Dubai has long been a top destination for investors, expatriates, and vacationers due to its luxury, innovation, and rapid growth. The UAE’s real estate market, especially in Dubai, offers a unique chance for overseas purchasers to secure property in this vibrant city.
Many international investors from Hungary as well around the globe are increasingly eyeing Dubai’s booming real estate sector. With its global appeal and strong investment returns, Dubai presents an attractive option for those seeking to diversify their portfolios or own a piece of this vibrant city.
If you’re a Hungarian citizen and interested in buying property in Dubai, UAE, understanding the legal and financial steps involved is crucial. This guide will walk you through the process, ensuring you are well-equipped to make informed decisions and navigate Dubai’s real estate market smoothly.
Why Invest in Dubai Real Estate?
The United Arab Emirates (UAE) city of Dubai is recognized for its innovative development, tax-free atmosphere, and high rental returns. For Hungarian investors Dubai offers an attractive opportunity to diversify their portfolios, earn high returns on investment and own a piece of one of the world’s most dynamic cities.
The UAE government has also introduced policies that make it easier for foreigners including Hungarians to buy property in Dubai. With freehold ownership options and long-term residency visas tied to property purchases the market is more accessible than ever. That is why, by collaborating with a trusted real estate company in Dubai, UAE like Miva Real Estate ensures you can navigate these opportunities with confidence.
Steps to Buy Property in Dubai from Hungary
1. Understand the Legal Framework
If you made up your mind to buy property in Dubai, it’s important to understand the rules. There are different sets of rules for each country which you need to understand before investing in real estate. Dubai offers freehold and leasehold property options for foreign buyers, with freehold properties allowing full ownership.
As a Hungarian citizen, EU membership makes it easier to invest in Dubai, but you must still follow the procedure set by the UAE. By partnering with a trusted Real Estate Company in Dubai, UAE, they can help you to connect with legal experts who will guide you through the process and ensure that everything complies with both UAE and Hungarian laws.
2. Define Your Budget and Goals
When buying property in Dubai from Hungary, it’s crucial to have an honest estimate of your budget. The prices for properties can vary greatly as per the market demand or trending location. For example, a one-bedroom apartment in Downtown Dubai could cost around AED 1 million (HUF 90 million), while a luxury villa on Palm Jumeirah might cost over AED 10 million (HUF 900 million).
That is why it is recommended to set your budget upfront to filter properties that fit within your financial goals. The Dubai real estate market is very fluctuating and if you are new here and know nothing about this market, it will cost you extra. For this, you need to get in touch with some reputed real estate company in Dubai, UAE like Miva Real Estate to figure out the best type of property that fits your financial goals
3. Research The Market
Dubai offers a wide range of properties from under-construction (off-plan) to ready-to-move-in homes. These off-plan properties are frequently less expensive and provide flexible payment plans, whereas ready properties are available for immediate occupancy or rental. Some significant freehold areas in Dubai include –
There are lots of options available for Hungarian buyers to choose their ideal home as per their demand. If you’re not in Dubai yet, we at Miva Real Estate can arrange virtual tours so you can view properties from Hungary.
4. Find The Right Property
Now, it’s time to select the right property as per your desire, whether you are interested in buying, an apartment, a villa, or any commercial unit for whatever your reasons are. Our advisors will also help you recognize the investment potential and rental income of each area. By partnering with Miva Real Estate, you can make the right deal and buy property in most sought-after neighborhoods.
5. Secure Financing
If you don’t want to pay full in cash, there are financing options available but the terms may vary. Typically, expats can borrow up to 70-80% of the property value, with the remaining 20-30% required as a down payment but the bank will first assess your ability to repay the loan.
However, if you’re thinking about getting a mortgage, you should speak with a local financial expert or your real estate agent at Miva Real Estate about the best financing alternatives for you. Miva Real Estate can help you select reliable banks and lenders and guarantees a smooth financing process.
6. Make an Offer and Sign the Agreement
Once you’ve found the right property, the agent who represents you will help you submit an offer. In Dubai, negotiations are common, and buyers frequently have a little freedom on prices.
After agreeing on the purchase price, the following step is to sign a Memorandum of Understanding (MOU), which outlines the specifics of the sale. At this point, you will also need to pay an initial payment, typically around 10% of the property’s price. Before moving forward with the deal, make sure that all documentation are in order.
7. Complete the Purchase
After signing the MOU, there are a few steps left to finalize the purchase –
- No Objection Certificate (NOC): The seller or developer will obtain this from the Dubai Land Department (DLD).
- Payment: The remaining payment is made, usually through a bank transfer from Hungary to a UAE escrow account.
- Title Deed Transfer: The property is officially registered in your name at the DLD, and you’ll need to pay a 4% transfer fee along with administrative costs.
These all steps will be taken by real estate agents and ensure that all payments are secure and the necessary paperwork is completed properly. Miva Real Estate also assists you in managing currency exchange to avoid losses due to fluctuations between HUF and AED.
8. Transfer Ownership and Finalize Payment
The final step in buying property in Dubai is the transfer of ownership. The buyer will meet with the seller at the Dubai Land Department to officially complete the transaction. At this stage, you will obtain the title deed to the property and the remaining purchase amount must be paid.
When the property becomes legally registered in your name, you are officially the owner. Now, it’s your decision how to manage the property – whether to move in with family, rent out, or leave the property as a holiday home.
Conclusion
Buying property in Dubai from Hungary is a straightforward process when guided by a reputable real estate company in Dubai like Miva Real Estate. By understanding the legal framework, budget requirements and potential funding will allow you to make sound decisions regarding your investment. Whether you’re purchasing a luxury villa, a stylish apartment, or a commercial property, Dubai offers tremendous potential for high returns and long-term growth.
Contact Miva Real Estate today to explore the diverse opportunities Dubai has to offer and take the first step towards owning your dream property.
Also Read: