Frequently Asked Questions
- Can I purchase a property in Dubai?
- Anyone can purchase a property in Dubai. In 2002 H.H. General Sheikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and U.A.E Defence Minister, announced freehold ownership was now available to all nationalities Worldwide.
- Can I get residency in Dubai if I purchase a Dubai property?
- New Dubai property owners and their immediate family are granted applications for residence visas in accordance with the latest immigration regulations.
- What extra fees do I have to pay on top of the purchase price ie, tax?
- There are no property taxes to pay in Dubai as Dubai is a tax free country. Therefore the price you see on a pricelist is the total property price for new Dubai property.
- Can I get finance in Dubai to purchase Dubai Property?
- Yes. Finance is available from 50% up to 70% for non residents. However this process and application is specific to each individual development. Speak to a member of our team for more information concerning finance for Dubai properties.
- Do I need a U.A.E Bank Account?
- No, purchasers of dubai property are not required to hold a local bank account.
- What is the payment process?
- When buying Dubai property off plan the payment process does differ dependent upon the development however typically you will be expected to make a down payment on exchange of contracts plus further installments of a percentage of the total purchase price based around milestones in the construction process. The final installment is due on the completion of the project.
- What is the situation with Freehold?
- Nearly four years after they first announced plans to offer freehold ownership to foreign nationals, the Government of Dubai finally published a new Lands Law in March this year that paves the way as expected for expatriate homeowners to register their Dubai properties in their names with Dubai Lands and Properties Department (Law No.7 of 2006).
The law is being hailed by officials as proof that the Government has stood by investors who have purchased properties in Dubai within the freehold communities, and will be followed by a number of new bylaws that will identify the freehold areas and determine the registration fees and procedures.
The likely impact of the new land law is an uplift in market value as it is expected that another wave of buyers will enter the Dubai property market.
- Do we provide a "banker's guarantee" for the payments we receive from our clients towards their properties?
- All of our developments in Dubai fall within Master Development areas and we could not proceed without the direct approval of these Government owned entities. It is also a requirement that we lodge guarantees with the Master Developer that there will be sufficient funds to complete the project in the event of anything happening to Damac
- Is there something like the NHBC( national housing standards guarantee for 10 years) on any of our properties at all?
- There is no specific 10 year guarantee but all buildings would be insured for inherent defects.
- Has Damac got something like a registry/list for recommended resale and lettings agents' contacts at all?
- Yes. To gain a copy of this list please contact View Dubai