Investments in real estate in the United Arab Emirates are in demand among foreigners. There are many offers on the market, starting from apartments in an elite development project, such as Stella Maris Tower and ending with villas in Palm Jumeirah. Investments in foreign real estate remain the most profitable and affordable way to save money. However, buyers should take into account that the price of the apartments offered for sale will not be the final amount of expenses incurred. When planning a budget, you also need to take into account additional expenses, including the costs of registration.
Duties and expenses when buying
Dubai Land Department provides for 4% fee of the property value. The certificate of ownership is accompanied by AED 540. Real estate agencies also charge commissions when making a transaction, the amount of which usually varies within 2%. However, it is recommended to specify the exact amount when concluding a specific transaction. When buying a secondary housing stock, an obligatory moment is to get a certificate of objection absence. This document confirms the absence of debt obligations from the owner of the housing to the developer. The cost of registration is AED 5,000. If the property is purchased directly from the developer, this document is not required.
Is it possible to save on the payment of duties
In most cases, 4% of the property value is paid by the buyer. But the agreement can provide for the payment of a contribution together with the seller. It is most profitable to buy properties under construction from state developers. A number of them provide customers with a 50% discount on the fee payment.
What taxes should property owners pay in Dubai
Apartments and apartments are not taxed. The only exception is commercial real estate. Taxes on profits from renting out property in the UAE are also not provided, which is one of the reasons for investing in local housing stock.
Real estate maintenance costs
It includes:
- Annual maintenance fee. The amount depends on the square footage and is set by the developer.
- Utility bills, which are related to the comfort degree of properties and its area.
Real estate insurance is voluntary.
Our assistance in buying foreign real estate in the UAE
On the website https://emirates.estate/ you can choose a property in Dubai for any budget. The catalog includes studio apartments, family apartments, penthouses, duplexes, luxury villas and mansions. Ads from developers and local real estate agencies are published with real prices. Specialists are ready to advise on the choice of housing stock, purchase registration and possible additional costs.
