Buying a property in Dubai is very easy only when you have a right property advisor. Dubai’s property market is famous for its high returns as compare to other countries but at the same there is high risk if you will choose wrong property so you must get services of a trustworthy and an experienced agent.
BIP investment & Properties is one of the trustworthy and professional property advisor offering its services in Pakistan and UAE. Our target is to provide right properties to our clients in a professional way.
High returns, community choices, expo 2020 optimistic trends, tourism industry, happiness city, low crime rate, amazing infrastructure, no tax on residential property.
The process of buying a residential property in Dubai is quite simple. Here is step by step guide;
- Selection of property
- Both parties (Buyer & Seller) discus and agree on their terms and conditions
- Both parties Sign MOU (Memorandum of Understanding) and both parties pay a 10% deposit cheque that will be held with the agent’s company.
- Both parties go to developer’s office to apply for NOC (No Objection Certificate) to sell the property. In some societies both parties need NOC from master community as well.
- Developer will issue the NOC after collecting all the outstanding dues for service charges and if any damage to property.
- After getting the NOC, both parties will go to Real Estate Trustee Office to transfer the property. Where authorize person will collect the documents from both parties process the transfer. It take 1-2 hours maximum to transfer the property and buyer will get new Title Deed at the spot.
- Transfer fee
- Transfer appointment fee
- Transfer appointment admin fee
- Agency professional fee
- Mortgage registration fee
- Mortgage registration admin fee (if purchasing with a mortgage)
- Conveyance fee
- Bank fees
Yes, an owner can rent out his property without getting the services of an authorize broker. But it is recommended to obtain the services of government authorized broker so he can secure both tenant and landlord according to updated law and regulation implemented by Dubai Land Department.
Dubai’s real estate is the backbone of economy and this market is renowned for its high returns and quick resale. Return on investment in real estate sector in about 8% – 10% and sometimes more. All it depends on the property you are choosing and location. An experienced broker can help you in getting a good deal with high returns and less risks.
1. SAVING TIME & MONEY
2. GETTING ACCESS TO MULTIPLE VIEWINGS
3. GETTING ADVICE BASED ON REAL DATA (COMPARATIVE MARKET ANALYSIS)
4. HAVING EXTENSIVE PAPERWORK SORTED
5. NEGOTIATION SKILLS TO HANDLE TRANSACTIONS AGAINST MULTIPLE EXPAT BACKGROUNDS
6. TAPPING INTO A NETWORK OF USEFUL CONTACTS
7. GETTING A PROACTIVE AND TRANSPARENT SERVICE
8. BRING A HUMAN TOUCH TO THE PROCEEDINGS
No. the government is charging 5% VAT only on commercial property income not on residential properties.