Buying property in Dubai

First thing’s first. Set your budget. Consider multiple things, not just the property price, but also your moving costs, in case you’re an end-user, along with the DEWA and internet connections.

Get all of your documents in order to apply for the bank’s per-approval which will outline your maximum borrowing limit. Find a mortgage broker who can find you the best rates. Remember, you will need a 20% deposit to get the mortgage pre-approval. More steps are required, you can find all the answers in our mortgage guide.

Once you have your finances in order, it is time to search for your property. Find a RERA certified broker to help with the search. You will have to sign a Form B to authorise your broker to handle negotiations on your behalf.

Have your deposit ready to fast track negotiations. Trust our brokers to handle the negotiations, they will always have your best interest in mind and are trained to navigate price negotiations.

Once you wrap up the negotiations with the seller, a Memorandum of Understanding (MOU) is required to be signed. This document includes all the details of the contract you’re entering to, such as service charges, rent paid, among others. At this stage, you are also required to hand over a cheque covering 10% of the property price, along with a cheque issued to the brokerage you’re using.

A conveyancing service is required to ensure the property transfer is smooth and happens in the agreed timeframe. They will assist you every step of the way.

Prior to the property transfer, the seller needs to obtain a Non Objection Certificate (NOC) that certifies no service charges are pending.

Blocking a property is done through 4 cheques. First, you will need to visit the DLD offices to pay for the withstanding mortgage payment, in case the seller had purchased the property with a loan. Next, you will have to draft a cheque in the name of the seller, to cover the remainder of the purchase + an additional cheque to cover the 4% DLD transfer fee. Finally, you are required to draft a Manager’s Cheque to cover the brokerage’s service fee.

You will meet at the broker’s office and submit payment for the property transfer. These can only be done in cash or with a manager’s cheque, so be sure to have these ready. Your new Title Deed will be given once the property transfer is RERA certified.

Congratulations, you're now a property owner in Dubai.