Sky-high, Glamorous, Towering, Glitchy, and Sparkle, are words that depict extravagant images of the Middle East City of the Emirates – Dubai
The capital of UAE and a heavily crowded area, Dubai is considered a business hub not only for residents but also for foreigners from all over the world. The dazzling Dubai provides illimitable opportunities to invest and save your future in property matters.
Dubai is a real estate property hotspot around the globe. Eminent and renowned real estate companies are there to give the best opportunity to investors or buyers. Totally Home is one of the most prominent and illustrious real estate companies in Dubai. This company has the bouquet of the best property advisors who have extensive experience in the property business.
Due to global escalation in the economy, people are fed up with rises in rent and they are looking for opportunities to buy property either for residency or investment point of view. Buying property is not a complicated procedure but a challenging task.
Totally Home real estate company will help you to find the best home in Dubai, the best villa in Dubai, the best apartments, townhouses, and penthouses. And even if you want to invest in any project in Dubai, your experience with Totally Home will be catchy and impressive.
To compete with the uphill battle of buying property in Dubai, you need to investigate each step.
For detailed research, this comprehensive buyer’s guide will prove to be a valuable source of information.
Legal Aspects Of Buying Property In Dubai
Dubai “the city of gold” is a globally famed business center, where dreams come true for living a peaceful luxurious life without any hassle and investing your money in the right place that guarantees a safe bright future.
The majestic Dubai has become a desirable destination for investors from all over the world. Business-friendly policies, different investment strategies, and mesmerized infrastructure attract not only inhabitants of the UAE but also foreigners or ex-pats who are more interested in buying property in Dubai.
Over the past few decades, the population of this sparking area of the Middle East of the Emirates has been increasing. According to a rough estimate, people from around 200 cities in different countries have occupied Dubai. The enlargement in occupants also raises the demand for investing or buying property in this glamorous world of skyscrapers.
For foreigners or ex-pats, buying property either for investment or residency was a complex and complicated approach. In 2006 a law declared by the rulers of the Emirates, “Real Estate Law # 07, 2006”, made this complex approach accessible and straightforward for the non-natives.
Land Registration Law: Real Estate Law Number Seven, 2006
According to this law, if you are a UAE (United Arab Emirates) citizen or GCC (Gulf Corporation Council) citizen, you have a right to buy real estate property or land anywhere in Dubai, there is no area restriction for local citizens but as a foreigner, you are bound to some specific areas where you can buy a property as an apartment, home, villas or land to construct a building.
Foreign Ownership Areas
Law has declared some areas as foreign ownership areas. These areas are:
- Burj Khalifa
- Downtown Dubai
- Business Bay
- Emirates Hills
- Dubai Marina
- The Palm Jumeirah
- The World Islands
- Old Town
- Discovery Garden
- Falcon City
- Dubai South
- Dubai Motor City
- Dubai Sport City
- Arabian Ranches
Real estate property law introduced two types of property rights implemented for non-residents and foreigners.
- Freehold Property
- Leasehold Property
In the freehold property concept, a foreigner has a right to buy property or land in specific areas just as a native citizen. He can own this property and can utilize it for accommodation, and renting purposes, and can use it in any other future investment.
In leasehold Property, non-residents, expatriates, and foreigners can hold property on lease or rent for a specific time duration defined by the rulers of the Emirates. The time limit is 99 years and the person can hold an asset and can use it on his own will for any purpose in the defined time limit.
Procedure To Follow Before Purchasing – Step By Step
- Detailed Research About The Property Of Your Interest
The initial and most essential thing to consider before buying property is your detailed research and investigation of the property of your interest in a desired area. To avoid spam or illegal activities you must be knowledgeable.
For fruitful research, there are different platforms or websites for real estate property. Visit different platforms for a bit of better advice.
- Define The Purpose And Budget
Prior to buying a property, it is necessary that you have a defined purpose in your mind. Either you need a property for personal use, for residential needs or you want to invest your money in a property business.
As a buyer, you can pay the amount through cash in hand or by applying for a mortgage.
Make sure the availability of the expected amount.
- Negotiation With Seller
After conducting detailed research and defining the purpose of the property, the first legal step you have to follow is a negotiation between the buyer and seller. Consider the terms and conditions on each side.
Construct a table talk and have a positive agreement with a seller without any ambiguity, uncertainty, or false statements.
- Signing A Contract
Verbal final negotiation is not enough for a property deal. Legal documentation is the key step to follow.
After finalizing an agreement, both parties have to sign a contract MOU (Memorandum of Understanding) mostly provided by a real estate agent.
You can also have access to such forms on the official website of The Dubai Land Department.
- No Objection Certification
NOC (No Objection Certification) is the next step to transfer ownership from the seller to the buyer.
For that purpose, three parties involved in a specific property contract – buyer, seller, and property advisor have to visit a prominent developer’s office. In the developer’s office, you have to submit your application for a “No Objection Certificate” and also have to pay dues against this application.
- Final Meeting At Dubai Land Department
After having NOC from the developer, you are just one step away, where the property owner’s name changes and you become the ceremonial possessor of the property in Dubai.
In the final step of the whole legal process, meeting at the Dubai Land Department, you have to confirm the availability of the following documents:
- Signed agreement between buyer and seller, (MOU)
- Original identification certificate (identity card or passport)
- No objection certificates
- Property’s amount in cash or cheque
After the verification of all required documents, the legal process comes to an end and you will become a legitimate proprietor in the hotbed real estate business hub – Dubai
Final Verdict
The imagination of having a luxurious home, lavish apartments, splendid villas, and magnificent penthouses in the prestigious Dubai can turn into reality if you follow the complete legal process.
In this elementary procedure, a trustworthy real estate company Totally Home Real Estate in Dubai is a significant source that will help buyers or investors find the best opportunity to buy a residential property or commercial property.
The honest advice of elegant experienced property advisors of Totally Home will make your journey easier, successful, and advantageous.