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Dubai_-_How to Buy real estate
Dubai property search
Purchasing property in Dubai is very straight forward.
It's so fast and easy to do that it almost seems unnaturally simple. Apartments and Villa's change hands in Dubai without the use of solicitors, most of the time we will always make sure this is completed with ease
Properties in Dubai represent excellent value
Property is currently being sold well below the cost of equivalent properties in London, Singapore or Hong Kong. Make no mistake however about the fact that these premium properties are not cheap.
As an example all the developments on PalmIsland were sold out within days of their launch and so the only way to get one is through the secondary market and Real Estate companies who hold these. The speed of sales in Dubai means that all the people who buy these properties have high net worth and are able to pay at least the first payment for them without financing requirements. After this stage it is possible to get financing for the remainder of the properties price very easily with Amlak or Tamweel for example there is also a few banks as well.
Most properties must be purchased off plan.
This is because none are finished yet and in stages of development. When a development is announced buyers put down between 10% and 30% of the cost of the property as an initial deposit. They are then given a property sales agreement (PSA) with their name on it and details of the property they have reserved.
The developer in this agreement stipulates the schedule for further payments. Typically this will be in 20% instalments every six months until the property is finished at which time the final 10% of purchase price will be paid after a final inspection and the keys are handed over.
If at some point in this cycle a second party wishes to purchase the property from the owner then the process is straight forward. The buyer pays the owner an agreed sum or premium which includes those payments the owner has already made to the developer. The developer will then charge a percentage of the original price of the property (between 1% to 2%) to reissue the PSA with a new name on it and update their title records. This must be done either in person or with the buyer's authorised representative. The whole process takes a matter minutes. The buyer will then continue to pay the remaining instalments to the developer as laid out in the PSA.
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