Dubai is a real estate paradise with its world-renowned infrastructure and architecture. Most foreign real estate investors eye the Dubai real estate market, and India is one of the top property investors in Dubai. So, if also looking for whether you can purchase property in Dubai, then the easiest and trusted way is to connect with one of the real estate firms in Dubai to get the best deal. z
The affordability of property costs in Dubai is another reason why Indian investors are always keen to buy property in Dubai. Indian investors can experience no tax returns of around 8 to 10% in the emirate. Also, the registration procedure for property in Dubai is easier and better in this emirate. So, if you are interested, then have a look at the steps of buying a property in Dubai.
Here to Know How Indian Investors Can Buy Property in Dubai With Easy Steps:
1. Find out the Reason
First of all, you need to decide what is your intention in buying a property in Dubai. Because this needs market analysis accordingly, for instance, in case you want to purchase a property, then most likely you will rent it out. Hence, you require to purchase a property in the location with a high rental yield.
For investment purposes, this is better to purchase a one or two-bedroom apartment instead of a villa. The apartments have good rental yields than the villa, even though the villas seem more laving to own.
2. Decide the Property Type want to purchase
Several Indian investors generally choose to purchase villas, townhouses, or apartments that are situated in gated communities with leisure facilities. Always ensure that you’re searching for one of the best properties for sale in Dubai in one of the freehold spaces where overseas investors are permitted to hold a property.
3. Connect with the legal real estate agency
As you are a foreigner, it means you do not properly understand the rules and regulations of Dubai real estate, so it is suggested to connect with one of the experienced and best real estate firms in Dubai. Research well and undertake some property agents to find the best property alternatives. An agent with complete details about all kinds of properties and reasonable costs in the market. ensure the real estate agency you contact is legal like MIVA Real Estate.
4. Formulating a Contract Between the Seller and Buyer
Once you have gotten the right property, the first move is to negotiate and outline the conditions of the sale with the owner. When it comes to buying a property, you need to choose your payment way – cash payment or apply for a mortgage. The capability to negotiate the high advantage you have when you purchase on mortgage vs cash. Cash purchasers have a good idea of their budget and are thus able to bargain for lower costs.
When you agree with the conditions of the sale, ensure there are no ambiguities between you and the seller over the selling cost, way of payment, or any other vital aspects.
5. Signing the Agreement of Sale
This is essential to sign a contract between the seller and purchaser, this is also recognized as the Memorandum of Association. The MOU is one of the forms of RERA in the emirate. Form F is obtainable on the DLD’s official website. Generally, the real estate agent will get the agreement prepared for you.
Once the agreement is prepared, the seller and the buyer need to sign the contract. The buyer is required to make the payment of the standard ten percent security deposit amount as well on the property to the registration Trustee, which is sent back once the property transfer procedure is done.
6. Application for a NOC
The seller and you, with your chosen real estate agent, require to meet the office of the developer. The purpose of the meeting is to make an application for a No Objection Certificate to transfer property ownership. The developer will grant the NOC in case there are no high service charges on the property.
7. Effecting the ownership transfer with DLD
Once you have acquired the No Objection Certificate, the final legal move of purchasing one of the best properties for sale in Dubai is meeting the seller at the DLD office for the transfer to make it useful. There are some legal formalities that you have to complete, and a real estate agent can guide you regarding the same. Once the formalities are done, a new title deed would be granted in your name, and you will become the owner of Dubai property in an official manner.