Acquire a residential property, such as an apartment or villa, on Dubal's secondary market, with a complete 6-step procedure.
It's essential to accurately calculate your overall budget for any real estate acquisition. This is all the more important when buying on the secondary market, where full payment must be made immediately to the seller. In Dubai, only 20% of irTimnobilléres transactions are financed by bank loans, which means that the seller expects prompt payment.
To avoid accumulating delays or even more visits, you should in any case carry out an assessment of your financial situation and your potential to take on the purchase. If you're planning to finance the purchase, we advise you to make an appointment with a mortgage broker as soon as you start your search. This expert will advise you on the maximum sum you can inject into the purchase of a property, based on your income and your potential to repay.
To establish your financial situation, the mortgage broker will ask you for the following documents:
- a copy of your passport
- A copy of your Emirati identity card or other form of identification
- A copy of your visa (if you live in Dubai)
- The last three pay slips
- Last three bank statements
- Your credit rating, provided by the Dubai government or your main bank.
If you opt for a cash transaction, it's essential to take into account any additional charges that will be added to the cost of the property:
- 2% commission fee and 5% transfer fee. These fees are common in Dubai.
- NOC fees, a certificate given by the buyer to enable the sale of the property. These can range from 1,250 to 5,000 euros.
- Dubai Land Department fee of 4% for re-registration of the property transfer.
- Fees of up to 1,000 euros for handling the legal aspects of the property transfer.
These fees can sometimes be covered by the bank loan.
Take all these elements into account to establish your budget, then move on to the next step!
For your search to be successful, it's essential to specify its parameters, otherwise you risk wasting a lot of time and not finding the right property for your needs. Here's what you need to define before you start your search:
- Type of property
- Surface area
- Location: your options should be limited to properties with a maximum surface area of 2 to 3 bedrooms.
- Proximity to your work and/or your children's school: what are the acceptable limits?
Lagence Dubaï Immo has a division specializing in the secondary real estate market. This enables us to offer you a wide selection of properties, from apartments to villas, some of which are managed exclusively by us, while others are attached to our network of partner agencies. Nevertheless, we recommend that you also explore the leading property rental platforms in Dubai. PropertyFinder. Bayut or Dubizzle are the go-to sites for finding properties for sale in Dubai, including those we represent at Elysee Vendome Real Estate LLC.
How can you tell the difference between a genuine ad and a fake?
It's unfortunate that many legitimate real estate companies publish misleading ads for the sole purpose of gathering information from potential buyers. When browsing these platforms, it's essential to carefully examine the content of the ad and ensure that the text matches the accompanying images. It's also a good idea to check the date the ad was published. If it was published a long time ago, it's probably out of date.
When possible, arrange several visits on the same day and in the same neighborhood. In Dubai, some agents focus on specific locations. They may show you several units in the same building or in the same geographical area. It's advisable to limit your selection to a few agents, so as not to overwhelm Dubai's real estate professionals. This approach also prevents owners from thinking that their property is attracting many potential buyers, when in reality you may be the only one interested. Such a situation could have a negative impact on the sale price and reduce your ability to negotiate effectively.
During viewings, make sure all amenities are working, especially shower pressure, which can be insufficient in Dubai. We also encourage you to inspect all parts of the property.
It's entirely possible to make an offer on a house or property in Dubai. It's unlikely that you'll find such an opportunity to get such a big discount in such a short time, so seize the opportunity:
- Offer the asking price
- Ask for the cost of the basement to be included in the sale
- Have the cost of electricity added to the selling price
- Have the cost of exterior landscaping included in the sale.
How to lower the price of a property in Dubai?
We have access to selling prices for all homes and properties in Dubai, in all neighborhoods and subdivisions. Don't hesitate to ask about these prices. They will enable you to negotiate with a seller who may ask for a higher price than the market value. If you are prepared to pay in cash, without taking out a loan, and to guarantee a rapid transaction, this can also help you negotiate the price. A seller will always prefer to deal with a buyer who has the necessary funds and who will not include a conditional clause in the sales contract.
Once all parties have agreed on the contract, the administrative phase begins. Here are the documents you'll need to present to your agent in order to properly draw up the sales contract:
- A photocopy of your passport
- A photocopy of your Ertirates identity card
- A photocopy of your visa
Of course, all documents must be up-to-date.
You'll also need to pay a security deposit, which is around ten percent of the total price.
If you're financing the purchase, don't forget to add a suspensive clause to protect yourself in the event of non-payment.
If you fail to meet your obligations under the sales contract, you risk losing your security deposit.
The sales contract is signed digitally. You will receive an email and a text message from the Dubai Land Department.
Please read the contract carefully to ensure that no additional conditions have been added without your consent.
The NOC (Non Objection Certificate) is given by the developer, which is a company in charge of a government-approved project, to confirm that the seller has no outstanding debts related to the property. This certificate is mandatory for the transaction to be validated by the Dubai Land Department.
Once the developer has provided the NOC and the bank has agreed to the loan, a meeting can be arranged at a trustee's office in Dubai. All parties involved in the transaction, including the seller, the buyer and their representatives, must attend. In addition, a representative of the bank, as part of the loan agreement, and the seller will also be present. The syndic verifies the cheque, the authenticity of the documents presented and confirms the transfer of ownership. This operation usually takes about fifteen minutes.
Once the land transaction has been confirmed by the Dubai Land Department, you'll receive your official ownership document or Oqood by e-mail after your visit to the Trustee Office. The seller will then give you the keys to the house, apartment or villa.
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