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How to buy property in the UAE

Posted by Ahmed on Thursday March 24th, 2016
| 0

The UAE is a federation of seven autonomous Emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, Umm al Qaiwan and Ajman. Fjallraven Kanken Mini Kanken Mini asics nimbus adidas zx flux belgique This means that there is a twin legal system which includes local judiciary and the federal judiciary. nike air max basket air jordan soldes Because of this, there can be significant differences between the Emirates when dealing with property issues.

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How to buy a property ?

You find a property and place a formal offer, normally through the agent. Fjallraven Kanken mini Soldes Adidas If the offer is accepted then a deposit of between 5% – 15% must be paid. adidas nmd new balance running You will also be expected to pay a transfer fee of between 1% – 7% and estate agent fees of between 2% – 3%.

Buying property off-plan is very common in the UAE.

How to choose a property in the UAE ?

Research is paramount and will hopefully help you avoid any pitfalls in the future. 2018 nike air max There are areas in the UAE were foreign investors cannot purchase freehold property. adidas superstar femme chaussure adidas zx flux Fjallraven Kanken Big You should seek independent advice before entering into a contract.

If you are buying a property off-plan, expect to pay around 10% as an initial deposit and then staged payments on specified dates until the property is completed. asics kinsei This should be clearly stated in your contract. nike air max 2017 asics gel lyte 5 There is currently no legal requirement to acquire the services of a lawyer to purchase a property however we would strongly advise you to do so.

Mortgages

Before you do anything you need to consider what funds you have available, you should consider the cost of the property, the deposit, transfer fees and estate agent fees.

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