Over time, the law has been eased in permitting expats to acquire properties in the city.
As Dubai is a progressing city, everything is possible, including ownership of non-UAE nationals to various assets. This out-turns into a high property demand at a higher price, after which the problems of the market in 2008.
What was once an intricate is now an easy process for foreign investors to buy an asset in this city. As per UAE law, by simply paying 10% to 15% deposit with the balance payable over a certain period, you will be able to acquire an off-plan property from a developer. As easy as it may sound, you must make sure that the developer you will deal with is registered in the Dubai Land Department and that all payments will be rendered under an escrow account. You must also completely comprehend all the legal documents that you have to sign. If in doubt, you can always ask, verify, and confirm.
Aside from a developer, you can also deal with a Real Estate Company or through a brokerage. The Real Estate Regulatory Agency, known as RERA will help you verify if your broker is listed with them. RERA is a government agency that controls and legalizes the real estate sector in the city.
Lastly, you must have the Sale and Purchase Agreement or SPA. This serves as your legal contract. This entails your undertaking to buy and your seller to sell the asset.
As you are purchasing an off-plan property, the completion of the project, the actual sum of all the payments, even the penalties in the event of breach of contract, as well as the courts certified to hear any cases and disputes in case of any issues, should all be outlined and recognized in your contract.
Owning an asset is everybody’s accomplishment. In this fast-paced world, this is among the many ways how to measure someone’s success. Purchasing a property is one of the biggest decisions one can make in his life; hence, if needed, don’t hesitate to seek assistance from a professional legal counsel in UAE.