What are the types of property ownership ??
It is important to understand the difference between freehold and leasehold property in Dubai. Freehold properties are available in designated areas, as defined by the government, where any nationality can buy. Leasehold properties are available in a specific area where you can lease the property for a period of more than 10 years up to 99 years, they can’t be purchased outright.
GCC National and Locals get a freehold title deed, even when they buy in designated leasehold area.
What are the Advantages of Buying Off-Plan Property ?
It allows buyers to pick the very best apartments in a specific development. In return, there’s a high chance of gaining the maximum return on their investment. You start of paying a small deposit and your future payments are ideally based on a construction linked payment plan. You get to pay a major chunk on handover and nowadays a lot of developers offer post-handover payment plan. This allows you to plan and oganise you cash outflow accordingly and also with post-handover payment plan you dont need to take any mortgage saving you a lot of money.
It allows investors to get a purchase at the earliest and lowest possible price and buyers to pick the very best apartments in a specific development. In return, there’s a high chance of gaining the maximum return on their investment. On making a specific percentage of total payment you are allowed to resell and make a good profit percentage on the total amount paid during the construction process.
Always Make Payment Through an Escrow Account
Difference Between Oqood and Title Deed
Title Deed is the most important document when it comes to your Dubai property. It is your sole and conclusive proof of legal ownership and is required if you wish to rent or sell your property in Dubai. Registering with the Dubai Land Department and obtaining your Title Deed is therefore a must.
Everything You Need to Know About Home Finance (Mortgages)
Mortgages are available to UAE residents and non-residents. Many banks offer mortgages to non-UAE residents as long as they reside in a particular country where it is approved by the UAE bank. These mortgages come with a host of interesting features which range from high loan amounts to competitive interest rates and attractive payment tenures. Some banks will also allow investors to take mortgage for multiple properties, subject to availability.
50% Mortgage can be availed for a offplan property whether you are UAE Resident or an International Buyer. Please note the Initial 50% need to be paid and ONLY after that you can apply for only mortgage. Many people make this mistake and think paying initial deposit they can take 50% mortgage which lands them in trouble. YOU NEED TO FIRST PAY 50% and THEN ONLY YOU CAN APPLY FOR THE REMAINING 50% IN AN OFF PLAN PROPERTY PURCHASE.
Islamic finance is also available. Profit rates are around 4% per annum for any real estate finance.