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Residential Buyer Process

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It is a big decision on whether or not to buy a property in Dubai. You probably have so many questions like … When is a good time to buy property in Dubai? Where is the best place to buy in Dubai? Is it a wise investment? What is needed to buy a property in Dubai? How do I get a mortgage in Dubai?

ezEstate is here to help and we have put together a checklist to ease the process. There are three very important steps before starting your property search in Dubai:

1. Find a Reputable Real Estate Company and Real Estate Agent
  • Make sure the Real Estate Company has a valid ORN# from the Dubai Land Department
  • Make sure the Real Estate Agent you are working with has a valid RERA# from the Dubai Land Department
  • Find a Real Estate Agent who is an Area Specialist in the area you want to purchase in
2. Know your Budget
  • When purchasing a property in Dubai, there are various transaction fees associated with a property purchase such as transfer fees and real estate commissions. These fees should be part of your calculation when you are creating your budget.
  • Search for the right Mortgage that suits your needs
  • If you are getting a mortgage, know the additional mortgage fees that are associated with a mortgaged purchase by using our Transactions Fees Calculator
  • If you are getting a mortgage, know how much your monthly payment will be by using our Mortgage Calculator
  • You should also be aware of your Debt Burden Ratio (DBR) and how much you can afford to pay monthly.
3. Know the Area you want to purchase in:

Area

You want to find an area which is convenient for you and your commuting time to work and/or school. In Dubai, traffic can be quite hectic; therefore you want to find a home which is close to your everyday commute or easily accessible to public transportation. We also highly suggest that you drive around the various areas that you are considering during peak traffic times to get an idea on how your commute will be like. You also may want to consider the following:

  • What type of living do you want? Downtown, urban lifestyle or suburban master planned community style?
  • Apartment or Villa?
  • Do you require a fully furnished or unfurnished rental? If apartment, do you require a serviced apartment?
  • Pet friendly
  • Size vs Location – Are you willing to live further out or in an upcoming community and enjoy a larger home or are you fine with living in established, desirable areas in a smaller unit?
  • Home and Neighborhood Amenities

We highly recommend finding an Agent who specializes in the area you are looking in. An Area Specialist will be able to give you a proper Market Analysis which will help you make an informed decision.

You are now ready to look for property!

Investment Property

If you are looking for purely investment reasons, the most important thing for you is the Net Rental Yield. To calculate the Net Rental Yield you will need to know:

  1. How much rent you can get for the property
  2. Annual service fees for the property
  3. Occupancy rate

Your experienced Real Estate Agent can help you identify the right property that fits your expectations. Ideally, you would want a rental property to have a Net Rental Yield of over 8%. Currently in Dubai, the average Net Rental Yield is about 6%.

Property to Make a Home

When looking for a property to call home, there are a few factors you might want to consider during your home search. Some of the important factors are:

  • What type of living do you want? Downtown, urban lifestyle or suburban master planned community style?
  • Apartment or Villa?
  • Size vs Location – Are you willing to live further out or in an upcoming community and enjoy a larger home or are you fine with living in established, desirable areas in a smaller unit?
  • Home and Neighborhood Amenities

Once you have decided on the above and communicated your criteria to an experienced Real Estate Agent, you are ready to view property. When viewing property, keep the following in mind:

  • Always be objective
  • View the property during the day
  • Inspect every aspect of the property inside and outside
  • Ask for maintenance receipts for the last year
  • Ask the current owner if there has ever been a major issue/maintenance on the property
  • Pay attention to external noises when in the property
  • Look for things that might positively or negatively affect the quality of living in the property such as being on the main road, located at an intersection, is the property near amenities, how is traffic in the area, etc.

Once you have found the perfect property, ask your experienced Real Estate Agent to submit an offer to the seller with the price and terms you want. When that offer is negotiated and both parties agree on price and terms, your Real Estate Agent will put together a contract, also knows as a MOU, which will outline all of the costs and responsibilities for buyer and seller, including deposit to be paid by the buyer which usually is 10% of the property value by check in the name of the seller but held by the broker.

Once the MOU has been signed by all parties and the deposit submitted, you will now enter the purchasing phase.

Purchasing Process

Gather the following documents:

Individual – UAE Resident
  • Original Passport + copy
  • Valid Visa
  • Recent utility bill showing address (DEWA, Du, Etisalat)
  • Current Lease or Certificate of Title
  • Signed Buyer Agreement known as Form B
  • Signed Purchasing Agreement known as Form F
Individual – Non UAE Resident
  • Original Passport + copy
  • Recent utility bill showing address
  • Signed Buyer Agreement known as Form B
  • Signed Purchasing Agreement known as Form F
Company
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution
  • Power of Attorney
  • Signed Buyer Agreement known as Form B
  • Signed Purchasing Agreement known as Form F
Overseas Company
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution
  • Power of Attorney
  • Signed Buyer Agreement known as Form B
  • Signed Purchasing Agreement known as Form F

Your Real Estate Agent will complete Form F which is RERA's approved Purchase Agreement between buyer and seller.

At this point, the selling process normally takes about six to eight weeks and will vary depending if you are a cash or financed buyer

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