The UAE
What do I need to know when buying property in UAE?
When we asked expats what advice they would give a foreigner before buying a property in UAE, they said...
"Be careful of the planned purchases. I know several people who lost hundreds of thousands of dollars because they invested inthe plan and the developer went under. They did not give any money back. No lawyers can help. However, the risk is you get the property for way cheaper. Do the research on the developer and ensure they are on the up an up. Otherwise, purchase as is and enjoy," wrote a member who made the move to Dubai, UAE.
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"1. It is important to research the local laws and regulations regarding property ownership in the UAE before making any purchase. 2. It is also important to understand the different types of property ownership available in the UAE, such as freehold, leasehold, and usufruct. 3. It is important to be aware of the fees associated with purchasing property in the UAE, such as registration fees, transfer fees, and stamp duty. 4. It is important to be aware of the different types of mortgages available in the UAE, such as fixed-rate mortgages, variable-rate mortgages, and Islamic mortgages. 5. It is important to be aware of the different taxes associated with property ownership in the UAE, such as income tax, capital gains tax, and property tax. 6. It is important to be aware of the different types of insurance available in the UAE, such as home insurance, life insurance, and health insurance. 7. It is important to be aware of the different types of maintenance and repair services available in the UAE, such as plumbing, electrical, and air conditioning services. 8. It is important to be aware of the different types of property management services available in the UAE, such as rental management, tenant screening, and property maintenance. 9. It is important to be aware of the different types of real estate agents available in the UAE, such as brokers, developers, and property managers. 10. It is important to be aware of the different types of financing options available in the UAE, such as bank loans, personal loans, and credit cards," explained one expat living in UAE.
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Other Questions:
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- What do I need to know when buying property in the UAE?
- Are foreigners allowed to own property in the UAE?
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What do I need to know when buying property in UAE?
If you live in the UAE, newcomers to the UAE would love to hear your answer to this question:
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
