How to buy an apartment without visiting Dubai?

You can purchase an apartment in Dubai without leaving Russia. Experts from Kalinka Group will tell you how to effectively proceed through an intermediary and what documents need to be prepared.

Why invest in Dubai real estate

The real estate market in Dubai had a record-breaking second quarter of 2022 - 25,000 sales transactions, which is 10% more compared to the earlier months of this year and 45% more compared to the same period in 2021. In total, there were 45,000 transactions during these six months, amounting to AED 115 billion, which is 87% higher than the corresponding figure for the previous year.

What is driving this interest in apartments and villas in Dubai:

• 7-8% annual rental yield, one of the highest in the world;
• favorable conditions: down payment of up to 10%, interest-free installment plan for up to 7 years;
• getting a resident visa when purchasing property starting from $205,000;
• no property taxes on ownership and rental;
• investment protection by the UAE government (escrow accounts).

Dubai is a safe and rapidly developing megacity on the Persian Gulf, the capital of finance and luxury. Real estate here is suitable for permanent residence, vacation, and as a profitable investment.

What type of property can a foreigner buy in the UAE?

Citizens of the Emirates and Persian Gulf countries can buy property in any region. There are territorial restrictions for foreigners.

There are freehold zones where Russians can own property. In Dubai, a large part of the territory is a Free Zone. The most popular areas are Business Bay, Downtown, El Merkadh, Al Wasl, Dubai Marina, JVC.

There are also leasehold zones. These are areas where foreigners are allowed to long-term lease property, up to a maximum of 99 years. At the end of this period, the property must be returned to the developer, but the contract can be renewed.

Steps involved in buying property in Dubai

When a property has been chosen, it's time to proceed with the purchase, and there are 4 main tasks to complete:

1. Prepare a preliminary agreement. It includes the price, address, information about the seller and buyer, and payment schedule.
2. Sign a sale agreement. This is also known as a Memorandum of Understanding or Contract F. The buyer provides an advance payment.
3. Apply for a No Objection Certificate (NOC). Both parties involved in the transaction apply to the developer. This certificate is proof that the current owner has no outstanding debts with the company and can transfer the property. The certificate will be ready within 5 days.
4. Complete the property transfer procedure. The seller and buyer meet at the Land Department. Afterward, the new owner will receive the title deed.

On average, the process of property purchase takes 1 month. If the purchase is made during the construction phase, NOC and Contract F are not required. Initially, a primary agreement is signed, and after the property is completed, it is transferred to the buyer.

Stages of working with a mediator

A power of attorney is issued to the realtor and notarized. Then the document needs to be legalized at the UAE embassy, certified by the Ministry of Foreign Affairs, and translated into Arabic. After that, the representative will be able to act on behalf of the buyer.

Algorithm of actions:

1. Telephone consultation, discussion of questions.
2. Selection of real estate.
3. Reservation of the chosen lot.
4. Making the first payment.
5. Preparation of the purchase and sale agreement.
6. Registration of property rights.

To remotely purchase real estate in Dubai, you need a foreign, internal passport, or an international driver's license.

Additional expenses

In the Land Department, you need to pay 4%. The registration fee is usually split in half between the seller and the buyer. When purchasing real estate from a developer, the tax is already included in the cost of the apartments.

Upon completion of the transaction, it is necessary to apply to the court for a document on ownership rights. It is processed within 3 days, and the administrative fee is about 70 dollars.

Another mandatory payment is the maintenance of the building and the surrounding area. The rate can be obtained from the developer. It depends on the area and size of the property.

The company Kalinka Group offers assistance in selecting real estate in Dubai and the UAE. It has a database of over 10,000 villas and apartments. These are profitable investment projects, unique innovations, and lots in closed sales. Brokers will select assets directly from developers. Kalinka Group collaborates with all key developers of the Emirates and offers special conditions for purchase. The experts know all the nuances and will take care of the transaction and document submission.