Buying an apartment in Dubai
The Complete Guide to Buying an Apartment in Dubai
Buying an apartment in Dubai attracts many investors and individuals from all over the world. This cosmopolitan metropolis never ceases to fascinate with its rapid development, its pharaonic real estate projects and its luxurious living environment.
But before diving into the world of Dubai real estate, it is essential to understand the specificities of the local market, the steps to follow and the most attractive neighborhoods to make a wise purchase.
Buying an apartment in Dubai, the advantages
Buying an apartment in Dubai has many advantages.
In addition to the luxurious quality of life and pleasant climate all year round, the city is politically stable and offers exceptional security, making it an attractive residential destination for people from all over the world.
Additionally, Dubai offers an attractive return on investment (ROI) for apartment purchases, generally higher than in cities such as London, Paris or New York.
Additionally, the UAE government has implemented favorable regulations for foreigners looking to purchase an apartment in Dubai, allowing non-residents to acquire freehold property in designated areas.
Finally, with the introduction of the long-term residency visa for real estate investors, owners have the opportunity to live in the country for an extended period of time, adding another advantage to buying an apartment in Dubai.
Real Estate Projects in Dubai and UAE
Discover the best real estate projects to invest in Dubai with FENNEC Real Estate
What are the steps to buy an apartment in Dubai?
Buying an apartment in Dubai is a remarkably quick and simple procedure, much smoother than in many European countries.
The entire process can be completed in just a few days with minimal administrative procedures, and it is even possible to carry out all the steps remotely, without the need to travel to Dubai.
APARTMENT SELECTION
To start buying an apartment in Dubai, FENNEC Real Estate’s experienced agents will help you find the property that suits your needs.
PAYMENT OF A DEPOSIT TO RESERVE THE APARTMENT
To secure your choice, a deposit of AED 5,000 to AED 20,000 is required.
This amount is usually paid via a secure payment link issued by the developer and allows the unit to be blocked for one to two weeks.
SIGNING THE RESERVATION FORM
The third step to buying an apartment in Dubai is to sign a reservation form.
PAYMENT OF THE INITIAL CONTRIBUTION
The initial payment, often representing 10 to 20% of the total price of the apartment, is then required.
It can be done by bank transfer, via a secure payment link or directly on site in cash.
SIGNING OF THE SALES CONTRACT (SPA)
The final step to finalize the purchase of your apartment in Dubai is to sign the Sales Agreement (SPA), which is then sent to the developer.
This will forward the document to the Dubai Land Department so that the apartment is officially registered in your name.
After completing these steps, all you have to do is follow the payment plan established for your apartment in Dubai.
Can you buy an apartment in Dubai remotely?
Buying an apartment in Dubai remotely is not only possible but also commonly practiced by buyers from all over the world.
The rise of communications technology has revolutionized the real estate market, allowing complex transactions to be conducted entirely online.
Prospective homeowners can now explore detailed listings, participate in immersive virtual tours, and interact directly with real estate agents and legal advisors without leaving their home country.
This process typically begins with selecting a property through online platforms, where high-resolution photos and 3D virtual tours provide an experience almost as good as visiting in person.
Once the property has been chosen, the buyer can proceed to review the legal documents and title deeds, often with the assistance of legal advisors specializing in Dubai real estate law, to ensure that all formalities are met.
What regulations apply to buying an apartment in Dubai for non-UAE residents?
Buying an apartment in Dubai by non-residents is governed by specific laws which aim to facilitate transactions while ensuring compliance with local and international regulations.
For the French, the tax aspects of buying real estate in Dubai are governed by a tax treaty between France and the United Arab Emirates. This treaty aims to clarify tax obligations and avoid double taxation, thus making the investment more attractive and more secure for French nationals.
The provisions of this agreement cover the various applicable taxes and the conditions for reporting real estate income, among others.
For French nationals wishing to understand in detail the tax implications of their real estate investment in Dubai, the tax treaty between France and the United Arab Emirates can be consulted free of charge online via official links providing the full text of the agreement.
For residents of other countries wishing to invest in Dubai, it is advisable to check with the tax authorities of their own country.
Each country may have separate agreements or specific rules regarding overseas real estate investments.
It is crucial to be informed about mandatory declarations and possible tax implications to avoid legal and financial surprises.
In summary, understanding the laws and tax treaties in force is essential for any real estate investment in Dubai, particularly to secure the transaction and optimize financial returns.
What are the additional costs when buying an apartment in Dubai?
When buying an apartment in Dubai, whether it is a new or old property, there are various additional costs to consider. Here is a summary of the main associated costs:
- DLD (Dubai Land Department) Fee : This fee is 4% of the total purchase price. It is applicable for both new and secondary market properties and must be paid at the time of property registration.
- Administrative Fee : This fee varies by developer, but is typically between AED 1,000 and AED 5,000. It covers the costs associated with the developer’s handling of documents and transactions.
- Title Deed Issuance : The cost for title deed issuance is approximately AED 500. This document is essential as it proves your ownership of the property.
- Agency fees : For secondary market purchases only, agency fees are generally 2% of the total price of the property. These fees compensate the services of the real estate agent who facilitated the transaction.
- Exchange Fees : If you are making your payment in Euros or Dollars, exchange fees may apply, as transactions must be made in AED. It is important to note that promoters often require funds to be paid into an escrow account in AED, which may incur additional costs related to the exchange rate.
These additional costs can represent a significant portion of the total cost of the purchase, so it is crucial to factor them into your overall budget for buying an apartment in Dubai.
Information on financing options for purchasing an apartment in Dubai
Buying an apartment in Dubai can be done easily thanks to the flexible payment plans offered, facilitating the process without requiring a large initial capital.
These payment facilities are standardized and in most cases allow you to pay more than half of the investment amount several years after the delivery of the property.
Plans can be spread over a period of up to 12 years, making home ownership more accessible for those with limited initial means.
Payment Plan Examples: Our payment plans are free of fees and interest, ensuring that the price displayed is the final price.
To illustrate, let’s take the sale of an apartment listed at AED 1,250,000 on our website. An example payment plan with Ellington Properties for this apartment would be structured as follows:
- 15% of the amount to be paid upon reservation,
- 35% during the construction phase,
- 50% to be paid upon handing over the keys.
In Dubai, the process of buying an apartment in Dubai is designed to make life easier for investors. Developers do not require any supporting documents or additional documentation for these transactions.
In fact, if you are able to provide 20% of the total amount as a deposit when signing the transfer of ownership, including notary fees, this is considered sufficient proof of your ability to complete the purchase.
Best Areas to Buy an Apartment in Dubai
Here are five neighborhoods to consider if you’re thinking of buying an apartment in Dubai:
Downtown Dubai :
Located in the heart of the city, Downtown Dubai is the epitome of luxury and modernity. The area is home to the Burj Khalifa, the Dubai Mall, and the famous Dubai Fountain. It is a popular choice for those seeking an urban and upscale experience.
Buying an apartment in Dubai in the Downtown district is ideal for a quick capital gain.
Jumeirah Village Circle (JVC) :
This residential area offers a quieter, family-friendly atmosphere. JVC is well known for its parks, sports facilities and modern apartments at generally more affordable prices.
Buying an apartment in Dubai in the JVC area is ideal for a high ROI.
Arjan :
A developing district that attracts many investors thanks to its new real estate projects and competitive prices. Arjan is appreciated for its proximity to several large natural parks and attractions, such as the Miracle Garden.
Buying an apartment in Dubai in the Arjan district is ideal for a high return on investment.
Dubai Marina :
This vibrant area is ideal for those who enjoy nightlife and outdoor activities. With its grand canal, surrounded by impressive skyscrapers and a rich offering of entertainment, shopping, and restaurants, Marina is extremely popular among expats. Buying an apartment in Dubai in the Dubai Marina district is ideal for a quick capital gain or rental management such as AirBNB.
Business Bay :
In close proximity to Downtown Dubai, Business Bay is a booming economic hub. The area offers a variety of luxury apartments and is ideal for those looking for a dynamic lifestyle within walking distance of the city’s business centers.
Buying an apartment in Dubai in the Business Bay area is ideal for a quick capital gain.
These neighborhoods offer a range of lifestyles and investment options to meet the needs of diverse buyers, each with its own attractions and benefits.
Factors to Consider When Buying an Apartment in Dubai
There are several factors to consider when buying an apartment in Dubai.
Location is one of the main factors to consider, with popular areas like Downtown Dubai, Palm Jumeirah, Dubai Marina and Jumeirah Lake Towers offering a variety of options.
The type of property is another key factor. You can choose between a condominium, a service apartment or a duplex apartment, depending on your needs and lifestyle.
Finally, budget is a determining factor when buying an apartment in Dubai. It is essential to establish a clear budget and factor in additional costs such as real estate agent fees, property transfer fees and annual maintenance fees.
In short, buying an apartment in Dubai can be an excellent investment provided you have a good knowledge of the market and take into account all the relevant factors.
Whether you are looking for a profitable investment or a luxurious residence, Dubai has a lot to offer.
Why FENNEC Real Estate is your ideal ally to buy an apartment in Dubai
Are you planning to buy an apartment in Dubai, a city known for its bold architecture and economic dynamism? Selecting the right real estate agency is crucial.
FENNEC Real Estate stands out as a trusted partner, armed with deep expertise and a commitment to customer satisfaction. Let’s find out why this agency should be your number one choice for buying an apartment in Dubai.
Expert knowledge of the Dubai real estate market
One of the key reasons to choose FENNEC Real Estate is its complete understanding of the local market.
Through years of experience and ongoing analysis, the agency has a nuanced understanding of trends, allowing it to identify the best properties available.
Whether you are looking for a luxurious penthouse or a comfortable apartment, this agency guides you towards the best options that not only match your needs but also your future investment .
Assistance in the purchasing process
Buying an apartment in Dubai can seem daunting given the various legal and financial formalities. FENNEC Real Estate simplifies this journey with its structured support.
From the first visit to the final signature, each step is managed with professionalism. The transparency of the process, reinforced by sound advice on legal and tax aspects, ensures an acquisition without surprises.
- Personalized property search
- Organization of visits
- Price negotiation
- Legal Document Management
- Support for financing
Commitment to customer satisfaction
FENNEC Real Estate’s commitment to serving its clients is deeply rooted in its business practices. With meticulous attention to clients’ needs and desires, each advisor strives to deliver a personalized and rewarding experience.
Our real estate agency values a lasting relationship with its clients, positioning itself as a reliable partner well beyond the initial purchase.
At FENNEC Real Estate, every client is unique.
Driven by passion and guided by expertise, this real estate partner strives to merge personal aspirations with exceptional investment opportunities in Dubai.
