In the recent years, we saw the dynamic development of the real estate market in the United Arab Emirates and now you can buy any property in Dubai already in the planning phase.
The real estate in Dubai is a great diversity of options. There are a lot of options you can choose from such as hotels, shopping malls, prestigious suites, luxury and elegant villas that rise to all the customers’ requirements in a rigorous manner following the international standards. The real estate in the Dubai is bought by the inhabitants of the whole world, the citizens of the European Union, the citizens of the countries of the East and also the Russians as legally a person can buy the real estate property in Dubai.
Dubai builders have the conditions of collaboration which is very advantageous for the client. You can submit a ten percent deposit to the construction company which gives you the right to reserve the property in the project being built in Dubai. If you buy the property in installments, then you can deposit the last payment in the phase when you move to your new home.
According to the law at the moment, the foreign citizens cannot own the land in Dubai real estate, nonetheless, there is a convenient freehold status which allows the real estate to be bought on the basis of the absolute right of use.
The price of real estate is determined by the number of floors, accessibility of the coastline, view from the window, surface of the dwelling and a few more factors. If it is an isolated villa, then the price also depends on the surface of the dependencies. In case you buy the property in Dubai directly to the real estate, then in general to this operation, the tax is not applied. The other transactions with real estate are taxed, but the rates of these taxes are insignificant.
You also have the possibility to buy the property on loan in Dubai. For this it is necessary to take advantage of the mortgage services of one of the banks of the country where you can clarify the details of the concrete financing.
To obtain the mortgage loan for the purchase of a properties for sale in Dubai, the property must be insured. The purchase of property on loan is considered as an operation not very comfortable since in this case the formalization of the contract of sale can last for a long time. On the other hand, the documents of purchase of real estate without mortgage credit are formalized in a few days and at the time of making the first contributions documents are not required except your passport.