How to become a homeowner in Dubai?

Dubai announced exciting new rules relating to visas and foreign investment. It is a strategic move by the government to make the UAE one of the top destinations for business. Moreover, this move also makes it a top destination for real estate investment with new developments such as Six Senses Dubai. The new instructions allow for 100% foreign possession in businesses and offer longer-term residence visas for investors and professionals across numerous industries such as medicine and technology.

Opportunity and Growth: 

Previously, all foreign-owned companies outside UAE free zones were mandatory to have a majority share Emirati owner. The new rules applied to mean that foreign corporations no longer need a local partner and will retain 100% possession of their business. The 10-year visas may be also a thrilling step on the route to offering permanent citizenship to foreign residents. 

What does this mean for the real estate market?

In recent years, rental and sales prices have seen a slow decay however; predictably, the news will give the UAE property market a welcome increase! Share prices among developers have well-informed growth since the announcement and confidence are increasing within the property sector. Dubai’s end-user market is also substantially increasing in line with the new visa rules. Further, the latest residential project W Residences Downtown Dubai offers luxury apartments within your budget.

Become a homeowner in Dubai:

We will look at what it takes to become a homeowner. Connect with our real estate agents, when you begin your search. It will make finding a property easy, and they will guide and help you recognize every step.

What do you need to purchase a property in Dubai?

You do not need to be a resident to purchase a property in Dubai. The new investor visa rules coming into play by the end of 2018 created even more chances for purchasers to make Dubai their everlasting residence. New structure Six Senses Dubai Residences offering villas, penthouses, and signature villas with luxurious amenities at Palm Jumeirah.

Documents required:

Passport – if you are a non-resident, this is the only document you will need

Emirates ID (Residents only)

Residence Visa (Residents only)

10% Deposit Cheque in the name of the seller (this will be returned to the purchaser upon transfer)

What type of purchaser are you?

This is what your property agent will first look to generate so we can better understand your property search. Do you want to live in the property, or do you need to rent it out? The reasons for these are very clear and will determine the type of possessions you choose.

End–User: This will be your permanent residence for personal use. Your objectives are to live on the property.

Investor: The property can be on rent or vacant, and you are considering buying this property purely for investment i.e. you are viewing to increase equity from your property.

Off Plan: The property is not comprehensive and is under construction. This can be recognized secondary market or direct from the developer.

Secondary Market: Something that has been acquired from the developer initially and is now for resale the property can be off-plan or complete.

Cash Buyer: You will pay for the property in cash and do not need a mortgage/borrowing to help with your buying.

Finance Buyer: You will require a loan to assist with your home acquisition.

Where do you desire to purchase a property?

As with renting, initially, one of the most significant parts of your property search is where you desire to live or where you wish your investment to be. Would you like to invest in the new development of Six Senses Dubai branded residences?

Should you buy in an ‘up and coming area’ or a well-known area? Where would be the greater return on investment (ROI)? Is it wiser to purchase a large one-bedroom or a small two-bedroom? Do you need to live in a more suburban, low-rise area or a high-risk area near the main attractions like W Residences Downtown Dubai? 

These are queries your agent will help you answer. It will help express where best suits your state and budget. You can easily decide where and which property you want to invest in.