According to Mercer’s 2021 Cost of Living Survey, the Emirate ranks 42, so it is more affordable than San Francisco, London, or Paris. One of the major factors that determine how expensive UAE will be to live in is the area you choose to live in.
Property options in Dubai can fit any budget, thanks to an array of options available. Based on H1 2021 statistics, Dubai International City, Jumeirah Lake Towers, Jumeirah Village Circle, International City, and Dubai Sports City were the most affordable communities.
An average ROI of 6.5% is achieved by these areas with a price-per-square-foot of AED 447-870 (USD 121-236). With first mortgages in the UAE, the LTV ratio is 75% for properties with a value of less than AED 5M (USD 1.36M). For those with a lower budget, taking out a loan is a great option. A buyer might also choose a post-handover payment plan where he or she pays about 40-50% of the property value during construction and the rest after the property is delivered.
A qualified real estate agent can make selling property in Dubai a much easier process. If you have found a specialist, you must sign a document (Form ‘A’) authorizing an agent to handle brokerage and marketing on your behalf. When the form is submitted to the Dubai Land Department’s Trakheesi system for approval, your property will begin to be advertised online and offline.
Once you have found a buyer, you will have to sign a Memorandum of Understanding, a legally binding contract. It can take 5-7 days for the developer to issue an NOC letter, which is another key document during the selling process.
As part of the final step of completing the sale, the following documents are required: MOU, NOC, copy of title deed, check to the seller, 4% DLD fee, original passport copy, and Emirates ID.
Residents of Dubai are allowed to buy property only in designated freehold areas. Off-plan developments offer lower prices and flexible payment plans, which make them a very attractive option. You can also obtain a mortgage if your Dubai investment property is valued under 5 million AED (USD 1.3 million), and a 70% loan if it exceeds 5 million AED (USD 1.3 million).
The Emirate is especially known for its villas, which are most popular among expats moving to the Emirate with their families. Villas come with a study/flexi-room, large green spaces, and a number of amenities. Among the most popular destinations among HNWIs is Dubai Marina and Palm Jumeirah. These areas are also home to ultra-luxury real estate.
Properties that are on the off-plan market are those whose construction has not yet begun or is in its preliminary stages.
Having a freehold property means that the buyer of the property will have his name on the title deed. On the other hand, leasehold properties are those that are leased for a period of more than 10 years, but not exceeding 99 years. It cannot be purchased in its entirety.
To list a property with Island Falcon Real Estate, you will need the following documents:
1. Documentation such as title deeds, Oqood, or sales purchase agreements (SPA)
2. Filled Listing Sheet
3. Passport copy of the owner along with his signature.
4. Signed leasing form by the owner
5. Passport copy with signature of Power of Attorney and POA (if applicable)
1. Filled Listing Sheet
2. Documentation such as title deeds, Oqood, or sales purchase agreements (SPA)
3. Form A signed by the Owner
4. Passport copy of the owner along with his signature.
5. Passport copy with signature of Power of Attorney and POA (if applicable) For more details, call us on +971 24442123
Ejari is Arabic for ‘my rent’. The registration of your tenancy contract is mandatory. Ejari was designed to make Dubai’s rental market one of the most transparent in the world and was developed by the Real Estate Regulatory Agency (RERA).
In order to obtain an Ejari, usually the tenant or the real estate agent handles the entire process and associated fees. IFRE, can assist you in obtaining Ejari. Alternatively, you can register online for Ejari by submitting all the required documents at one of the 70 typing centres.
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Abu Dhabi - UAE (Headquarter)
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Property Management Abu Dhabi
Dubai - UAE
Office no. 1505 – API Trio Tower (Novotel) –
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Ajman - UAE
Office no. 116 – The Black Ramada Square – Sheikh Khalifa Bin Zayed Street.