Are you considering the prospect of acquiring a stake in the prestigious cityscape of Dubai? The positive development is that avenues have expanded for foreign nationals to secure freehold ownership in specific designated areas. These encompass renowned developments like The Palm, Jumeirah, Emaar Towers, The Greens, International City, among others.
Visas and Family Extensions
Beyond property ownership, Dubai offers an added incentive—residence visas for property owners, extending to their immediate families. These visas, renewable every three years during ownership, add a practical dimension to your investment.
Navigating the Purchase Process
Buying property in Dubai often involves purchasing off-plan or before completion. With a typical initial deposit of 10%-15% of the original price, buyers secure their chosen property. Developers may also request a holding deposit, providing buyers with a grace period to finalize financial matters and documents. However, it’s crucial to note that the holding deposit is non-refundable if the buyer decides not to proceed.
Flexible Payment Plans and Completion
Different developers offer diverse payment plans, often involving staggered payments leading up to completion. Once the development is finished, and your unit is ready for occupancy, full payment is required to seal the deal.
Securing Your Investment
Properties can be registered, and the Dubai Lands Department grants Land Certificates to foreign owners. This process involves lodging the sale agreement and necessary documents for official registration, ensuring the legitimacy of your investment.
Stay Informed about Stamp Duty
While there are currently no property-related taxes in the UAE, there are murmurs of Dubai introducing its own stamp duty, estimated to be around 2%-8%. Keeping abreast of any changes is crucial for potential buyers.
Your Journey Starts Here
Embark on your journey to Dubai property ownership with confidence. For personalized guidance and in-depth insights, visit Romano International. Your dream property in Dubai is within reach—let’s make it a reality together!
