How to buy a property
BUYING A PROPERTY
Having a various mix of professional experience, an unparalleled research department, strategic analysis, market knowledge, talent, seniority, and collaboration is netting the entity of Luxiero, leading to consistent results and enhanced value for our clients.
Our team is responsible for the many steps of the deal process, including market analysis, financial comparison, letter of intent negotiations, and lease negotiation which ensures the best possible location and lease terms. Our experienced team works closely with our clients to secure a maximum return over their investments. Check our Buying Guide
Luxiero’s local market knowledge with corporate entities provides you with the following benefits:
- We have a powerful advantage in researching, locating and securing potential sites and in leveraging opportunities to maximize value for our clients.
- We’re connected to a vast online database contains all units offered for sale inside and outside of UAE. Giving you a comprehensive look on the national market and a specific look at your preferred region to have the best possible deal.
- We help clients to make wise decisions because we believe that asking for the price is just the starting point.
- We can negotiate with the seller the possible payment solutions to give you facilities and advantages.
- We provide inclusive financial and comparative analysis report on all transactions.
- Luxiero is experienced with buyer representation in the following areas: apartments, investment, hospitality, land, retail, office.
The Detailed Guide On How To Purchase A Property In Dubai
- Set the specifications of your desired property
Before starting your search you should have some time thinking of the specifications that fit your needs;
- type of property: apartments, townhouses, or villas
- price range
- Explore the market
Use our website’s search to find local properties offered for sale, our search engine compares and selects the best offered, high-value and suitable priced properties to guarantee the best deal. If you need further help with exploring the market and getting a background of how the buying process is performed, Luxiero’s team is always ready to receive your call
- Prepare the required documents
- Resident Citizens:
The first step is to become pre – approved if you intend to get a mortgage if you don’t have the financial liquidity to pay by cash. It not only confirms your budget but also puts you in a stronger buying position and gives the seller the proof that you’re a trustworthy contractor. We can handle this step for you; all you can do is to submit the following documents to our office in Dubai:
- Passport copy including the visa page
- Copy of your ID
- Salary statement from your employer
- salary slips (if received any)
- Bank statements for the last six months
- Copy of your available credit cards’ statements
- Proof of address
- Foreign Investors:
Dubai is open for foreign investors for no-secret reasons (learn more about why to invest in Dubai by visiting invest in Dubai page) but there are few conditions to be able to own a property in Dubai, make sure to cover all the following conditions:
- valid passport copy,
- The buyer must contract as an individual or a joint buyer, company contractors are not allowed.
- Choose between ready property or off-plan property
- off-plan property financial requirements
Although it takes more time (maybe years) to receive your keys, no doubt that off-plan property choice is the easiest and most affordable method you could consider when you buy a property in Dubai. The good news is Luxiero don’t charge you any commission if you choose to buy an off-plan property.
- Submit a reservation form.
After choosing which unit exactly fits you, you reserve it by signing a contract with the developer to purchase the property. This contract is called an SPA.
- Pay the reservation deposit.
Once the reservation document has been agreed you must pay the reservation deposit, between 5% and 20% of the purchase price. Depend on developer terms.
- Registration fees
- 4% of the contract price should be paid to the DLD.
- Keep Making The Payments
You are required to keep up with the payment installment as planned and agreed in the contract until the property is handed over to you. Reselling option is usually allowed when required during the contract term.
- Ready property financial requirements
This choice is the quickest way to acquire a property in Dubai, but, it still a little bit complicated process for a lot of people and involves more financial expenses. We tried to simplify its steps downwards:
- Make an Offer
For the strongest chance of acceptance, we advise putting your offer in writing with a copy of 10% deposit cheque, attached with passport copies and national ID of all parties who will be on the title deed.
- Once your offer is accepted, sign MOU.
We’ll draft for you an MOU which stands for memorandum of understanding and also known as a Form F.
- Pay 10% deposit
Read the contract concentrically and then sign the contract along with handing over the 10% deposit Cheque.
- In case of you pay by mortgage
This step is for the buyer’s bank to carry out a valuation procedure to inspect the property and ensure that it is secure enough.
- Apply for the NOC
Once the buyer receives the final approval, the seller will apply for the No Objection Certificate (NOC) from the developer. the appointment needs to be booked at the land department in order to complete the transfer.
- After receiving the NOC
Now all parties are able to officially transfer the ownership. But be aware that there are fees of 4% and AED580 are paid to the DLD.
*Note that you should add the deposit, transfer fees, Real estate agency commissioner and the potential for currency exchange rates to fluctuate to the purchase price.
- Enjoy your new property
After completing the aforementioned steps, either than choosing to own a ready property or an off-plan property, you will receive the title deed which will be in your name, besides the keys and the access cards to the new property. You can enjoy moving on the new house, or choose our Rental and management services to rent your unit and generate constant revenue.
HOW TO BUY AN OFF-PLAN PROPERTY
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HOW TO BUY A READY PROPERTY
This infographic is sponsored by Luxiero.com
While we hope that this guide is useful, please be aware that it is not intended to be the only guidance for prospective buyers to follow when making a purchase. In addition, we do clear our responsibility for the accuracy or the quality of any information available at other websites listed in this guide or anywhere else on the website. We strongly recommend that prospective buyers of a property in the UAE, seek legal and financial advice at all stages of the purchasing process.