Dubai is a remarkable place to live and work, offering a high standard of living and numerous benefits such as no property or business taxes. The city is known for its luxurious lifestyle, featuring incredible malls, shopping centers, high-end restaurants, and exclusive beaches. Its unique desert landscapes and rich cultural heritage further enhance its appeal.
Currently, the real estate market in Dubai is thriving, with a plethora of investment opportunities in both the off-plan and ready property sectors. The secondary real estate market is booming, with record-breaking transactions being reported by the government each week.
Simultaneously, the off-plan real estate sector is experiencing significant growth. Waterfront and beachfront townhouses, villas, and apartments are being rapidly sold by leading real estate developers in Dubai, offering flexible terms and payment plans. This dynamic market presents exceptional opportunities for investors seeking high returns and a luxurious lifestyle in Dubai.
The real estate industry in Dubai operates differently than in many other countries, making it crucial to work with a reputable and trustworthy real estate agent. Ensure that your agent is registered with the Dubai Real Estate Authority and the Dubai Land Department. Always request to see the agent’s real estate license before discussing any of your requirements for purchasing property.
In the past, only UAE citizens were legally allowed to own property in Dubai. However, in 2006, the government enacted Regulation No. 3, which designated specific areas where non-citizens can own property with freehold ownership. These freehold areas are primarily located in “new Dubai,” including popular locations like Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers, and Emirates Hills, among others.
When investing in real estate, the last thing you want is for the property’s value to decrease over time. It’s essential to consider whether the property’s value is likely to depreciate and decide whether you plan to keep it for life or sell it after a few years. Discussing this with your real estate broker will help set realistic expectations before making a purchase. Typically, the average rental return on a property in Dubai ranges between 5% and 10%.
For ready properties, once the Sales Contract or Memorandum of Understanding (MOU) is signed by both the Seller and the Buyer, the transfer of the title deed typically takes about 30 days. This process must be completed at a Trustee Office in Dubai.
In contrast, off-plan real estate transactions are quicker, usually taking between one to three days. This timeframe is contingent on the Buyer providing all necessary documentation and making the initial deposit to generate a Sales and Purchase Agreement. Once the Buyer signs the Sales and Purchase Agreement, an Oqood (a preliminary title deed) will be generated and issued to the Buyer.
When buying real estate, it is crucial to consider the amenities within the community. For clients purchasing property for personal use, factors such as proximity to schools, hospitals, and parks are essential.
At Springfield Properties, our agents understand that each client has unique needs based on their lifestyle. We ensure that our recommendations are tailored to meet these specific requirements, ensuring our clients’ best interests are always prioritized.
If you’re purchasing in the secondary market:
If you’re buying an off-plan property directly from a real estate developer, in addition to the initial deposit of 5% to 10% of the property’s price, expect to pay:
For ready properties, the title deed should be available at the time of the property transfer. This process typically takes about 30 days from the signing of the Memorandum of Understanding (MOU) and is conducted at a government office in Dubai.
For off-plan properties, a payment plan is usually associated with the purchase, with the full payment due on the handover date. After making the initial deposit of 10%, the developer will prepare the necessary paperwork and have you sign the Sales and Purchase Agreement. An Oqood, which serves as proof of ownership, will then be issued by the Dubai Land Department. This Oqood remains your proof of ownership until the property is handed over and full payment is completed.
We prioritize providing clients with accurate and up-to-date information, along with the following high-quality services:
With the assistance of our knowledgeable real estate agents, clients won’t have any trouble finding the home of their dreams. Our experts in Dubai’s real estate market ensure that clients receive honest answers to all their inquiries regarding potential investment properties or second homes they are considering purchasing.
