Invest in Dubai UAE

Invest in Dubai UAE – Why?


The foresight and vision of the Ruling Families has put Dubai on the map, a fantastic climate,
coupled with world class infrastructure allow Dubai UAE to be a new“must visit” location.

From the world famous Burj Dubai, the tallest tower in the world, Burj Al Arab,
a 7 star hotel and through to the new Dubailand Theme Park.

Dubai UAE has all the right signals for International Investment.

With new rules and regulations regarding Freehold and Leasehold property, ownership means that any Nationality can invest in the Real Estate boom in Dubai.


Benefits for Investors

Ability to purchase freehold property at discounted price off plan (up to 3 years before completion)

Enjoy capital growth on the full asset value of your property without tying up all of your capital immediately

Strong capital appreciation potential

Current Rental yields of between 6% and 12%

Residence Visa with ownership

Tax Free Returns (when collected in Dubai)


Frequently asked Questions Buying Property in Dubai

Why are the property prices subsidized when sold off plan?

Dubai has a limited number of years of oil reserves left.

The rulers of Dubai have decided that the way forward for the country is to lead the world in tourism.

Dubai currently has a population of just over 1 million people and the government is looking to increase this to 3 million in just over 2 years.

To increase the population Dubai must be an attractive place to live and also an easy and inexpensive place to initially buy property.

Why is there so little ‘red tape’ when buying property in Dubai?

For the same reasons as above; Dubai is all about trading and the country wants your business!

When you buy a property in Dubai you sign a contract with the developer and this is your binding documentation.

There is no stamp duty and  certainly no tax.

You can then apply for a residency visa which means that you can open a bank account and ultimately trade there tax free!

I have heard I need a local sponsor to buy property in Dubai, is this true?

No, not any more and in most cases properties are now freehold to make the market more attractive.

It will say in your contract whether or not the property is freehold.

Do I get the title deeds?

Eventually you will.

At the moment there are numerous new properties being built in Dubai.

As this is very new in Dubai and the property system is not as developed as other countries, you will not get the deeds until the property is actually built. Meanwhile property owner can apply for Oqood registration prior the property completion. If, however, you wish to resell the property before it is built or any time up to completion, then all you need is your original contract with the developer, non-objection certificate (NOC) from the developer and your oqood certificate from the Land Department.

How can I maximize rental returns?

Rental yields are currently reaching highs of 10% in some areas of Dubai as demand is exceeding supply.

This is expected to level off between 5% and 8% over the next 2/3 years, once developments start to reach completion.

Lakeside View Real Estate can manage rentals on your property once your have purchased it.

With tourism projections of 15 million by 2007, up to 30 businesses a month setting up in Dubai, developments such as Dubai-Land attracting tourists and workers, the rental market in Dubai is projected to stay extremely strong.


FINANCIAL INFORMATION

Can I get a bank mortgage?

Mortgages are offered by Financial Institutions in the UAE, up to 85% or less (depending on the finance company) of the value of the property.

It is important to note that mortgages are not offered on all developments.

Interest rates vary between 3.5% and 6% per annum (including charges).

What are the eligibility factors for obtaining a mortgage?

Applicants are eligible between the ages of 21-65 years.

Salaried: Must be in full time employment for a minimum of 3 years.

Self Employed: The business must be in operation for at least 3 years.

I have heard I need a local sponsor to buy property in Dubai, is this true?

No, not any more and in most cases properties are now freehold to make the market more attractive.

It will say in your contract whether or not the property is freehold.


BUYING THE PROPERTY

Is joint purchase allowed?

Yes, the property may be purchase in joint names, however, the primary (first named) purchaser is eligible to obtain the resident visa.

Are there any penalties should I sell my apartment before it is paid off?

You are liable for payment of a transfer fee which generally equates to 2% of the purchase price of the property.

What are the yearly maintenance charges?

Yearly maintenance charges cost on average
9 dhs to 25 dhs per sq. ft. depending on the location.

What is the legal status of my ownership?

Upon completion, you will have a legal freehold title issued by the Land Department of Dubai.


RESIDENCY INFORMATION

Do I get a residence visa when I purchase the property?

A residence visa may be obtained by the primary buyer of the property (property value must be over AED 1M).

The buyer is eligible for the visa only as long as he/she continues to own the property.

Who can I sponsor?

The primary buyer may sponsor their family/dependents.

What is the duration of my Visa? Will it automatically be renewed? Do conditions apply?

A UAE residence visa is issued for 3 years.

This may be renewed an indefinite number of times – as long as the applicant continues to satisfy the criteria laid down by the Ministry of Immigration, UAE.

Would I be allowed to work in UAE on my residence visa?

The residence visa provided allows the primary purchaser and his family / dependents to reside in the UAE for an indefinite period, but does not allow him or her to obtain employment or conduct business activities.

A separate employment permit is required for that purpose.

Can I apply for a minor?

Yes you can, but you also need to submit the passport photocopy of the guardian.

Is joint husband/wife ownership permitted?

During the booking phase we would register one name, subsequently when exchanging legal contracts, joint ownership can be registered.

What legal title will I get?

Freehold Ownership.

Will my legal title be restricted in any way?

Certain restrictions and conditions may apply to protect the investment of the apartment owners and to ensure that The Development remains a desirable, high quality residential development in years to come, each property owner will be required to abide by certain rules.

Who can buy property?

Residential Units are offered on a freehold basis to all nationalities including non UAE residents & Corporations.

What exactly does freehold ownership mean?

There are basically two kinds of property ownership.

The first is a 99-year lease, which must be renewed once that period is over.

The other, which is increasingly being offered in Dubai, is freehold

– which means that once bought, the property becomes the buyer‟s –

forever.

Can I apply for more than one apartment?

Yes you can, but you need to fill out one application form for each apartment.

At the end of the day can the property be passed to our children?

Title to the property may be passed on subject to payment being made in full and provided there are no legal restrictions preventing transfer of the specific unit or property.

This should be in the form of a will and should you require legal advice please contact us so that we can put you in direct contact with our lawyers.

Am I allowed to rent my property once I have bought it?

You can rent your apartment upon taking possession and registering the apartment in your name with the Land Department, subject to terms and conditions agreed upon with the Developer at the time of signing of contract.