INVEST IN DUBAI

Dubai - The City of the Future

Location-Pin – Homz N Space Dubai

Strategic location

Infrastructure – Homz N Space Dubai

World-class Infrastructure

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Diversified Economy

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Open & Free System

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Knowledge Hub

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Eco-Political Stability

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Business Support

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Strong Trade Network

Buying a Property in Dubai (UAE)

Procedures for buying a home in Dubai

The procedures for purchasing real estate in Dubai are straightforward. If the buyer is purchasing with the aid of a mortgage then the bank’s involvement will be required. Likewise, if the seller has an existing mortgage over the property then there will be steps involved as the buyer will be required to settle the seller’s mortgage in full, prior to applying for the No Objection Certificate (NOC).

The procedures to transfer ownership of property purchased with cash are as follows:

Buyer and seller agree to terms; this can be done with or without the assistance of a real estate broker or solicitor.
The concerned parties meet at the developer’s office to apply for the NOC; which is issued against payment of a fee, once the developer is satisfied that services charges and all amounts due have been settled in full.
An agreement of sale or Memorandum of Understanding (MOU) is signed; a certain amount is paid as a deposit, usually 10% of the principal amount.
Once the NOC is issued, the parties should proceed to the offices of the Dubai Land Department to pay Required registration fees & other duties; Once formalities are completed, a new title deed will be issued in the name of the Buyer.

What are the costs involved in buying property in Dubai?

  • Fee – Homz N Space Dubai

    NOC Fee

    The amount to be paid as a NOC fee is between AED 500 and AED 5,000. This fee is payable to the developer, usually by the seller, subject to mutual agreement.

  • Fee – Homz N Space Dubai

    Building Service Charges

    Buyers are required to pay building service charges in advance to the developer/owners association. The charges are on the basis of the participation quota of their property.

  • Fee – Homz N Space Dubai

    Registration Fees

    Registration fees are calculated at 4% of purchase price with an additional amount paid towards administrative costs. This fee is paid to the Dubai Land Department and currently does not exceed AED 5,000.

  • Fee – Homz N Space Dubai

    Additional Fees

    There will be additional charges applicable at the offices of the developer and the Dubai Land Department in order to discharge a seller’s mortgage.

Financing rules for buying a Property in Dubai

A number of financial institutions in Dubai offer mortgages to both residents and non-residents with the UAE Central Bank regulating banks and lenders regarding mortgages.

These regulations currently restrict lending to buyers purchasing property according to the following criteria:

  • One – Homz N Space Dubai

    First property – Completed

    • Up to a maximum of 75% of property valued at less than AED 5,000,000
    • Up to a maximum of 65% of property valued at more than AED 5,000,000
  • Two – Homz N Space Dubai

    Second & subsequent properties – Completed

    • Up to a maximum of 60% of property value, irrespective of the value of the property
    • A separate set of ‘loan to value‘ ratios apply for UAE Nationals
  • Crane – Homz N Space Dubai

    Under Construction Properties

    Up to a maximum of 50% of the purchase value for all buyers

Mortgage Features

There are other restrictions imposed, including but not limited to:

Maximum term of the mortgage is 25 years

Maximum age at the time of the last installment payment should be not more than 65 years for foreign nationals (if self-employed, age limit is 70 years)

The ratio of ‘debt to income’ should not exceed 50%

Maximum financing amount allowed for foreign nationals should not exceed seven years of annual income

How is the taxation for Properties in Dubai?

The UAE laws currently place no restrictions on the number of properties a foreign national can own and no tax implications on property ownership. Foreign nationals are encouraged to seek independent tax advice from experts in their home countries to know how their ownership of property in Dubai affects taxation elsewhere.

If foreign national wishes to acquire property in the name of a corporate entity then the only corporate entities permitted to purchase property in Dubai are companies registered within the UAE or offshore companies incorporated in the Free Zones. The DLD does not apply any restrictions on the structure of the corporate offshore entity and can be owned either by individuals or foreign companies.

+ Procedures

Procedures for buying a home in Dubai

The procedures for purchasing real estate in Dubai are straightforward. If the buyer is purchasing with the aid of a mortgage then the bank’s involvement will be required. Likewise, if the seller has an existing mortgage over the property then there will be steps involved as the buyer will be required to settle the seller’s mortgage in full, prior to applying for the No Objection Certificate (NOC).

The procedures to transfer ownership of property purchased with cash are as follows:

Buyer and seller agree to terms; this can be done with or without the assistance of a real estate broker or solicitor.
The concerned parties meet at the developer’s office to apply for the NOC; which is issued against payment of a fee, once the developer is satisfied that services charges and all amounts due have been settled in full.
An agreement of sale or Memorandum of Understanding (MOU) is signed; a certain amount is paid as a deposit, usually 10% of the principal amount.
Once the NOC is issued, the parties should proceed to the offices of the Dubai Land Department to pay Required registration fees & other duties; Once formalities are completed, a new title deed will be issued in the name of the Buyer.
+ Costs

What are the costs involved in buying property in Dubai?

  • Fee – Homz N Space Dubai

    NOC Fee

    The amount to be paid as a NOC fee is between AED 500 and AED 5,000. This fee is payable to the developer, usually by the seller, subject to mutual agreement.

  • Fee – Homz N Space Dubai

    Building Service Charges

    Buyers are required to pay building service charges in advance to the developer/owners association. The charges are on the basis of the participation quota of their property.

  • Fee – Homz N Space Dubai

    Registration Fees

    Registration fees are calculated at 4% of purchase price with an additional amount paid towards administrative costs. This fee is paid to the Dubai Land Department and currently does not exceed AED 5,000.

  • Fee – Homz N Space Dubai

    Additional Fees

    There will be additional charges applicable at the offices of the developer and the Dubai Land Department in order to discharge a seller’s mortgage.

+ Financing

Financing rules for buying a Property in Dubai

A number of financial institutions in Dubai offer mortgages to both residents and non-residents with the UAE Central Bank regulating banks and lenders regarding mortgages.

These regulations currently restrict lending to buyers purchasing property according to the following criteria:

  • One – Homz N Space Dubai

    First property – Completed

    • Up to a maximum of 75% of property valued at less than AED 5,000,000
    • Up to a maximum of 65% of property valued at more than AED 5,000,000
  • Two – Homz N Space Dubai

    Second & subsequent properties – Completed

    • Up to a maximum of 60% of property value, irrespective of the value of the property
    • A separate set of ‘loan to value‘ ratios apply for UAE Nationals
  • Crane – Homz N Space Dubai

    Under Construction Properties

    Up to a maximum of 50% of the purchase value for all buyers

Mortgage Features

There are other restrictions imposed, including but not limited to:

Maximum term of the mortgage is 25 years

Maximum age at the time of the last installment payment should be not more than 65 years for foreign nationals (if self-employed, age limit is 70 years)

The ratio of ‘debt to income’ should not exceed 50%

Maximum financing amount allowed for foreign nationals should not exceed seven years of annual income

+ Taxes

How is the taxation for Properties in Dubai?

The UAE laws currently place no restrictions on the number of properties a foreign national can own and no tax implications on property ownership. Foreign nationals are encouraged to seek independent tax advice from experts in their home countries to know how their ownership of property in Dubai affects taxation elsewhere.

If foreign national wishes to acquire property in the name of a corporate entity then the only corporate entities permitted to purchase property in Dubai are companies registered within the UAE or offshore companies incorporated in the Free Zones. The DLD does not apply any restrictions on the structure of the corporate offshore entity and can be owned either by individuals or foreign companies.

Did You Know : Home Loan Interest Rate in Dubai is just 5% *

What makes Dubai better than the rest?

Taxation Matters?

There is a whole variety of Taxations that we come across in India and all over the world. They are a part of regular life and are applicable even more-so when you’re buying a property. These are some of the taxes that you’ll be paying over the course of your life:

  • Personal Income Tax
  • Corporation Tax
  • Capital Gains on Property Tax
  • Inheritance Tax
  • VAT / GST

All this is about to change when you move into your new home in Dubai. The of tax applicable on each of the above categories in Dubai, UAE is.. Zero. That’s right! Taxation is extremely minimal in Freehold Dubai and mostly non-existant!

United Arab Emirates

United-Arab-Emirates-Icon-256 – Homz N Space
Personal Income Tax ZERO
Corporation Tax ZERO
Property Capital Gains ZERO
Inheritance Tax ZERO
VAT/Goods ZERO

China

China-Icon-256 – Homz N Space
Personal Income 3% – 45%
Corporation 10% – 25%
Prop Capital Gains 12%
Inheritance 0
VAT/Goods 3% – 17%

 

Singapore

Singapore-Icon-256 – Homz N Space
Personal Income ~ 20%
Corporation 17%
Property Capital Gains 0
Inheritance 0
VAT/Goods 7%

 

United States of America

United-States-Of-America-Icon-256 – Homz N Space
Personal Income 10% – 39%
Corporation 15% – 39%
Property Capital Gains 15% – 25%
Inheritance 18% – 50%
VAT/Goods ~ 13%

 

Compare with more Countries

Australia

Australia-Icon-256 – Homz N Space
Personal Income ~ 47%
Corporation 28% – 30%
Prop Capital Gains 29% – 45%
Inheritance (Gains) 33% – 50%
VAT/Goods 10%

Canada

Canada-Icon-256 – Homz N Space
Personal Income 25% – 56%
Corporation 25% – 31%
Property Capital Gains 15% – 29%
Inheritance (Gains) 50%
VAT/Goods 13% – 15%

Malaysia

Malaysia-Icon-256 – Homz N Space
Personal Income ~ 26%
Corporation 19% – 24%
Property Capital Gains 25%
Inheritance 0
VAT/Goods 6%

The Best of Everything in Dubai

Top Schools in Dubai

  • Kings’ School Dubai – British
  • Foremarke School – British
  • Swiss Intl. Scientific School in Dubai – British
  • Dubai College – British
  • Dubai English Speaking College – British
  • Jumeirah College – British
  • GEMS World Academy, Dubai – International
  • American School of Dubai – American
  • Jumeira Baccalaureate School (JBS) – International
  • International Concept for Education(ICE), Dubai – French

Top Schools in Abu Dhabi

  • Repton School Abu Dhabi – British
  • GEMS American Academy, Abu Dhabi
  • American Academy Abu Dhabi
  • Brighton College Abu Dhabi (BCAD) – British
  • British International School, Abu Dhabi – British
  • Al Mushrif School – British
  • Al Bateen School – British
  • Al Muna Primary School – British
  • American Community School (ACS), Abu Dhabi – American
  • The Pearl Primary School – British

Top Universities in UAE

  • Paris-Sorbonne University, Abu Dhabi
  • INSEAD Business School, Abu Dhabi
  • American University, Dubai
  • American University, Sharjah
  • British University, Dubai
  • Canadian University of Dubai
  • New York University, Abu Dhabi
  • University of Wollongong, Dubai
  • Murdoch University, Dubai
  • Heriot Watt University, Dubai

Top International Hospitals in UAE

  • American Hospital – Dubai
  • NMC Hospital Group – Dubai, Abu Dhabi, Sharjah, Al Ain & Umm Al Quwain
  • GMC Clinics – Dubai
  • Zulekha Hospital – Sharjah & Dubai
  • Neuro Spinal Hospital – Dubai
  • Sheikh Khalifa Medical City – Abu Dhabi
  • Mediclinic Middle East – Dubai, Abu Dhabi & Al AIn
  • Al Zahra Private Hospital – Dubai
  • Gulf Medical College Hospital – Ajman
  • Saudi German Hospital – Dubai
  • Cleveland Clinic – Abu Dhabi
    The acclaimed American multispecialty academic medical center that integrates clinical and hospital care with research and education is now in Abu Dhabi; Offers a range of complex and critical care requirements unique to the local population.
  • Moorfields Eye Hospital – Dubai & Abu Dhabi
    The UK’s leading provider of eye health services and a world-class center of excellence for ophthalmic research and education provides the same outstanding standard of care in the UAE.
  • Mayo Clinic Middle East
  • Managed by John Hopkins International:
    Tawam Hospital – Abu Dhabi
    Al Rahba Hospital – Abu Dhabi

14.9 million overnight visitors in 2016, recording a healthy 5% increase over 2015.

28 million occupied room nights across 681 properties during 2016; an increase of 1.6 million in 2015.

Statistics continue to cement Dubai’s position as one of the most visited cities worldwide (ranking fourth, just after London, Paris and Bangkok); and one of its leading destinations for international visitor spending.

There will be a steady increase in the supply and demand of hotel accommodation required ahead of Expo 2020 Dubai, with 25 million tourists and business visitors expected, 70% of which will come from overseas. Certainly, the future is looking incredibly bright for the Dubai hospitality market – both leading up to the 2020 mega event and far beyond.

+ Education

Top Schools in Dubai

  • Kings’ School Dubai – British
  • Foremarke School – British
  • Swiss Intl. Scientific School in Dubai – British
  • Dubai College – British
  • Dubai English Speaking College – British
  • Jumeirah College – British
  • GEMS World Academy, Dubai – International
  • American School of Dubai – American
  • Jumeira Baccalaureate School (JBS) – International
  • International Concept for Education(ICE), Dubai – French

Top Schools in Abu Dhabi

  • Repton School Abu Dhabi – British
  • GEMS American Academy, Abu Dhabi
  • American Academy Abu Dhabi
  • Brighton College Abu Dhabi (BCAD) – British
  • British International School, Abu Dhabi – British
  • Al Mushrif School – British
  • Al Bateen School – British
  • Al Muna Primary School – British
  • American Community School (ACS), Abu Dhabi – American
  • The Pearl Primary School – British

Top Universities in UAE

  • Paris-Sorbonne University, Abu Dhabi
  • INSEAD Business School, Abu Dhabi
  • American University, Dubai
  • American University, Sharjah
  • British University, Dubai
  • Canadian University of Dubai
  • New York University, Abu Dhabi
  • University of Wollongong, Dubai
  • Murdoch University, Dubai
  • Heriot Watt University, Dubai
+ Healthcare

Top International Hospitals in UAE

  • American Hospital – Dubai
  • NMC Hospital Group – Dubai, Abu Dhabi, Sharjah, Al Ain & Umm Al Quwain
  • GMC Clinics – Dubai
  • Zulekha Hospital – Sharjah & Dubai
  • Neuro Spinal Hospital – Dubai
  • Sheikh Khalifa Medical City – Abu Dhabi
  • Mediclinic Middle East – Dubai, Abu Dhabi & Al AIn
  • Al Zahra Private Hospital – Dubai
  • Gulf Medical College Hospital – Ajman
  • Saudi German Hospital – Dubai
  • Cleveland Clinic – Abu Dhabi
    The acclaimed American multispecialty academic medical center that integrates clinical and hospital care with research and education is now in Abu Dhabi; Offers a range of complex and critical care requirements unique to the local population.
  • Moorfields Eye Hospital – Dubai & Abu Dhabi
    The UK’s leading provider of eye health services and a world-class center of excellence for ophthalmic research and education provides the same outstanding standard of care in the UAE.
  • Mayo Clinic Middle East
  • Managed by John Hopkins International:
    Tawam Hospital – Abu Dhabi
    Al Rahba Hospital – Abu Dhabi
+ Hospitality

14.9 million overnight visitors in 2016, recording a healthy 5% increase over 2015.

28 million occupied room nights across 681 properties during 2016; an increase of 1.6 million in 2015.

Statistics continue to cement Dubai’s position as one of the most visited cities worldwide (ranking fourth, just after London, Paris and Bangkok); and one of its leading destinations for international visitor spending.

There will be a steady increase in the supply and demand of hotel accommodation required ahead of Expo 2020 Dubai, with 25 million tourists and business visitors expected, 70% of which will come from overseas. Certainly, the future is looking incredibly bright for the Dubai hospitality market – both leading up to the 2020 mega event and far beyond.

dubai-skyline-homznspace
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