Before you finalize a property in Dubai, it’s better to know the legal procedure to follow. Dubai is right now providing good investment options to foreigners and welcoming people from other countries with open arms.
To work in the reality of buying a property in Dubai, let’s make an effort to know the step-by-step procedure to understand the legalities.
Property Law in Dubai
In Dubai, the main law applicable to buying a property is – (Law No. 7 of 2006). The law entitles property to be purchased anywhere in the UAE and GCC (Dubai). As far as foreigners are concerned, they can buy their property in areas designated as freehold or leasehold. However, a Dubai citizen is free to purchase property anywhere in Dubai.
Also, article 3 of Regulation No. 3 of 2006 outlines the right to buy limited freehold property ownership. However, you can purchase a leasehold property for a fixed duration of time.
Requirements for Buying a property in Dubai
Buying property in Dubai is an exciting venture, but meeting the requirements is essential, particularly for foreigners. The required documents include:
- Passport
- Visa
- proof of income
- Recent bank statements
- No Objection Certificate (NOC) from the developer
- Details about the property
- Purchase agreement
- Payment information
- The seller’s identity proof.
Once you have all the documents ready, you can follow the stepwise procedure to purchase your dream property.
Steps To Buy Property In Dubai
Investing in the blossoming Dubai real estate market is exciting. But, it’s crucial to understand Dubai property buying rules before making a property purchase decision. To proceed with the smooth property acquisition journey, you need to follow the steps below.
- Step1- Formulating A Contract Between The Buyer And The Seller
- Step 2- Signing The Agreement Of Sale
- Step3- Application for the Ni object certificate from Dubai authorities
- Step4 – Ownership transfer
Considerations For Successful Property Purchases In Dubai
Before you take a final call on a property purchase in Dubai, take a sneak peek at Dubai properties. For an individual, collecting the information seems daunting. To help investors, especially first-time property buyers in Dubai, we have come up with a free property listing website. The site will update you on the latest properties that you can purchase in Dubai. Further, we will guide you to buying the property by connecting with registered real estate agents.
Also, we will help foreign investors.
- Convert their documents to Arabic with attested copies.
- Helping to prepare documents for submission.
- Areas such as – (Arabian Ranches, Palm Jumeirah, Dubai Marina, and Downtown Dubai) are the newly developed areas in Dubai. You can purchase property in these areas. We will provide complete knowledge about the area in which you selected the property.
Purchasing a property for investment purposes or your future home location is an appealing choice for diversification and growth. More than just a future investment, it’s a chance to live in the world’s most luxurious and rule-governed city. What are you waiting for? Let’s get ready to buy a new property in Dubai with us!
