Buyers and investors, pay attention! The United Arab Emirates' real estate is enticing.

Attention, buyers and investors! Your dream home is in the United Arab Emirates.

Travelers looking for a much-needed break from the lockdowns that have all too often become the norm around the world have found refuge in the United Arab Emirates amidst the pandemic's turmoil and confusion. The UAE is the ideal getaway for people seeking a secure and tranquil setting in which to relax and rejuvenate. It is known for its tranquil locations and exceptional hospitality.

Forecasts for the second half of 2024 suggest that the real estate industry will continue to gain strength due to factors like stimulus packages, changes to immigration regulations, and robust demand from investors and end users.

The International Monetary Fund (IMF) has reported that the United Arab Emirates (UAE) experienced the highest property price increase worldwide in 2023.

According to industry insiders, the influx of foreign workers has caused double-digit price increases over the past two years.

Experts attribute the recovery of the country's real estate market to effective crisis management, support measures for business, and long-term residency regulations. This has resulted in the highest number of total residential transactions since 2015.

When buying property, extensive planning and consideration are necessary to meet all needs.

Altin International Real Estate and Vijay Rana provide a comprehensive guide for potential real estate buyers in Dubai, covering costs, legalities, and processes.

"Unlock your potential by conducting thorough research and defining your criteria with clarity and purpose."

To ensure a successful property search, it's vital to identify the type of property you're looking for and the specific criteria. Whether you're in the market for an apartment, townhouse, or standalone villa, it's essential to have a clear understanding of realistic property prices. The location, view, amenities, and community in which the property is located are among the factors that influence these prices.

Finding the best agent who can meet your needs is crucial to receiving the best service. Consider your needs carefully, investigate various agents, and select the one who possesses the abilities, background, and expertise to help you. By doing this, you can be sure that you will get the best service possible and get the results you want.

It is essential to work with the right agent when looking for a new property. You need a guide who can walk you through the process with effectiveness and who completely understands your requirements.

The person you select should have a strong commitment to supporting you in realizing your objectives. They should be fully licensed and have a proven track record of success.

Vijay Rana +971-585981245, provides excellent real estate services and the greatest real estate deals in Dubai

Leasehold vs freehold

Leasehold and freehold are two distinct types of property ownership that differ in several important ways. Freehold ownership is the most common type of property ownership, and it refers to owning the property and the land it sits on in perpetuity. This means that the owner has complete control over the property and the land it sits on, including the right to modify, sell, or rent the property as they see fit.

On the other hand, leasehold ownership is a more limited form of ownership in which the owner only has the right to occupy the property for a set amount of time.

This is because the land on which the property is built is owned by someone else, who has granted the owner a lease on the property for a certain period.

• The lease will typically specify the length of the lease, any restrictions on the use of the property, and the amount of rent that must be paid to the landowner.

Leasehold ownership is common in situations where landowners wish to retain ownership of the land while allowing others to build on it. It is also commonly used for flats or apartments, where multiple owners may share a building or complex. In such cases, the land on which the building or complex is built is owned by a separate entity, and each owner of an individual unit within the building or complex is granted a lease on the unit for a certain period.

Overall, the choice between leasehold and freehold ownership will depend on a variety of factors, including the type of property, the location, and the buyer's personal preferences and circumstances.

The difference in rules for freehold and leasehold purchases is significant. Freehold is often the most appealing choice, given the absolute ownership it grants.

To avoid complications and potential disappointment, ensure that you decide which option is best suited for your needs ahead of time and that your agent is aware of your preference.

According to the International Monetary Fund (IMF), property prices saw the highest 2023 increase in the UAE among all countries.

In 2023, Dubai Real Estate broke the global record for the highest real estate appreciation.

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• According to recent reports from the Fund, the UAE has experienced a significant increase in property prices since before the pandemic and has secured a spot in the top 10 countries with the highest increase. The report highlights that, despite the challenges posed by the pandemic, the UAE's real estate market has remained resilient.
• The increase in property prices can be attributed to several factors, including the country's efforts to diversify its economy and attract foreign investment, as well as its vibrant tourism industry.
• This growth in the real estate market is a positive sign for the country's economy and could potentially lead to further development in the future.Please ensure that you have reviewed all the legal matters that are related to this subject.

It's interesting to note that even if you are not a resident of the UAE, you can still purchase property in a Dubai freehold area. The definition of a freehold location in Dubai is such that it allows anyone, regardless of their nationality or location, to buy real estate.

This means that whether you are a foreigner or a non-resident, you can still invest in Dubai's property market and own a piece of its booming real estate industry.

This has made Dubai a popular destination for property investors and has helped drive the country's economic growth. So, if you have been thinking about investing in real estate, Dubai's freehold areas might just be the perfect opportunity for you.

Timelines and schedules

From the day the Agreement for Sale is signed, a real estate transaction in Dubai typically takes 30 days to finish. These dates, however, can be impacted by several variables, including the season and the kind of buyer.

A cash-to-cash transaction is going to happen more quickly than one including a mortgage. Make a schedule that allows for extra time.

Protocol and procedures: a step-by-step guide

1. Once the buyer and seller agree on terms, they will need to sign an Agreement for Sale and/or Memorandum of Understanding (MOU). At this point, a deposit, usually 10 percent, is also required as proof of commitment.
2. The seller must then settle any outstanding fees to the developer, such as service charges, and apply for a No Objection Certificate (NOC) from the developer, granting the right to sell the property against a one-time fee.
3. If the buyer is purchasing with a mortgage, then the lender's bank will be involved in this process. If the seller has a mortgage on the property, the buyer is required to settle the seller’s mortgage in full before the NOC application.
4. Once the NOC has been issued, ownership can officially be transferred. This takes place at the Dubai Land Department (DLD) offices, with both parties in attendance. The purchase payment must be made with a manager’s check made payable to the seller on the transfer date.Following the completion of these formalities, a new title deed will be issued in the name of the buyer.

The importance of doing a thorough document check

To stick to your timeline, make sure to have the right documents at hand. The following documents are essential for a smooth transaction:

1. Buyer and seller IDs
2. Property title deed
3. NOC from developer
4. Seller service charge clearance letter
5. Bank offer letter to buyer (in the case of a mortgage buyer)
6. Proof of mortgage settlement
7. Final bills: DEWA, A/C, etc

When buying a home directly from the developer, the typical commission that a real estate agent in Dubai will charge is $0. In secondary sales and purchases, the usual commission will be two percent of the purchase price plus VAT.

Beware of all fees and costs

Make sure to factor in fees and costs into your overall budget. Here are some important things to consider:

1. The fluctuations in cost for an NOC are significant and can vary from 500 to AED5,000 (plus VAT). This is usually paid by the seller to the developer. It’s worth noting that certain developers will also ask for an additional refundable deposit, which is returned when the buyer presents the new title deeds at the developer’s office.
2. The average commission charged by a Dubai-based real estate agent is 2 percent of the purchase price, plus VAT.
3. Transfer fees are calculated at 4 percent of the purchase price, with an additional payment of AED580 required for administration fees.
4. Trustee fees come in at around AED 4,000 plus VAT for ready properties and AED 5,000 plus VAT for off-plan properties. Payments should be settled at the Dubai Land Department Trustee Office.
5. If mortgage registration fees are required, these are calculated at 0.25 percent of the registered loan amount and need to be paid at the Dubai Land Department.
6. Developers will ask for service charges to be settled in advance, so payment of this pro-rata share needs to be taken into account by buyers.

Enjoy the success that comes with completion

Completion is the following phase after all transactions are finished, payments are made, and everyone is happy. Completion day, when the property ultimately becomes yours, is the much-anticipated milestone following what is probably going to have been a difficult period.

Now is an opportunity to grab the keys, or key cards, and celebrate this historic occasion.

Buying a property is an important decision that requires extensive planning and careful consideration to ensure that all needs are met. Altin International Real Estate & Vijay Rana , a high-end real estate brokerage, has provided comprehensive information on costs, processes, and legalities that potential buyers need to know before purchasing real estate in Dubai.

Please feel free to contact us at any time if you have any questions or need any information.

Best Regards,

Vijay Rana | vijay@altinre.ae

+971-585981245