Rufi Real Estate

Who is eligible to buy property in Dubai?
Any UAE resident or overseas investor or resident can purchase property in Dubai.

Do I need a bank account registered in the UAE?
Having a UAE bank account is not a pre-requisite to buying a property therefore you are not required to have a local bank account.

Do I get a residency visa when purchasing a property in the UAE?
Yes, all new Dubai property owners including their immediate family qualify for residency visas. However it is important you make sure your contract states that you are entitled to one. Residence visas are subject to normal immigration regulations and are renewable every three years.

Will I have to pay taxes?
There are no taxes applicable of any kind when buying a property in Dubai; there are also no business taxes in Dubai (except in the banking industry). Nor is there a capital gains tax. When the Dubai Lands Department registers the property title, buyers must pay a 1.5% tax based on the purchase price of the property. If the property is purchased with a mortgage, buyers will pay 0.25% of the value of the loan.

What payments must I make when buying a property?
An initial reservation fee is paid to secure the price on your property. Then within seven days a deposit of approximately 10 percent on signing the reservation form (less the reservation fee already paid). An additional 10-15 percent is then paid within 30 days (depending on development) of signing the reservation form. Thereafter a percentage of the total purchase price in further installments based around milestones in the construction process.

Are there any service charges I must pay to a development?
Service charges are imposed in order to maintain the various common areas and facilities of the community or the building and to generally ensure these are properly managed and administered. Services charges throughout Dubai vary widely, depending on the area and sophistication of the property in question. 

What are the payment terms for off plan properties?
Typically down payment of 10-20 percent of the property value has to be paid upon booking a property. The balance payment is paid in installments at fixed intervals during the completion period of the property.

What is the appreciation value of Dubai properties?
Property buyers in Dubai have experienced sharp rise in the value of their properties over the last few years. Generally prices have appreciated by 15-35 percent and for certain exclusive properties by 50-80 percent. The prices are expected to continue rising owing to positive economic indicators, infrastructure development and growth in tourism.

What protection does the purchaser have against poor workmanship?
Dubai Municipality has setup codes of standards with respect to building permits and contractual clauses. The developers will have to maintain the standards as stated in the regulations with regards to building construction and safety matters.

In the unlikely event of a problem, assistance in the matter would be found from the contract entered into with the developer. These often contain clauses providing a guarantee of workmanship for 10 years.