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Buying property in Dubai

Looking to invest in a property? Dubai, with its extravagant lifestyle, tax exemptions, stunning landscapes, and rich cultural heritage, is the perfect destination. Whether you’re securing your future or searching for a second home, investing in Dubai’s real estate is a wise decision.

As the city rapidly expands, it offers excellent conditions for expatriates. However, it’s essential to be aware of the fundamental principles when purchasing property in the UAE.

Key Considerations for Buying Property in Dubai

Finding the Right Dubai Property
The Dubai real estate market has unique characteristics, so having a trustworthy agent is crucial. Metropolitan Premium Properties is a reliable and professional guide, registered with the Dubai Real Estate Authority. With their expertise, they can navigate the complexities of the Dubai property market and secure the best real estate deal for you.
Legal Framework
In Dubai, both residents and overseas individuals can purchase properties in designated freehold areas. Various laws and by-laws have been implemented to regulate the real estate market since the authorization was granted in 2002. Residency or permits are not requirements for property ownership in Dubai.
Who Can Buy
Individuals and legal entities, except for properties registered under a company’s name, are eligible to own property in Dubai. For such cases, the company must be incorporated within Dubai’s onshore zone or specific offshore or free zones. If necessary, Metropolitan Premium Properties offers incorporation services, including document preparation for property registration and ongoing company maintenance.
Timeframes
The average duration of a resale property transaction in Dubai is approximately 30 days, while off-plan property deals can be completed within a day or even as quickly as 30 minutes. To save time, Milkburo can act on your behalf under a Power of Attorney, allowing you to travel according to your schedule while they finalize the transaction.
Due Diligence
Milkburo takes pride in providing comprehensive and dependable due diligence services. They ensure the legality and genuineness of property ownership in the secondary market, conducting thorough property inspections on the buyer’s behalf. In off-plan deals, they verify the developer’s rights and contracts, check the registration with the Real Estate Regulation Authority, and ensure adherence to construction schedules.
Access to The Real Estate Register
The real estate register in Dubai contains essential information about properties, but it’s not accessible to the general public. Only registered owners or court-authorized individuals can access this information.

Fees Involved in Purchasing Property in Dubai

When buying on the secondary market, you can expect the following fees

  • Broker’s commission: Varies between 2% to 5% (plus VAT) of the purchase price.
  • No objection certificate from the developer: Can range between 500 and 10,000 AED plus VAT.
  • Registration Trustee fee: 4,000 AED plus VAT for properties valued over 500,000 AED, and 2,000 AED plus VAT for properties below 500,000 AED.
  • Transfer fee: 4% of the purchase price.
  • Mortgage registration fee (if applicable): 0.25% of the registered loan amount.
  • Title deed issuance: 580 AED.
  • Additional payments: Service charge and utility payments for the properties.

When buying on the secondary market, you can expect the following fees

  • Booking deposit: Typically around AED 5,000-37,000, depending on the property value. The deposit is adjusted towards the first installment for the property.
  • Installments: Usually 5% to 10% of the property value paid every three months. Convenient post-handover plans are often available.
  • OQOOD (interim title) registration fee: 4% of the property purchase value + AED 3000 admin fees.

Purchasing Off-Plan Properties Explained

Buying off-plan means acquiring a property before its completion or even before the development has started. While it may seem risky, Dubai’s increasing property prices and high demand for new homes make it a rewarding choice.

One significant benefit is the post-handover payment schemes that allow you to make an excellent investment with a small initial capital. However, it’s essential to conduct thorough research on the developer and mortgage options.

Milkburo can assist you by providing market insights, working with trusted developers, and offering in-house mortgage advisors for a fast approval process.

How We Help You Buy Property in Dubai

At Milk Buro, we begin by understanding your priorities, lifestyle, family preferences, hobbies, and budget. This helps us recommend specific areas and property types that align with your requirements, ensuring we find the perfect property for you.

Our agents will provide complete details on the area, infrastructure, recreational facilities, and project amenities. For ready properties, professional viewings will be conducted, and for off-plan purchases, HD quality photos, videos, and samples of finishing materials will be provided. We also offer property check-ups and handovers by our in-house engineering team, ensuring you have all the necessary information before making a purchase.
Upon completing the necessary procedures, we register the transaction with the Dubai Land Department and facilitate the issuance of the title deed for ready properties. For off-plan properties, we submit the executed agreements to the developer, aiming for the prompt issuance of your OQOOD, which is eventually replaced by the definitive title deed upon project completion.
Once your priorities are clear, our manager will search for suitable options within your targeted areas. With access to the largest availability of real estate in Dubai, both off-plan and resale, our agents will provide you with the best options in the market.
Our organization engages in negotiations with the seller on your behalf, securing the most favorable terms for the transaction. Our conveyancing team oversees all aspects of the acquisition, including comprehensive sales agreements and addressing inquiries about the developer’s sale and purchase agreement. We ensure all parties are well-prepared with the necessary documentation.
When it comes to buying property in Dubai, Milkburo is your trusted partner. We ensure a smooth and transparent experience, providing expert guidance at every step of the process. Let us help you find your dream property in Dubai!

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