Buying Property in the UAE

The Middle East property market is thriving, no more so than in the UAE, where the luxury residential market has seen on-going growth and in particular a real surge since the turn of this year.

Here at Knight Frank Middle East, our residential property advice is supported by research led insights, ensuring that we provide the latest unbiased market updates whether you’re buying or selling in Dubai and Abu Dhabi.

Finding the right Dubai property advisor

The Dubai property market is very different to other countries in the world. Making sure you have a Dubai real estate agent you trust to guide you through the process is vital.

Knight Frank Middle East is one of the most established Dubai estate agents specialising in property for sale in the most sought-after areas of Dubai, across the prime and super-prime property markets.

We provide a bespoke Dubai property buying service, ensuring we find you the right Dubai property based on your real estate requirements, whilst supporting you throughout the buying process.

Why invest in Dubai?

The city offers higher rental yields than many other mature real estate markets. On average, investors can achieve gross rental yields of between 5-9%
Property prices per square foot are lower than many other cities globally, making Dubai an affordable location to own prime real estate. Check How Many Square Feet Can $1 Million Get You in Dubai?
New visa laws linked to property investment enable investors to gain a residence visa subject to certain conditions. For properties valued above AED 1 million, you may be entitled to a 2-year residency visa. For properties valued above AED 5 million, you may be entitled to a 5-year residency visa. While for properties valued at above AED 10 million, you may be entitled to a 10-year residency visa
Highly favourable tax conditions in particular, the absence of property taxes and stamp duties, that are applicable in other global real estate markets, also paints the city as a highly attractive investment environment

What should you consider before buying property in Dubai?

Whether you are buying a property for your personal use or for investment, consider the following factors before making any decision:

• Location
• Facilities and amenities available in the community, including proximity to transport, education, childcare etc.
• Size
• Quality
• Market conditions and timing of purchase
• Maintenance costs each one of them is a tricky part on its own, and in order to get this right, you either need to do extensive research or save time by consulting with a property advisor

Procedures

• The procedures for purchasing real estate in Dubai are straight forward
• Buyer and seller agree terms
• A Memorandum of Understanding (MOU) is signed and a deposit (usually 10%) is paid
• The parties meet at the offices of the developer to apply for a No Objection Certificate (‘NOC’) to sell the property
• The developer will usually issue the NOC against a payment of a fee once the developer is satisfied that any amount due to the developer in the form of service charges have been settled in full
• Once the NOC is issued, the partied are able to go to the office of the Dubai Land Department to officially transfer ownership. The Dubai Land Department will insist on payment of the purchase price being made in the form of a manager’s cheque made payable to the seller on the date of transfer. Once formalities are completed, a new title deed will be issued in the name of the buyer