There is a wide range of Dubai properties which includes small apartments, penthouses, manicured golf courses, spacious villas and beach front property. There are different styles of designs too such as designs based on traditional Arab architecture to Mediterranean villas.

Buying property in Dubai:

It has become easier to purchase property in Dubai because the law has now allowed foreigners to own their freehold property. The procedure of buying an off-plan (which has a great demand in Dubai) is very easy. Generally, the property buyer reserves the unit or the property by paying the initial deposit which is usually 10%. The remaining payment is paid in parts until the construction is completed. This depends on the developer and it needs to be agreed at the beginning of the deal.

For real estate, if the buyer has found some place then he/she needs to pay the holding deposits to the owners until the funds are in place.

Fees and taxes:

For new properties, the buyer only has to pay a registration fee which is around 2% and at the end of the year, the buyer needs to pay the maintenance charges which vary, depending on the development. In the case of resale property, all the charges of a new-build will be applied and 1% to 2% transfer fee and it also depends on the development of the property. Generally, a lawyer is not required while buying a property in Dubai but it is always recommended and lastly an agent will charge 2% to 5% fees.

• By: Administrator | On: 09/11/2009 | In: Residential Property | Comments: 0