Buyers and sellers of property in Dubai should have complete knowledge about the rules regarding land transactions, including issues related to ownership transfer. As a potential buyer or seller, you can assess the market by reviewing the land transactions on a weekly or monthly basis and checking that the broker, agent or developer is accredited and licensed with the Real Estate Regulatory Agency (RERA), part of Dubai Land Department, which is the sole government entity responsible for registration, organization and promotion of real-estate investment in Dubai
We always have a large selection of luxury Dubai and Abu Dhabi properties available for sale ranging from villas, apartments, holiday homes and real estate investment opportunities.
Buying a property on the secondary market is much quicker but there are still several factors to consider. Finance is at the core of this but not just from the buyer’s perspective. The financial status of the seller also comes into play: for example, does the seller have a mortgage on the property they wish to sell?
Any end user or investor who wishes to buy a property where the seller has a mortgage needs to be in a position to discharge the seller’s mortgage before collecting their title deed at the land department.
The following fees will generally apply to the sale and purchase of real estate in Dubai:
NOC fees – these can range between AED 500 and AED 5,000 and are payable to the developer, usually by the seller. Certain developers also levy a refundable deposit upon the buyer which is only refunded when the buyer presents the new title deed at the developer’s office and their records are updated.
Real Estate Agent’s commission is 2% of the purchase price
Transfer fees – these are calculated at 4% of the purchase price with an additional amount paid towards admin fees which currently is not in excess of AED 5,000 and is paid to the Dubai Land Department.
Mortgage registration fees (if applicable) are calculated at a rate of 0.25% of the registered loan amount and paid to the Dubai Land Department,
Developers ask for their annual service charges to be paid in advance and buyers should therefore account for their pro rata share upfront.
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