Buying a property in Dubai in 2024 | Comprehensive guide

Buying a property in Dubai in 2024 is a special step that requires deliberate thinking and careful knowledge of the steps that must be followed to obtain the appropriate property in the emirate. Especially for individuals residing or new arrivals who wish to reside and plan to secure their future. This is done by purchasing real estate in Dubai, whether a house, apartment, office, or store.

• After choosing the most appropriate type of property, it is necessary to familiarize yourself with the regulations and laws that govern the sale, purchase and ownership of real estate in the Emirates in general and in Dubai in particular. This is to avoid encountering any problem or obstacle that hinders the purchasing process in the future.

If you want to come to Dubai and settle there or invest in one of its properties, you can follow our next article to learn with us how to buy a property in Dubai and explore many important detailed points about the search and purchase process and familiarity with the legal procedures.

The importance of searching for properties in Dubai

The importance of searching and Buying a property in Dubai lies in the following:

• Obtaining a property, whether for housing or investment, within a safe, politically and economically stable environment.
• There are various options of properties available for sale in Dubai.
• A great diversity in the type and size of real estate, including residential, commercial, hotel, and even land.
• Prices per square meter and purchase cost are acceptable compared to global real estate market prices.
• Achieving medium to high profitable returns when thinking about investing in the property after a period of buying it and selling it again or renting it.
• High-quality infrastructure.
• Service facilities and amenities are designed according to the latest international standards.
• Tax exemption for foreign ownership in Dubai.
• Facilitated legal and financial procedures for all clients.
• Obtaining a long-term residence visa in the UAE.
• The availability of the best real estate development companies that provide many services to help customers find the property that best suits their requirements.

Does Buying a property in Dubai grant residency?

Yes, purchasing a property in Dubai grants residency to the foreign buyer. The UAE Real Estate Investment Visa Law stipulates that a residence visa is granted to foreign investors when purchasing real estate in the Emirates for a certain financial value.

Here, the investor must choose and buy a ready-made property that is not under construction or off-plan, and its price value must be at least one million UAE dirhams in order to obtain a 3-year residency in Dubai.

How to Buying a property in Dubai for foreigners

We list for you the steps for buying a property in Dubai for foreigners as follows:

• 1. Careful and continuous search for the desired property.
  2. Locating the property in one of the freehold areas designated for foreign ownership.
  3. Determine the property required for purchase, whether ready or under construction.
  4. Connect with a reliable real estate broker.
  5. Verify the budget required to purchase the property.
  6. Obtaining a no-objection certificate from the relevant authorities in Dubai.
  7. Submit all required documents and proofs.
  8. Pay the fees incurred for the purchase.
  9. Officially registering the property and documenting ownership within the UAE departments authorized to do so.

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Apartment prices in Dubai

Apartment prices in Dubai are linked to the price per square foot. Prices per square foot start from 1,800 AED and increase depending on the real estate area in which the apartment is located.

The price of residential apartments with an area of 300 square feet is approximately 540 thousand UAE dirhams, which is equivalent to 147 thousand US dollars. Especially since the apartment’s area of 300 square feet is rather small compared to the large areas of other apartments available in Dubai.

Properties in Dubai for sale in installments

Properties in Dubai are available for sale in installments with the following distinctive specifications:

Apartment for sale in installments in Al Furjan – Dubai with the following specifications:

• Apartment location: Pearls by Danube – Al Furjan – Dubai.
• Apartment area: 676 square feet.
• Property status: Available for sale.
• Construction status: Under construction.
• Payment: in installments.
• Number of rooms: one room.
• Number of bathrooms: 2 bathrooms.

Apartment for sale in Dubai Silicon Oasis with the following features:

• Apartment location: Silicon Arch – Dubai Silicon Oasis – Dubai.
• Property area: 1397 square feet.
• Property status: Available for sale.
• Construction status: ready.
• Payment mechanism: installment sale.
• Number of rooms: 2 rooms.
• Number of bathrooms: 2 bathrooms.

How to buy an apartment in Dubai in installments

An apartment in Dubai can be purchased in installments by obtaining real estate financing from a bank in the United Arab Emirates. The loan value is repaid over an easy repayment period and installments specified by the bank’s management. The borrower must also complete several documents required to complete the real estate financing process for the apartment, which are as follows:

• 1. A copy of the buyer’s valid passport.
  2. A copy of the buyer’s visa.
  3. A copy of the national ID of the Emirati applicant.
  4. A bank statement for the applicant’s last three months.
  5. Title deed for the apartment to be purchased.
  6. Document to prove the buyer’s current address, including an electricity or water bill.
  7. A statement of monthly income from the employer.
  8. A copy of the seller’s passport.

Conditions for purchasing a real estate financing apartment

The conditions for purchasing a real estate financing apartment in Dubai are as follows:

• The mortgage loan applicant must be an Emirati citizen.
• The applicant must be residing in Dubai for a period ranging from six months to one year.
• He must have a stable job with a documented employment contract.
• The applicant must have worked in an Emirati institution or company for no less than 6 months.
• The applicant’s employer must be accredited by the mortgage finance bank.

How to buy an apartment in Burj Khalifa

You can buy an apartment in Burj Khalifa by following the steps for buying a residential property in Dubai, which are as follows:

• Search for the appropriate apartment in terms of size and design among the apartments available in Burj Khalifa for sale.
• Use a reliable real estate development company to find the required apartment and coordinate between the seller and the buyer.
• Determine the budget to purchase the required apartment, taking into account the high prices of apartments in Burj Khalifa.
• Officially register the apartment in the relevant government departments.

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6 Important tips for buying an apartment in Dubai for investment in 2024

We will attach to you a set of important tips when buying an apartment in Dubai Investments for the year 2024 as follows:

1. 1. View UAE real estate legislation and laws.
   2. Determine financing options for purchasing the apartment, whether in cash or installments.
   3. Choose the type of apartment, whether studio, townhouse, or penthouse.
   4. Cooperating with a reliable real estate development company.
   5. Inspecting the apartment and inspecting it inside and out.
   6. Verifying the ownership of the apartment and its official identification papers.

With this amount of information, we reach the conclusion of our article, in which we have reviewed for you how to Buying a property in Dubai for the year 2024 | Comprehensive guide. We have also attached to you all the information you need when you want to buy a property in Dubai, including the conditions, steps, and financing mechanism.

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