1. Am I ready to buy a Property?

Well, you'll need to answer these questions first:

1. Do you have money saved for a down payment?
2. In the event that you are seeking financing; do you have the ability to pay a mortgage every month, plus the additional costs associated with home ownership, such as maintenance and utilities?

If your answer to the above questions is yes, then you may well be ready. If not, hang in there and we'll be waiting to assist you when you're ready.

2. I want to buy property - what is the first thing I should do?

1. Contact a reputable real estate company like MidEast Properties L.L.C.
2. Decide on a budget and seek funding advice, if applicable
3. Consult a MidEast Properties L.L.C consultant for property options or
4. Go to the Company's website to get an idea of what is available in the market

3. How much is the initial deposit?

This is the amount paid to the consultant or the developer to secure the property. The initial deposit ranges from *2-25%. Check with your consultant to see what is applicable.

4. Can I buy anywhere in Dubai?

If you are a non-UAE national, you can only buy in areas designated specifically for expatriate freehold and leasehold sales.

5. What is the difference between freehold and leasehold?

Freehold implies that you own the structure and the land in perpetuity. A leasehold title is when a third party has an interest in the property. A leasehold contract is normally for 99 years. There are freehold and leasehold developments available for sale in Dubai.

6. Can a foreigner hold a freehold title in Dubai?

Yes. Freehold ownership of land and property for UAE and GCC citizens has been legalized, while allowing the same rights to non-GCC expatriates to pre-designated areas that will be approved by the Ruler of Dubai.

7. What type of visa is received upon the purchase of freehold in Dubai?

A multiple re-entry six months visa is issued by the developer. It does not include a work visa. It is purely to allow the owner and his immediate family to reside here without needing to renew transit visas. You may be required to pay the fees depending on the developer. All visas are to be issued through the usual channels being the UAE Ministry of Interior - Department of Residency and Naturalization. Please note that not all projects guarantee this visa, so check first if this is an important requirement.

8. Will I be eligible for property, inheritance, and capital gains tax?

No property, inheritance, and capital gains taxes are not payable in Dubai.

9. Why do people want to know the original price?

People want to know the original price to be able to calculate the difference between the original and the current market price - this determines whether the property has appreciated or depreciated in value.

10. What are the payment terms for 'off-plan' properties?

A down payment of *10-20% of the property value has to be made upon booking a property. The balance payment is made in installments at fixed intervals during the completion period of the property.

11. What are the payment terms for 'ready-now' properties?

100% payment is required for properties ready to move in.

12. Does the buyer have the authority to sell the property or apartment? If so, when?

If it is a ready-now property, the buyer has the authority to sell and can do so immediately. If it is an off-plan property, the buyer has to consult the developer, as some developers allow resale of property only after a certain number of installments have been paid.

13. Can I get financing in the UAE?

Yes, if you are a resident, but terms differ between the limited numbers of local lenders. However, finance can be arranged through overseas lenders if you have assets overseas. Many investors with assets overseas (property, income, investments) have taken advantage of favorable international interest rates. For example, someone with property in the UK may be able to release equity to a maximum of 80% of the value of their property (less any outstanding mortgage), to finance all or part of their property purchase in Dubai.

14. Can I rent out my property when it is complete?

Yes MidEast Properties L.L.C can help you rent your property to our corporate clients and professionals.