Buying property in Dubai is a very exciting time but it can also be quite stressful. We aim to make your purchasing experience as smooth as possible. Not all costs and processes will be applicable to you, especially if you are buying the property with no bank or finance institution.
Costs Associated with Buying
There is government and agency fees for you to consider when you are making an offer to purchase a property. These can be allocated or divided between Buyer & Seller
- Dubai Land Department charges 4% of the property purchase price or valued price + AED 580
- Agency fee is 2% or minimum of AED 20,000 + 5% VAT
- AED 4000 + 5% VAT sales progression fee
- AED 5250 for POA representation per individual and per property
- Company Buyers & Sellers fees and POA services are available on request
- Trustee Office administration fee of AED 4,200
*Finance Buyers only
- Mortgage registration fee is 0.25% of the property price + AED 290
- Property Valuation fee ranges between AED 2500 – AED 4000 (depending on which bank/valuer is being instructed)
Please note that the above fees are based on current market standards and practices and fees relating to purchasing with a mortgage is based on averages and will vary depending on what mortgage product you choose. These may be subject to change.
10 Step Process to Buying a Property in Dubai
- Book a consultation and we will appoint a designated broker to conduct research into your requirements.
- The property search will be conducted once a thorough understanding of your requirements is established. We will get to work to present to you the best properties that are available in the market.
- Property viewings can be conducted both in person, via video & marketing material or via a live online viewing.
- You will select the right property for you and issue a formal offer of which your broker will guide you and manage negotiations.
- Agreement of sale with terms and conditions will be handled by your broker and/or with a conveyancer. This is the contract between the Buyer & Seller.
- Consideration to completion of the sale and if attending in person or will require representation via a Power of Attorney.
- Applicable for mortgage Buyers only as a valuation on the property will occur after signing the Agreement of Sale.
- Applicable for financed Sellers as it is a requirement for mortgage clearance in full before No Objection to Sell Certificate will be issued from the Developer/Owners Association.
- Sale proceeds preparation to complete as Managers Cheques are required to be presented at the transfer appointment and we can assist with currency exchange and manager cheque preparation.
- A transfer appointment at a Trustee Office will be arranged to finalise the purchase and to congratulate you on your new property ownership.
Download the Buyers Guide
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