Most asked questions when buying a property in Dubai 2024

Is it possible to buy a property in the UAE without going through a property broker?

Yes, it is possible to buy a property in the UAE without using the services of a real estate agent. However, it may seem attractive to save a 2% fee, but it is important to understand exactly what a broker does to claim their commission. Buying a property is the biggest financial outlay for most people, and ensuring that things are done correctly is extremely important. That is why you should use the services of a property broker or company.

The broker’s role is of great importance—not only at the initial stages when searching for the right property but also during the legal process. A lot of legal paperwork is involved in a property sale, and this needs to be completed correctly. Specific procedures also need to be followed for the transaction to go through.

Doing all the work and research yourself is very time-consuming, so this is one important reason to hire the services of a reputable broker or company registered with the Real Estate Regulatory Agency in Dubai.

Does buying a property in the UAE entitle me to a residence visa?

Investor residence visa

Investors can acquire properties in the Freehold Zones of the UAE, thereby qualifying for a 2-year residency visa. It is important to note that investors seeking to obtain a loan should be prepared to make a down payment of 50%. The amount of investment required is contingent upon the number of owners involved. The minimum investment amount for individual investors is AED AED 750,000. However, in cases where real estate ownership is registered for spouses, the minimum investment amounts to AED 1 Million. Investors may also include a spouse and children under the age of 18 in their application.

Five-year residence visa (Green Visa)

To qualify for investment, the property must have a gross value of no less than AED 2 million and be purchased through an approved local real estate company. The investment amount may be procured through a loan from select local banks. The investor must retain ownership of the property for at least two years. Moreover, the investor must purchase one or more off-plan properties valued at no less than AED2 million from approved local real estate companies.

10-year residence visa (Golden Visa)

Investors are now eligible for the Golden Visa if they own a property valued at AED 2 million or higher, irrespective of the down payment and the property's status (whether it is off-plan, completed, mortgaged, or not).

Investors interested in obtaining long-term residency in the UAE can now consider purchasing properties valued at AED 2 million or more. This revision opens up diverse property options for those seeking to invest in the region.

The Golden Visa, which has a 10-year validity and is renewable under the same terms, provides investors an extended duration to integrate into the UAE's community and nurture their investments. This extended period allows investors to gain firsthand knowledge of local business practices, customs, and cultures, which can be advantageous in developing new business relationships and expanding their investments.

To apply for these types of visas, the required documents include the property’s title deed, good conduct certificate, bank statements, and a passport copy with a visa page.

Can I buy property in Dubai if I am not a resident?

Buying property and holding it long-term is an excellent investment. In Dubai, you can get a great return on your property investment when compared with other major cities in the world.

In answer to your question, you can buy property in the UAE without a residence visa.

How do I know if a property project is safe to invest in?

Any buyer, whether investor or end-user, needs to do their due diligence on a purchase. If the property is in the primary market, the choice of the developer is of utmost importance. You must check what projects they have completed in the past, their delivery timelines, whether there were any construction delays or other issues, and if they have an escrow account.

Most end-users and investors are to buy ready property, especially with a post-handover payment plan, from the primary market or any property from the secondary market they can mortgage.

Lastly, to verify if the project is registered and check the construction status, you can do this via the Dubai Land Department DLD website (www.dubailand.gov.ae) or download the Dubai Rest app from Google Play or the App Store on your mobile.

Can I use cryptocurrency to buy property in the UAE?

In recent years, the United Arab Emirates (UAE) has emerged as a global hub for cryptocurrency adoption and innovation. While the UAE hasn't fully embraced cryptocurrency for property transactions, there's a growing interest in exploring its potential. Presently, utilizing cryptocurrency to buy property in the UAE isn't mainstream, primarily due to regulatory uncertainties and the conservative nature of the real estate sector. However, with the UAE's progressive stance on technology and the increasing acceptance of digital currencies, the landscape could evolve in the future. Several startups and real estate developers are experimenting with blockchain technology to facilitate property transactions, suggesting a possible shift towards cryptocurrency integration. Nonetheless, potential buyers should remain vigilant, staying updated on regulatory developments and seeking legal advice before venturing into cryptocurrency-backed property purchases in the UAE.

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