks within the Development – as well as for road maintenance. Clearly, as the cost of maintenance increases, then so will the charges but few anticipate huge increases. The maintenance of your own property and grounds is entirely separate – as you would expect with freehold property ownership.
Is there a formal system of conveyance in Dubai?
No, not yet. Lawyers are able to ensure security of financial transaction and can hold a designated client account, from which they ensure funds are paid out to the appropriate organizations and/or individuals. They also review the contract and documentation, generally before signing for purchase, although there is no system in place at present where you can make preliminary enquiries of the property as part of the transaction. It is important to ensure that you are contracting to purchase that which you intend to purchase and questions can be asked but are usually done on a less formal basis at present.
Will I be able to reside permanently in Dubai?
The Purchase Sales Agreement (Contract) stipulates that you will be entitled to receive a Residence Visa for as long as you own the property. In accordance with the normal Immigration laws in the UAE, every three years your Residence Visa will be renewable.
Will I be able to sell my property in United Arab Emirates?
Of course, but at present any transfer of ownership must be done via and with the approval of the developer and the developer for the transaction makes an administrative charge.
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