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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1. where you live.
2. how long you plan to stay.
3. and the comparison between home prices and rents in that area.

Should I rent or buy a property in UAE ?

It is the most common question especially amongst expatriates moved there after property crunch in 2008. At first, Let’s analyze the situation deeply. ugg promo  

Calculate the Price to Rent Ratio:

Another possible deciding factor is the ‘Price to Rent Ratio’ which indicates the number of years rent required to buy the same or similar property. Suggested by US based real estate marketplace Trulia, this takes into account the Price/Rent ratio for a property, summarized as below:       Take for example Discovery Gardens. The average price for one-bedroom apartments stand at 700,000 Dh, while rents average 65,000 Dh per annul (pa), resulting in a price-to-rent ratio of 10.76. nike air max 1 In Business Bay, average prices for one-bed units are at Dh 1.2 million with average rent at Dh 90,000 pa. The ratio, therefore, is 13.33. In Jumeirah Lakes Towers, the ratio is at 14.4, indicating a ‘good’ time to buy. ugg soldes 2017  

Higher yields

Besides, the IMF in his report states that gross rental yields in the country have risen since mid-2014, registering a six per cent year-on-year increase in March 2015. The Global Property Guide, too puts gross rental yields in Dubai among the highest in the world, ranging between 5 and 7.21 per cent pa. chaussure nike pour homme Property consultancies have also pointed out that the cost of owning a property is cheaper than renting though buyers have to note that the UAE Central Bank has a mortgage cap in place (so you have to pay 25 per cent down payment), while transfer fees are now at four per cent of the property value. nike x fragment We would say it solely depends upon your personal choice but a mathematical calculation is essential to determine the weightage of each factor, making it easier for you to take the call whether to buy or rent a property in UAE.

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