The Ultimate Guide to Dubai Real Estate: Buying, Selling, and Owning Property

The Ultimate Guide to Dubai Real Estate: Buying, Selling, and Owning Property

Dubai's Real Estate Market is a hot commodity among local and international investors.

For its outstanding skyline, thriving economy, and high growth potential. 

But for those unfamiliar with the market, navigating the legalities and processes can seem hard. 

This comprehensive guide is to answer all your questions. And to help you make the right decisions about buying, selling, or renting a house in Dubai.

How Do I Sell My Property in Dubai? 

Selling property in Dubai is a process with  a few steps:

1. Find a Real Estate Agent:  

Choose an agent with experience and a good network. The broker should be RERA-registered.

2. Prepare for Sale: 

Get a valuation of your property to set a price according to property prices.

Fix any repairs needed to make your property more appealing.

3. Listing and Marketing:  

• Sign a Form A with your chosen agent. This agreement outlines the terms of sale and allows the agent to market your property. 
• The agent will advertise and list your property on online platforms.

4. Negotiations and Closing:  

Once you receive offers, your agent will help you negotiate and choose the best buyer. The sale will involve signing a (MOU) and obtaining a No Objection Certificate (NOC) from the developer. 

5. Finally, you sold your apartment and ownership will be transferred at the DLD.

Can you own 100% property in Dubai?

Of course, you can own 100 % of the property in Dubai however your estate needs to be located in one of the freehold zones.

• Freehold Zones: Specific areas where foreign buyers and investors are allowed to buy a property. And the complete ownership right will be granted. 
• Freehold Areas: Business Bay, Dubai Marina, Palm Jumeirah, Downtown Dubai, Dubai Sports City, Jumeirah Beach Residence (JBR) and more.

Can you sell an estate in Dubai without an agent?

• Technically you can sell and advertise your property without a real estate agent.
• But we strongly advise you to refrain from, hiring a real estate agent or agency will bring a lot to the table.
• Consider the benefits:
•  The broker will handle the paperwork, house viewings, and advertise your estate through their huge network and website.
• Also, they will tell you when to sell and when to wait to make a good profit.

How much are property valuation fees in Dubai?

• Property valuation fees in Dubai vary depending on the type of property being valued.
• If the Evaluation of vacant land (commercial/industrial), the fee is AED 2,000.
• If it is a Building evaluation (Apartment or Villa with Land), the fee is AED 4,000.
  
   

How do I transfer ownership of a property in Dubai?

• Sign the sale agreement and Form F
•  Apply to get the estate evaluated
•  Pay any outstanding balance.
• Apply for a No Objection Certificate (NOC) from the developer.
• Visit the Dubai Land Department (DLD) office and submit the Required Documents:
  1. Title Deed
  2. Forum F
  3. NOC
  4. Copy of Passport.
• Pay the application fees 
• Congratulations, the title deed and ownership will be transferred 

Is buying real estate in Dubai worth it? 

• This is a big question to answer, well it depends on your goal of buying a property in Dubai.
• If you are purchasing real estate for investment, then absolutely it is worth it.
• Dubai holds one of the highest Rental Yields in the world ranging between 7 to 12%. You are making money while sleeping.
•  And for long-term investments, Dubai has a profitable Capital Appreciation 

How long do you own a property in Dubai?

• There are two answers to this question, it depends on where you bought your apartment. 
• If you bought in a Freehold Zone, then you can own it for an indefinite duration or until you decide to sell it.
• If your house is outside the Freehold Zones, then you own it for 49 or 99 according to the lease.

Who buys most properties in Dubai? 

• Foreign investors: Investors from around the globe are drawn to Dubai's stable economy and potential for strong returns. Russians and Indian Investors dominate the housing market in Dubai
• Locals: Emiratis and GCC citizens can invest in properties in any district in Dubai without any limitations.
• Families: Many families are moving to Dubai for its high Safety and Security. Plus excellent quality of life with a Family-Friendly atmosphere

Can you gift a home in Dubai?

• Yes, gifting property is an option in Dubai and it’s called "hiba" in Arabic.
• Gifting property is to willingly transfer ownership of a property, either in full or partially, to someone else. 
• However, you can only gift to first-degree relatives (parents, children, and spouse). Also, you can gift a property to your company.
• Luckily, gifting real estate comes with great advantages like a lower transfer fee than property sales
• Unfortunately, it is only permitted for Ready Properties with a title deed.

Can I buy and sell property in Dubai?

• Absolutely foreigners can buy and sell houses in Dubai, but there are some things to keep in mind:
• The property should be in a Freehold Area.
• The process of buying a house and selling it is overseen by the Dubai Land Department (DLD). There are specific regulations and fees 

Can I buy a property in Dubai and rent it out?

•  Sure, purchasing apartments in Dubai with the intention of renting them out is common practice. And is considered a great investment strategy.
• You can rent your property monthly or daily via Airbnb or Booking.com.
•  To maximize your profit you should factor in the location, type, and amenities of the estate.

Is it cheaper to buy property in Dubai?

• Yes and no, it depends on which countries and cities you comparing to.
• Compared to the US, and Europe there is no doubt that Dubai City is considered significantly cheaper.
• Comparing the purchase prices of different Emirates, then Ajman, Ras Al-Khaimah, and Umm Al Quwain are known for being more affordable than Dubai.