BUYER’S GUIDE TO PURCHASING A PROPERTY IN DUBAI

Make an Enquiry

When first contacting Gulf Sotheby’s International Realty, you will be welcomed by our friendly customer care department who will listen to your requirements and quickly and efficiently assign you to a dedicated global property consultant. All our global property consultants are trained area specialists who deal exclusively with sales.

Find the Right Property

With over 1,000 properties always available, our global property consultants will assess your requirements and match suitable properties using their expertise and skill. Once matched, the global property consultant designated for you will contact you and provide you with all the details of each of the suitable properties for you to assess in your own time and at your own pace.

Arrange Financing

In Dubai, you are either a “cash buyer” or a “finance buyer”. If you are purchasing by cash, you must ensure that your funds are readily available when buying a property. If you prefer to buy a property through financing, you must first obtain a pre-approval. Our in-house mortgage advisors will assist you through this stage of pre-approval.

Accompanied Viewings

Once your fund is arranged and in place, our dedicated global property consultant will accompany you – or even come and collect you – to take you to view the properties you have shortlisted. All viewings are accompanied by our area experts who will provide you with all the essential information about the amenities, facilities, schools, and shops within your chosen development.

Make an Offer

Once you have found your perfect property, your consultant will negotiate the best price and most convenient transaction to suit both parties. When making a property offer, you will be asked to present a refundable security deposit cheque, which is equivalent to 10% of the net purchase price you are offering. This cheque will not be cashed and is held by Gulf Sotheby’s International Realty until your offer is accepted.

Offer Accepted

With your offer now accepted, the escrow-regulated contract will be prepared for you by the Emirates Conveyancing. The contract outlines the terms, conditions and costs of the sale. You will be required to sign this legally binding agreement and your 10% deposit will be held by the escrow agent for the duration of the contract.

Conveyancing

Our conveyancers manage the sale process – from contract signing up to the transfer of ownership. Our team takes care of all the process involved and will coordinate with banks, developers, and finance settlements, arrange power of attorney, and maintain a central point of contact for you throughout the purchase. The complete process will take between 15 to 45 business days depending on the terms.

No Objection Certificate (NOC)

This is the penultimate stage and the final permission required before the transfer of ownership can take place. Emirates Conveyancing, alongside Gulf Sotheby’s International Realty, will coordinate this process and accompany you to all parties involved to complete the final approvals, which will secure you an NOC.

Transfer of Ownership

With the NOC completed, you will receive a full statement in anticipation of the transfer of ownership appointment. The statement highlights the amounts to be paid to the seller and the final fees to be settled. On the agreed transfer date, we will accompany you to the transfer office, with the seller, where you will take final ownership of your new property.

Congratulations!

That’s it, you’re done! You have now purchased through Gulf Sotheby’s International Realty and in partnership with Emirates Conveyancing. We look forward to leading you again in finding your next dream property in the UAE and from anywhere in the world.

FREQUENTLY ASKED QUESTIONS ON BUYING A PROPERTY

Can I purchase a property in Dubai?

Yes. Nationals, non-nationals, and non-residents can all purchase property in Dubai. The funds to purchase will need to be available in Dubai and you will need to be in the country to complete the purchase or have appointed a power of attorney (POA) to act on your behalf.

Do I need a real estate lawyer?

A purchasing contract is prepared by our in-house conveyancers. It is a legal contract governed by the Real Estate Regulatory Authority (RERA) and outlines the conditions and process of the sale. The conveyancers will complete all stages of your purchase up to the final completion when you receive the keys to your new property.

What documentation will I need when buying?

If you are a non-resident, you will need to show a valid passport as identification. If you are a resident of Dubai, your Emirates identification card will be required also.

Are there any restrictions to where I can buy a property in Dubai?

Non-nationals can only buy in specific areas of Dubai – these are called freehold communities. Most communities, however, are freehold and can be purchased in.

Can I obtain a mortgage to buy a property in Dubai?

Yes. For residents of Dubai, banks will lend buyers up to 70% of the purchasing price for completed properties, and 50% for properties still under construction. Mortgagees will need to pass the banks credit checks and you must have a proof of monthly income (if a resident). Non-residents can also borrow from Dubai banks up to 50% of the purchase price. This is called a non-resident loan. All mortgages have processing and registration fees so check first before agreeing to any loan.

Will I be required to pay a deposit when signing the sales contract?

Yes. Upon selecting the property you wish to purchase, a security deposit will be requested from you and held in our escrow regulated account. The amount is equivalent to 10% of the agreed sale price and will be given to the seller only when the property is transferred into your name.