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Purchase Process in UAE (Dubai)

Below is the standard purchase process in the UAE and issues that may affect the purchase:

• Most property for sale in the UAE is new-build, as the housing industry is so young little resale property is available yet.
• All homes for purchase by foreigners are located within special pre-approved zones, with resident visas issued on completion for those wishing to make a permanent move.
• Although strict government regulations mean the process is straightforward, a solicitor is highly recommended.
• A simple sales agreement is the only document required for purchase. However, this is legally binding and should only be signed when all reasonable checks have been undertaken and all negotiations completed.
  

The cost of a standard property purchase in UAE includes the following:

• There is no income tax or capital gains tax on property sales or rentals in the UAE.
• 2% to 4% stamp duty is payable on property purchases in the UAE.
• A 1.5% land registry fee is also payable on completion.
  

The Obelisk Advantage:

As Obelisk approaches its projects purely from an investment perspective, its priority is to deliver each real estate product with an emphasis on simplicity and transparency throughout the purchase process. Therefore, Obelisk has already identified the purchase procedure for its clients as a simple, four step process:

1. The client chooses and reserves the unit that best suits their investment requirements, and Obelisk takes the client through a compliance procedure.
2. An independent lawyer, sourced and appointed for the client by Obelisk, will have already carried out full due diligence on the real estate product. They will issue all purchase contracts and paperwork to the client.
3. On receipt of this contract, the client will sign and make the first payment. The lawyer will notify the client of all further payments when required.
4. The appointed lawyer will also represent the client in all aspects legally required within the country of purchase, ensuring that clients of Obelisk enjoy the benefits of simple and hassle-free real estate investment.

Read more about the purchase process in the UAE and the mortgage and tax of buying property Dubai.