investment in Dubai

[Nadeem Akhtar]

One of my friend looking for investment in Dubai in Real estate property what is procedure ?

 

[Martyn_9]

One of my friend looking for investment in Dubai in Real estate property what is procedure ?

Good Morning Nadeem, Hope your well. Buying a property for an expat is a very similar process to that of the UK. It would be a case that your friend would have to visit Dubai and visit the many different local communities to find which would suit them best. Once a property has been found its a very similar process of placing a formal offer ensuring they have the correct amount of money and items needed such as passports, Salary confirmation etc etc,

When placing an offer normally and often through an agent (Most safest way) ensure they are RERA registered ensuring they are a legit agent/agency.

Once this is done and your offer has been accepted you will look at placing a deposit down between 5-15% and will be expected to pay transfer fees and agent fees.

Have a look through the different areas, and especially the rental market and it will give you an indication of rent which can be achieved in the different areas.

For example a two bedroom property in the Springs which is in good condition potentially upgraded,away from the road and close to amenities such as community park and pool or a view of the lakes will earn far more (135k AED per year) than a two bedroom in the Springs which backs to road (115K-125KAED per year),and which is in a Springs that may not be desirable and is far harder to rent.


A good thing about the rental in Dubai is the owner can choose how many cheques the tenant pays. For example you could make them pay in 1 cheque meaning you get the full year rent upfront so you are secure this is very popular method 1-2 cheques (2nd cheque been post dated and given the same time as the first cheque but is only cash-able on the correct date. For easier methods and gives tenants more choice a 3-4 cheque method again exactly the same with post dated cheques just gives more options and helps tenants out far more making the property more desirable.

Hope this gives slightly more clarity to you and your friends I am more than happy to help.

 

[aurelie]

How often will he get there?
How long will he be able to stay there?
What is about the economies and the political situation for foreigners?

 

[Nadeem Akhtar]

Thanks for pointing this out i am looking forward the same