Dubai is a dream place for every people in the world, who know about Dubai. So, here I am giving highlights on how to buy or rent property in the UAE. As you know Dubai comes in United Arab Emirates i.e UAE.
UAE consists of seven Emirates:-
- Abu Dhabi
- Ras Al Khaimah
- Umm al Quwain and
Let’s Know About, What is Emirates?
territory or place that is ruled by Kingdom or by the Royal Family is known as Emirates.
How To Buy or Rent property In The UAE
You can find property or place an offer through estate agents for that you have to pay agents fees.
- On-plan Property
- Off-plan Property
What is On-plan Property?
An On-plan property is known as ready-built property. On-plan Property is available for immediate occupancy. These properties are fully built and comply with the requirements specified by governing authorities.
What is Off-plan Property?
- Off-Plan properties are not completely built. These properties are usually Under Construction.
The Charges of developers differ from emirate to emirate and you may need to pay increments regularly until the project is completed.
Every emirate has its own Rules & Regulation Regarding the Land Department and Safeguard the Buyer and Developer when transactions being done.
Before Choosing or Buying a property In UAE you Must Know some points:-
- To check the developer or real estate agent is approved through a regulatory agency
- check out other properties that the developer has completed
- You must be fully aware of how much you will be expected to pay and when
- You have confirmed that as a foreign investor you can purchase property in the area of your choice
- To confirm the price the property you are purchasing is being offered at a fair market value
- To check legal advice and are aware of your contractual obligations
You always use registered Agents to Buy Or Rent property in UAE. You have to find out which agent is registered or working as a freelancer. For that, you ask them to show their RERA card. You can’t use freelancers because freelancers are ban in UAE.
You can also Know “What is RERA“?
- RERA-Real Estate Regulatory Agency
- It is the regulatory arm of the Land Development Department of Dubai.
EJARI is the regulatory arm of RERA which Regulates the Rental Market Of Dubai. So you can check on the EJARI website for Details.
When you find a property, you have to provide a copy of your passport and proof of residency, in case you have no residency proof then you have to give the proof that your residence is in process.
- to pay a percentage of the annual rent to the landlord as a deposit.
- to provide several post-dated cheques, this condition varies from landlord to landlord.
You should keep a photocopy of your Cheque as proof. Cheque should not be bounced because it is punishable in Dubai.
Before Buy or Rent you should properly check and understand all rules & regulations otherwise, it creates a problem for you in the future. So take precautionary action regarding buying or renting a property in the UAE.